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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.
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