Prisinformation från TradingView

Bolagspresentation:

Nyhetsflöde Netcompany

Related articles:
12/11/2023 5:53:20 AM - NKT och Zealand Pharma inkluderas i OMX Copenhagen 25, FLSmidth och Netcompany lämnar - NKT och Zealand Pharma läggs till i OMX Copenhagen 25 Index vid öppningen måndagen den 18 december, meddelar börsoperatören Nasdaq. Samtidigt åker FLSmidth och Netcompany ut från det danska indexet.
8/17/2023 6:20:44 AM - Netcompany: H2 should provide a more clean EBITDA - Nordea - Netcompany's performance in Q2 2023 was close to that in Q1 – solid for the non-Danish operation (although we argue that there could have been better profit development), low growth in Denmark and, not least, several one-off like costs weighing down profitability. While the Danish private segment may be improving, its nevertheless disappointing performance in H1 leads us to lower our 2023 group EBITDA margin estimate from 18.9% to 18.2%. However, this means we continue to believe that Netcompany is set to exceed its EBITDA margin guidance of 15-18%. Our updated combined DCF- and SOTP-based fair value range is DKK 375-435. Marketing material commissioned by Netcompany.
8/16/2023 6:43:41 AM - Netcompany: Strong growth by all divisions excluding a soft Denmark, 2023 guidance reiterated - Nordea - Netcompany has today released its Q2 2023 interim report, which at first glance looks slightly disappointing, at least compared to consensus. Compared to company-compiled consensus, Q2 revenue and EBITDA ended up 1% and -12%, respectively. Compared to our Q2 EBITDA estimate, Netcompany ended 2% above, and we struggle to fully understand the consensus estimate, which reflected a “strangely” low cost base. The key drivers behind the 14.4% revenue growth y/y (consensus: 12.9%) was strong performance by all divisions excluding Denmark, who only grow by 2% (private segment: -8%).
8/11/2023 5:17:13 AM - Netcompany: Unchanged solid Q2 business activity expected - Nordea - We expect a Q2 that is largely a continuation of Q1. This suggests double-digit revenue growth of 14.9% y/y (company-compiled consensus: 12.9%) and cost increases driven by inflation, FTE growth, and the initiatives to trim the employee base, which leaves unutilised FTE. However, we continue to believe Netcompany is likely to exceed its 2023 EBITDA guidance, although a guidance upgrade is more likely later in 2023. Our updated combined DCF and peer group valuation range points to an unchanged fair value of DKK 400-460 per share. Our estimates are left unchanged. Marketing material commissioned by Netcompany.
6/2/2023 5:33:56 AM - Netcompany: Not the same procedure as last time! - Nordea - On Thursday, we participated in Netcompany's CMD. Likely by a deliberate choice, Netcompany provided very few numbers and hard facts, aside from the medium-term targets announced on Wednesday; thus, the CMD was mostly an educational event. Based on its 2026 targets (starting point), the company trades at 8.0x EV/EBITDTA and an accumulated ~14% of MCAP shareholder distribution, of which the majority will be based on share buybacks in 2024-26. Our combined DCF model and peer group valuation range points to DKK 400-460 (unchanged). We have slightly increased our margin assumptions and raised our D&A cost estimates in line with the guidance. Marketing material commissioned by Netcompany.
5/31/2023 6:42:53 AM - Netcompany: Starting point of the announced 2026 targets just above consensus - Nordea - Netcompany has this morning and ahead of its CMD tomorrow announced mid-term (2026) minimum targets for revenue, EBITDA margin and cash distribution. The company-compiled consensus is ~3% above the starting point of the implicit EBITDA guidance, hence Netcompany own expectation seems more positive than reflected in consensus. The at least DKK 8.5bn revenue (organic) by 2026 target implies a minimum 11% cagr, and the at least 20% EBITDA margin target should be compared to consensus at 19.5% and the 15.0-18.0% 2023 guidance. Given its asset light model, Netcompany is up for a rich cash distribution equal to at least accumulated DKK 2bn (15% of MCAP), which we expect mainly will be distributed as a share buyback (shares to be cancelled). Our combined DCF and peer group valuation range is unchanged at DKK 400-460 per share.
5/8/2023 5:20:17 AM - Netcompany: Solid quarter suggests guidance upside - Nordea - Netcompany had a solid start to 2023, including a 3% beat to company-compiled EBITDA consensus. All divisions excluding Denmark delivered 20%-plus revenue growth y/y. The group reported healthy 13.7% organic revenue growth, above the full-year guidance of 8-12%, which suggests potential for a guidance upgrade. Importantly, Intrasoft's EBITA improved 83% y/y. For Danish operations, revenue growth was more modest, at 6% y/y, owing to a combination of FTE redundancies not being billable and a 3% revenue decline owing to the signing of several private-sector projects being delayed. After the Q1 report, our combined DCF and peer group valuation range is unchanged at DKK 400-460 per share. We increase our estimates for revenue, operational costs and depreciation slightly and continue to believe that Netcompany will exceed its FY EBITDA guidance. Marketing material commissioned by Netcompany.
5/4/2023 7:31:42 AM - Netcompany: Q1 slightly better than expected. Netcompany seems to plan for higher than its 8-12% revenue growth guidance - Nordea - Netcompany has this morning reported its Q1 2023 results, which at first glance looks slightly better than the company-compiled consensus. Compared to consensus, Q1 revenue and EBITDA ended 0% and 3% (vs Nordea: 8%), respectively. Q1 organic revenue growth was 12.3% y/y (Nordea: 13% / Consensus: ~12.1%) with Denmark weighting down and rest of the countries growing more than 20% y/y. Client facing FTE increased in Q1 by 15% y/y, which is above the 8-12% revenue growth guidance. 2023 guidance was reiterated, as expected, and we expect consensus to stay close to unchanged. Our combined DCF- and SOTP-based fair value range points at a DKK 400-460 per share.
4/18/2023 5:16:22 AM - Netcompany: Sales and costs reshaping the personnel pyramid - Nordea - Both we and company-compiled consensus expect Netcompany to have continued solid revenue growth (12-13% y/y) for Q1, although we expect EBITDA to decline y/y, likely driven by salary inflation and costs linked to reducing the number of full-time employees (FTE) (by ~50-75) – not to prepare for lower activity, but rather to reshape the personnel pyramid to better fit the business model. These costs will likely impact both Q1 and Q2. While embedded in 2023 guidance (~1.5 pp margin dilution), the quarterly timing is as of yet undisclosed. We continue to believe Netcompany will exceed its FY EBITDA margin guidance, as we foresee 18.9%, versus guidance for 15-18% (consensus: 17.7%), but we expect a possible guidance upgrade to be more likely for H2. Our updated combined DCF and peer group valuation points to a trimmed fair value range of DKK 400-465 (410-520) per share, owing to slightly lower peer multiples. Marketing material commissioned by Netcompany.
1/26/2023 7:00:48 AM - Netcompany: Difficult to reconcile guidance and performance - Nordea - The strong finish to 2022 was clearly overshadowed by a disappointing 2023 EBITDA margin guidance, even when we adjust for a likely under-promise, over-deliver philosophy. We do not buy into the assumptions behind the guidance, and the margin bridge seems to have "forgotten" about the "one-off" accumulated DKK 70m profit headwind in H1 2022, and that the 2023 revenue growth guidance should add at least DKK ~100m in profit. We thus expect a margin guidance upgrade later in 2023, and a solid performance in both Q1 and Q2 y/y. If management truly believes in a recession of the magnitude embedded in its 2023 guidance, we struggle to understand the 14% y/y higher FTE by the end of 2022. We have reduced 2023E-25E EBITDA by ~5-6%, and our updated combined DCF and peer group valuation is DKK 410-480 (was DKK 445-520). Marketing material commissioned by Netcompany.
1/25/2023 8:32:15 AM - Netcompany: Continued strong performance, while 2023 margin guidance disappointed - Nordea - At first glance, Netcompany 2022 annual report looks as a positive read when it comes to Q4 performance, while the 2023 guidance is a large disappointment. Q4 revenue and EBITDA ended 4% and 5%, respectively vs the company-compiled consensus. Q4 organic revenue growth was 18.9%. 2022 EBITDA exceeded its implicit guidance by 2% (based on the >20% EBITDA margin guidance). For 2023, Netcompany guides for 8-12% (organic) revenue growth (consensus: 10%) and a 15-18% EBITDA margin (consensus: 20.6% / Nordea: 20.0%). The implicit EBITDA guidance is DKK ~0.9-1.1bn vs. consensus at DK 1.24 bn and Nordea at DKK 1.2bn, hence a meaningful EBITDA miss and margin decline y/y. The declining margin is explained by (organic) investments in new markets (people and software), new HQ, fewer work days y/y etc., and also the impacts from a recession. Still, we struggle to believe these extra costs and effects will dilute the margin in this magnitude, and as a consequence we expect Netcompany to have included a sizable effect from Under-promise-and-over-deliver philosophy given its history. High-end 2023 EBITDA guidance imply ~8% 2023 EBITDA consensus downgrade. We expect an initial negative share price performance, however the investor call at 11 CET may change the mood. Our last published combined DCF- and SOTP-based fair value range was DKK 445-520 per share
1/17/2023 6:37:05 AM - Netcompany: Positive trend looks set to continue - Nordea - We expect Netcompany to deliver according to its 2022 guidance, resulting in a solid Q4 that includes 28% y/y revenue growth and a 23.1% EBITDA margin (up 3.1 pp y/y). Focus in the report will likely be on 2023 guidance, churn and FTE growth. The latter is typically a strong indicator for how management regards its growth potential/pipeline quality. We and consensus forecast 10% revenue growth in 2023, which might prove too cautious, but this is sensitive to the macroeconomic development. Management might also start off the year with a more careful approach by underpromising and overdelivering. We maintain our estimates ahead of the Q4 2022 report, and our updated combined DCF- and multiple-based fair value is unchanged at DKK 445-520. Marketing material commissioned by Netcompany.
11/4/2022 6:50:36 AM - Netcompany: Strong Q3 and Q4 seems at least as strong - Nordea - Company-compiled consensus and the share price had factored in a profit warning, but this did not play out (as we expected), so the share price reaction was a material relief. Q3 organic revenue of 18% y/y was solid and broad-based, and the 33% EBITA margin from the Danish operation signalled that its setup is still functioning well. Q3 FTE was up (organically) by 17% y/y; this a strong indicator of how management evaluates its pipeline's quality, but it also reflects the unchanged positive business environment. The implicit Q4 guidance suggests solid performance ahead, which seems warranted for the next three quarters since Q1 and Q2 2023 will face easier comparisons. We keep our estimates nearly unchanged. Our new combined DCF and peer group value range is DKK 445-520 (440-510). Marketing material commissioned by Netcompany.
11/3/2022 7:44:39 AM - Netcompany: Q3: Solid performance - seems back on track - Nordea - Netcompany reported solid Q3 results this morning and, importantly, reiterated/narrowed its 2022 guidance. Notably, the latter was a positive surprise compared to the profit warning reflected in the company-compiled consensus (and likely the share price). Compared to consensus, Q3 revenue and adjusted EBITDA ended up 2% and 10% higher (Nordea: 6%), respectively. Q3 organic revenue growth was 18% y/y and Q3 EBITDA margin ended up at 22.9% (consensus: 21.3%). Importantly, the performance was more broad-based, including the Danish operations delivering solid 14% revenue growth y/y and a strong 30% EBIT margin. The UK also delivered a solid quarter, growing 34%. Based on the reiterated/narrowed 2022 guidance and supported by the DKK 5.3bn revenue visibility at the end of Q3 (2022 revenue guidance: DKK 5.4-5.5bn), we expect that the Q3 report will trigger positive consensus estimate revisions, and a positive (relative) share price performance in addition to the 4% increase yesterday. The starting point of the updated EBITDA guidance is 4% above consensus. Our combined DCF- and SOTP-based fair value range is DKK 440-510 per share.
10/25/2022 7:04:16 AM - Netcompany: Profit warning is consensus scenario, not ours - Nordea - Given its H1 performance, the burning question post-Q2 was if Netcompany would issue a profit warning later in 2022. Based on company-compiled consensus and the share price in absolute and relative terms, this scenario seems to have been priced in. However, we still believe Netcompany will deliver according to its 2022 guidance, and thus see revenue growth and profitability picking up in H2. At end-Q2, it had 2022 revenue visibility of DKK 5.bn; versus its minimum DKK 5.4bn revenue guidance, this demands an in/out H2 order intake in line with the past. Ahead of the Q3 report, we have reduced 2023E revenue growth by 5 pp to 10% due to the looming recession, increased depreciations and interest costs. This, in combination with peer group multiple contraction, means our combined SOTP- and DCF-based valuation suggests a DKK 440-510 per share valuation range (was DKK 535-620). No refinancing before 2025. Marketing material commissioned by Netcompany.
8/12/2022 5:03:38 AM - Netcompany: Smooth setup makes it difficult to absorb issues - Nordea - The Q2 results were disappointing due to new project-related writedowns and higher-than-normal sickness levels. At first, it may seem odd that the latter could have such a big impact, but this is the consequence of having a highly efficient setup with a high FTE utilisation rate: with no unused resources available, it is difficult to absorb unexpected events. Just a 1 pp lower utilisation rate may hurt revenue and profitability as much as DKK ~50m, and the reported 2.5 pp margin dilution in Q2 translates to just ~1.5 to two extra sickness days. Our updated combined DCF and peer group valuation suggests a fair value range of DKK 535-620 (520-600) per share. Marketing material commissioned by Netcompany.
8/11/2022 6:23:19 AM - Netcompany: Revenue and EBITA disappointed, FY guidance reiterated (as expected) - Nordea - Netcompany reported another set of disappointing quarterly results. Compared to company-compiled consensus, Q2 revenue and EBITDA ended up -4% and -28%, respectively. The key reasons for the miss were, according to Netcompany, temporary high levels of sickness in Denmark and Norway (diluted margin by ~2.5pp) and new project-related writedowns in Denmark and Norway (DKK ~20m). Both the UK and Intrasoft had a strong quarter. As expected, Netcompany reiterated its 2022 guidance. We expect a moderate negative consensus revision (2022 EBITDA: ~-3%). The miss may likely trigger a negative share price performance today, not least after the 7% jump yesterday. Our combined DCF- and SOTP-based fair value range is DKK 520-600 per share.
8/1/2022 5:58:10 AM - Netcompany: Solid win within public sector has continued - Nordea - We expect Netcompany to have enjoyed solid order intake in Q2 and so far in Q3, notably within the public sector. Q2's highlights included the SEK 2bn frame agreement in Sweden (to be "shared" among eight IT companies) and several larger contracts (EU) won by Intrasoft. However, as a number of contracts are frame agreements and run for several years, they might not yet be fully visible in the announced revenue visibility figures. We expect the high (revenue) activity level seen in Q1 to have continued in Q2. However, while order intake and contract negotiations are still sound, the private segment may start to see early signs of longer sales cycles. Our updated combined DCF and peer group valuation suggests a fair value range of DKK 520-600 (525-610) per share. Marketing material commissioned by Netcompany.
5/6/2022 6:50:06 AM - Netcompany: High activity and the UK showing its potential - Nordea - Netcompany delivered a Q1 close to company-compiled consensus and solid 13% organic revenue growth, despite the strong Q1 2021. According to the Q1 investor call, Netcompany has a promising order pipeline that includes several larger public Danish projects and several wins achieved so far in Q2. A successful win rate may add to the already higher-than-normal revenue visibility as percentage of full-year revenue (83% in Q1 versus ~75% on average). Employee churn, one of the main concerns in the equity market, is still high (Q1: 17% y/y), but the level seems to be declining (LTM for core: 24%). Our new combined DCF and peer group valuation suggests an unchanged valuation range of DKK 525-610 per share. Marketing material commissioned by Netcompany.
4/19/2022 6:55:40 AM - Netcompany: Solid performance, but up against tough comps - Nordea - While we believe performance was solid in Q1, we expect revenue growth faces a tough comparison as Q1 2021 was very strong. Last year, COVID-19 restrictions reduced travel and hence equally increased the number of billable hours (at unchanged costs). As a net effect, we estimate flattish Q1 EBITDA y/y. However, our estimates are 11% below company-compiled consensus for EBITDA and 4% below for revenue. Our Netcompany Intrasoft estimates carry high uncertainty, given the limited track record we have with the company. Our updated combined DCF and peer group valuation is DKK 525-610 per share (555-645), due to multiple contraction. Marketing material commissioned by Netcompany.
4/6/2022 6:43:13 AM - Netcompany: CMD; Bullish management and platforms move up in importance - Nordea - Netcompany hosted its CMD on 5 April 2022 in Copenhagen. No new medium- or long-term targets were announced, but management appeared rather bullish about future potential, including the Danish business, where it sees ample untapped growth possibilities. Management also focused on the potential from platforms, which are set to have a growing importance for M&A and as a growth driver across the different markets. Netcompany Intrasoft was also in focus at the CMD – the division’s CEO gave a good impression and contributed to a better (and highly needed) understanding of that business. The CMD left us with the impression of a bullish management, as always, supported by the business opportunities that should arise from growing investment momentum within digitalisation across Europe. No larger acquisitions should be expected in 2022 and no new hard targets or medium- or long-term ambitions were announced, henc e the equity story for now is closely linked to management’s vision and execution ability.
1/25/2022 8:54:06 AM - Netcompany: Soft Q4, and 2022E guidance disappoints but mainly due Intrasoft - Nordea - This morning, Netcompany released its 2021 report. At first glance, the report looks to be a disappointment, however the consolidation of Intrasoft does blur the picture. As expected, the 2021 ended in line with its FY guidance, still the Q4 performance was a disappointment. Compared with the pre-Q4 company-compiled consensus, Q4 revenue and adj. EBITA ended -2% (Nordea: -4%) and -14% (Nordea: -17%), respectively. Q4 organic revenue growth was just 12% (consensus: 18.8%) explained by a larger negative impact from COVID-19 and holiday than expected. 2022 guidance reflects an unchanged high revenue growth and solid level of profitability for Netcompany core, but mainly due to lower contribution from Intrasoft, the 2022 guidance is below consensus. Based on the revenue growth guidance range and the minimum 20% EBITDA margin guidance, this implies a EUR 1.07-1.13bn minimum EBITDA range. Compared to consensus at EUR 1 .27bn, the mid-range is 13% below consensus. We expect moderate negative changes to consensus.
1/12/2022 7:03:34 AM - Netcompany: Continuing on its growth path - Nordea - The biggest focus point in Netcompany's 2021 annual report will likely be the Intrasoft acquisition. We expect more details about it to be disclosed, including the timing of the backlog, which had increased significantly before the deal, and guidance for 2022. In terms of organic development, we expect Netcompany to continue its strong revenue growth, while we see more uncertainty about possible margin improvements. We make no significant changes to estimates, but our updated combined DCF model and SOTP valuation point to DKK 650-755 per share (760-890), as peer multiples have contracted. Marketing material commissioned by Netcompany.
12/13/2021 7:15:33 AM - Netcompany: New large order from Kombit - Nordea - Today, the Kombit announced that it has awarded Netcompany a development contract for a new election system in Denmark. The contract value was not disclosed, but we estimate it at around DKK 200-250m. Besides the value of the contract, the development contract also illustrates Netcompany’s strong position in Denmark. The contract was won in competition with three other IT vendors, after DXC lost the contract and a new tender was initiated. Initially, DXC was expected to deliver the system in 2019 to replace a 30 years old system developed by KMD. When DXC missed that deadline and announced the system would be ready in 2022, Kombit lost patience and DXC lost the contract. We understand that the DXC contract value was around DKK 125m, and the new tender was based on a DKK 100m larger development contract.
11/5/2021 6:39:18 AM - Netcompany: 20% employee growth indicates a strong outlook - Nordea - Netcompany's Q3 results largely mirrored its performance in recent quarters. The 15% y/y revenue growth was disappointing, but this was partly explained by deferred vacations from H1, which diluted revenue growth by ~2 pp. 9M reported revenue growth was 20%. The number of employees increased organically by 20% y/y (5% q/q), a metric that signals how Netcompany sees the potential of its pipeline. According to the Q3 investor call, several tenders are coming up. A number of details about Intrasoft are still lacking, but these may come with the full-year report. Excluding the effect from including Intrasoft in our estimates, we leave our estimates unchanged but lift our combined DCF and peer group valuation to DKK 760-890 (700-815) based on our updated estimates. Marketing material commissioned by Netcompany.
10/25/2021 7:38:34 AM - Netcompany: Bold M&A move may overshadow Q3 results - Nordea - We do not expect Netcompany to provide any guidance for 2022 when reporting its Q3 results. The acquisition of Intrasoft is a bold move, which will create attractive business potential within digitalisation (EU), but also marks a change in M&A strategy, which raises a number of questions. Even so, we find it hard to see the transaction, isolated, not adding value. As to the Q3 performance, we expect Netcompany to have continued its solid revenue trend (18% growth y/y), while we expect the EBITA margin to decline to 24.3%, down from 28.1% y/y (company-compiled consensus: 24.5%). However, we stress that estimating profitability is made more difficult by the increased use of freelancers in Denmark, who add revenue but no/limited profitability. We leave our estimates unchanged, but lift our DCF- and peer-group-based valuation range to DKK 700-815 (DKK 655-760) due to multiple expansion within the peer group. Mark eting material commissioned by Netcompany.
10/8/2021 11:50:45 AM - Netcompany: An acquisition with potential, but also a shift in Netcompany’s strategy - Nordea - On 8 November, Netcompany announced the acquisition of Luxembourg-based Intrasoft International, which will strengthen Netcompany’s position within the EU and also give a broader European foothold. While still early days, the acquisition boosts potential to tap into the significant digitalisation investments planned by the EU and its member states, where Intrasoft’s various platforms are expected to play an important role. But we also see the acquisition as a shift in Netcompany’s strategy, as Intrasoft will be operated as independent and with limited integration. The reasons for this are likely many, but the size of Intrasoft (2,800+ employees) alone would make integration difficult. Netcompany should know Intrasoft well given its cooperation in the past and, not least, following the significant win in 2020 when the two companies in combination won the development contract for delivering a platform to hand le customs declarations when importing and exporting goods to/from Denmark. One key question left due to lack of financial disclosure is the reasons behind the lower profitability and not least the growth potential. Intrasoft has rapidly grown its order backlog (H1 2021: ~3.5x 2020 revenue), albeit the timing of the backlog was left close to unanswered, which makes it difficult to gauge the growth potential, but we note that the value of backlog increased by EUR ~200m in H1 2021 compared to end 2020, which is close to same level as the 2020 revenue. Netcompany is to pay EUR 235m (of which EUR 15m is in existing shares), equal to 2020 EV/EBITDA of 13x, which appears to be a less demanding valuation, not least when taking the future prospects into account. Still, given the size of Intrasoft, Netcompany’s reported numbers will likely be diluted in the next few years and will be less impressive than what we have been used to.
10/8/2021 5:42:48 AM - Netcompany förvärvar Intrasoft International - Danska it-bolaget Netcompany har tecknat avtal om förvärv av Intrasoft International, ett bolag som ägs av Intracom listat på Atenbörsen. Affären är värd 235 miljoner euro på kassa- och skuldfri basis.
8/19/2021 7:09:17 AM - Netcompany: Short-term pain for long-term gain - Nordea - Netcompany's Q2 report was a mixed bag with the key question being whether it was more important that the UK and Norway had started to show their potential or that Denmark's profitability was under pressure (albeit for long-term strategic reasons). The poor profit performance was clearly a negative surprise, but in terms of the equity story, we believe it was outweighed by the strong performance by the UK and Norway. The increase in the number of employees (23% y/y) and improvement in revenue visibility (23% y/y) suggest revenue will exceed FY guidance (H2 top end of sales growth guidance: ~17.5% y/y). We trim our EBITA estimates, but our DCF- and peer-group based valuation range is up slightly to DKK 655-760 (645-745) due to peers trading at higher margins. Marketing material commissioned by Netcompany.
8/18/2021 7:09:27 AM - Netcompany: EBITA disappoints - Nordea - Netcompany reported solid Q2 2021 results. Compared with the company-compiled consensus, Q2 revenue and EBITA ended 1% and -14%, respectively (EBITA margin 20.2%, -3.7 pp y/y). The EBITA miss/higher cost base is mainly explained by the combination of DKK -7m linked to severance payment in the UK, the increased use of external consultants (DK), continued investments in Govtech etc., and high tender activity. EBITA in Denmark ended surprisingly down y/y, despite 20% revenue growth. Q2 organic revenue growth was 21.2% y/y (consensus: 21.6%) driven by Norway and UK, while Holland decreased by 3% y/y. As expected, Netcompany raised its 2021 guidance, however only for its revenue growth (18-20%, was 15-20%), while the EBITA margin was left untouched at 23-25% (consensus: 25.5%). We expect consensus (2021E EBITA) to be cut by ~3-5% and a negative share price reaction. Our combined DCF- and SOTP-based fair value range i s DKK 645-745 per share.
8/2/2021 8:11:10 AM - Netcompany: Solid performance likely continued in Q2 - Nordea - We expect Netcompany's solid performance continued in Q2, which may trigger a positive revision to its 2021 guidance, or at least a comment that it expects to meet the upper end of its guidance range. We expect broad-based solid performance, including a normalisation in the Netherlands (q/q). Continued progress in the UK may have had a moderately negative impact on margins, as Netcompany is using more senior resources from its Danish operation in the UK, but without being able to charge the same rates. Thanks to multiple expansion in the peer group, our updated valuation, based on DCF and the peer group, now suggests a fair value range of DKK 645-745 (up from DKK 620-720). Marketing material commissioned by Netcompany.
5/7/2021 6:12:04 AM - Netcompany: Strong Q1 makes FY guidance (too) conservative - Nordea - We did expect Netcompany to have a solid start to 2021, but Q1 was even stronger than we and the company-compiled consensus anticipated, including an 8% EBITA beat (32% growth y/y). Q1 is a seasonally soft quarter (in terms of profit), still, multiplying Q1 EBITA by four takes 2021 EBITA above Netcompany's guidance. Strong performance across all four countries and a positive mix effect from more private-sector business makes the future look bright. We raise our 2021-23 EBITA estimates by 4-10%, leading our updated DCF- and peer-group-based valuation to suggest a fair value range of DKK 620-720 per share (up from DKK 590-690). Marketing material commissioned by Netcompany.
5/6/2021 7:22:13 AM - Netcompany: Strong Q1 performance including in/out orders up by 109% y/y - Netcompany has this morning reported its Q1 2021 results, which at first glance look very strong. Compared with the company-compiled consensus, Q1 revenue ended 5% above expectations, and EBITA 8% above (EBITA margin 25.3% and 32% growth y/y). Q1 EBITA is negatively impacted by a DKK ~5m extra cost in Holland due to a fixed price project. With 23% y/y Q1 revenue growth (consensus: 17.6%), Netcompany continued its solid sales growth, despite lockdowns and restrictions in general. As expected, 2021 guidance was reiterated, albeit 30% increase in the revenue visibility suggests a 2021 in the high end of the guidance range, at least. And as a consequence, we expect a positive revision of consensus. Our combined DCF- and SOTP-based fair value range points at a DKK 590-690 per share.
4/15/2021 5:58:56 AM - Netcompany: Off to a good start - Nordea - Netcompany has had a solid start to 2021, with no real negative impact from Covid-19. Given the wins by the operations in Norway and the UK, utilisation should significantly improve, while Holland may be impacted by the recent election due to the division's high exposure to the public sector.
3/8/2021 7:35:09 AM - Netcompany: Possible next high-margin growth driver moves closer and project win in UK - Nordea - The main business of Netcompany is selling hours and developing larger systems; hence the<br>embedded operating leverage in the business model is low, but as part of the further development the company, Netcompany is gradually adding software and high-margin-like exposure.
1/28/2021 8:16:33 AM - Netcompany: Growth to continue: 2021 visibility up 17% y/y - Nordea - Netcompany reported a solid Q4. Revenue in the quarter landed 3% below company-compiled consensus expectations and EBITA was 11% above (EBITA margin of 28.9%, up 3.1 pp y/y). With 16.5% organic revenue growth y/y in Q4 (consensus: 18.2%), Netcompany continued its solid sales growth, albeit at a slightly slower pace than reflected in consensus. Netcompany ended the year above its 2020 EBITA margin guidance (26.2% versus ~25% guided) while the 2021 margin guidance was changed to ~23-25% (from ~25%) due to COVID-19 uncertainty and an assumption of more normalised cost spend. We expect consensus EBITA to be lowered by ~3-5%. We derive a combined DCF- and SOTP-based fair value range of DKK 525-615. - Marketing material commissioned by Netcompany
1/14/2021 7:50:20 AM - Netcompany: Growth is set to continue - Nordea - We expect Netcompany to have performed well in Q4 and in line with its guidance, with no problematic projects. As to order intake, we note that the Norwegian operation won several important orders in Q4, which should contribute to an improved utilisation rate, notably in 2021, while the UK business likely continues to struggle, not helped by the comprehensive lockdown imposed.
12/10/2020 8:25:40 AM - Netcompany in i OMXC25 i Köpenhamn - Jyske Bank får lämna - Netcompany kommer att inkluderas i OMX Copenhagen 25 Index från börsöppningen den 21 december. Samtidigt åker Jyske Bank ut framgår det av Nasdaqs halvårsvisa översyn.
11/25/2020 9:11:25 AM - Netcompany: CMD – plenty of market potential - Nordea - Netcompany's CMD was mainly educational, which was expected following its recent Q3 report, changed 2020 guidance, and announced 2021 expectations. Our key takaway from the CMD was solid potential, notably within the Danish public sector (unchanged), while Norway came across as very optimistic. The Netherlands division also appears to be on a good track. The UK is in a difficult spot, which leaves its potential at question, in our view. Two client cases were presented, confirming Netcompany's many qualities and strong position in Denmark. We reiterate our combined DCF- and peer-group-based valuation of DKK 525-615 per share. Marketing material commissioned by Netcompany.
11/9/2020 7:35:33 AM - Netcompany: Diluted by the UK, DK continues on a strong note - Nordea - The implicit guidance for H2 2020 was demanding, as we highlighted in our preview, and left no room for disappointments. Because the new restrictions imposed in the UK have hit this market hard, including postponements/cancellations of its backlog, the company downgraded its 2020 guidance to reflect the revenue lost in the UK during Q2-Q4.
10/27/2020 6:32:01 AM - Netcompany: Solid Q3, 2021 ambitions likely to be announced - Nordea - Netcompany is likely to announce its ambitions for 2021 with its Q3 report. We expect Q3 to have been a mix of the Danish operation continuing with its impressive performance including taking the first steps to include more (high-margin) software revenue. We expect the UK and Norway operations to have continued to be negatively affected by COVID-19, although for Norway, the NOK 192m landmark order will improve the situation in Q4. We expect Holland to have continued the solid performance. We lift our combined DCF- and peer group-based fair value range to DKK 550-645 per share (DKK 450-525) following more optimistic medium- and long-term estimates and higher peer group multiples. Marketing material commissioned by Netcompany.
10/12/2020 7:44:54 AM - Netcompany: Important win in Norway - Nordea - NetCompany has today won an important contract in Norway. Legemiddelverket (the Norwegian Medicines Agency) has awarded Netcompany a NOK 192m order for the development contract for a new IT platform. This is the company's first large contract in Norway, and is a landmark for the company. The order will improve utilisation from "today" in the Norwegian business and, once in operation, work as a reference client in the country. After several tenders where NetCompany apparently ended up #2 or #3, we consider this an important win. We maintain our combined DCF- and peer group-based valuation range of DKK 450-525 per share and leave our estimates unchanged. Marketing material commissioned by Netcompany.
9/4/2020 1:37:42 PM - Netcompany: Solid order intake continues - Nordea - While Netcompany does not announce its orders, some of them can be tracked via different databases and media. During the last couple of days, the company has won at least three orders totalling more than DKK ~350m (we estimate). As the contracts are multi-year, the revenue impact will be seen in the coming years. Two of the contracts are new, and one is a renewal of an existing contract. All three contracts are in Denmark, two are with public customers and one is in the private sector. We maintain our combined DCF- and peer group-based valuation range of DKK 450-525 per share and leave our estimates unchanged.
8/11/2020 8:00:20 AM - Netcompany: Solid order intake in June and July - Nordea - We expect Netcompany to have continued its solid growth in Q2, secured by a strong performance in the Danish operation, while the other countries have likely been more affected by COVID-19, partly due to their lack of multi-year contracts.
6/7/2018 10:07:47 AM - Netcompany rusar 25 procent på första dagen på börsen - Netcompany rusar 25 procent på första dagen på börsen
6/7/2018 7:49:30 AM - Netcompany värderas till 7,75 miljarder danska kronor vid dagens börsnotering - Netcompany värderas till 7,75 miljarder danska kronor vid dagens börsnotering
5/23/2018 10:01:11 AM - Netcompany siktar på värdering på upp emot 8,25 miljarder danska kronor vid noteringen - Netcompany siktar på värdering på upp emot 8,25 miljarder danska kronor vid noteringen