Netcompany has this morning reported its Q1 2023 results, which at first glance looks slightly better than the company-compiled consensus. Compared to consensus, Q1 revenue and EBITDA ended 0% and 3% (vs Nordea: 8%), respectively. Q1 organic revenue growth was 12.3% y/y (Nordea: 13% / Consensus: ~12.1%) with Denmark weighting down and rest of the countries growing more than 20% y/y. Client facing FTE increased in Q1 by 15% y/y, which is above the 8-12% revenue growth guidance. 2023 guidance was reiterated, as expected, and we expect consensus to stay close to unchanged. Our combined DCF- and SOTP-based fair value range points at a DKK 400-460 per share.
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