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On Thursday, we participated in Netcompany's CMD. Likely by a deliberate choice, Netcompany provided very few numbers and hard facts, aside from the medium-term targets announced on Wednesday; thus, the CMD was mostly an educational event. Based on its 2026 targets (starting point), the company trades at 8.0x EV/EBITDTA and an accumulated ~14% of MCAP shareholder distribution, of which the majority will be based on share buybacks in 2024-26. Our combined DCF model and peer group valuation range points to DKK 400-460 (unchanged). We have slightly increased our margin assumptions and raised our D&A cost estimates in line with the guidance. Marketing material commissioned by Netcompany.
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