Bildkälla: Stockfoto

Netcompany: Off to a good start - Nordea

Netcompany has had a solid start to 2021, with no real negative impact from Covid-19. Given the wins by the operations in Norway and the UK, utilisation should significantly improve, while Holland may be impacted by the recent election due to the division's high exposure to the public sector.

We expect Netcompany to see a positive effect in Q1 from an increase in the number of billable hours per employee as lockdowns and travel restrictions likely have meant fewer people being on holiday during the quarter.

We expect Netcompany to reiterate its 2021 guidance, although it may be more positive in its wording.

We leave our 2021-23 estimates unchanged, but because of multiple expansion with the peer group, our our updated DCF- and peer group-based valuation now suggests a fair value range of DKK 590-690 (up from DKK 525-615). Marketing material commissioned by Netcompany.

Finwire / Börsvärlden

Publicerad 15 April 2021, 07:58

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