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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
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