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SENASTE
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.
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