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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.

Following the Q3 performance and Q4 outlook, we cut 2020E-22E EBITA by ~5%, and our updated combined DCF- and peer group-based valuation suggests a range of DKK 525-615 per share (down from DKK 550-645).

Marketing material commissioned by Netcompany.

https://research.nordea.com/api/reportfileapi?id=633856&channel=Finwire
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