We leave our estimates relatively unchanged but recognise a negative FX effect of 9% on sales from a lower USD/SEK and EUR/SEK in Q2. Consequently, we reduce opex by ~4%, as ~40% of the workforce is employed overseas. We still estimate FX adj. sales growth of +16% vs. Q2’20 for the continuing business. This results in Q2’21e EBIT of SEK 7.3m for a margin of 8%.
Investments into media network capacity can only be postponed for a limited time. The last two quarters have been promising, and after the divestment of ScheduALL in Q1’20, we think NETI is well-positioned to capitalise on a turning market with pent-up demand and turn full-year profitable for the first time in five years. On our estimates, NETI currently trades at 20.5x ’23 EBIT. We stick to our fair value range of SEK 1.7-3.9 per share due to unchanged underlying fundamentals. Q2 report on 16 July at 08:45 CEST.
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