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Netcompany's performance in Q2 2023 was close to that in Q1 – solid for the non-Danish operation (although we argue that there could have been better profit development), low growth in Denmark and, not least, several one-off like costs weighing down profitability. While the Danish private segment may be improving, its nevertheless disappointing performance in H1 leads us to lower our 2023 group EBITDA margin estimate from 18.9% to 18.2%. However, this means we continue to believe that Netcompany is set to exceed its EBITDA margin guidance of 15-18%. Our updated combined DCF- and SOTP-based fair value range is DKK 375-435. Marketing material commissioned by Netcompany.
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