The Q2 results were disappointing due to new project-related writedowns and higher-than-normal sickness levels. At first, it may seem odd that the latter could have such a big impact, but this is the consequence of having a highly efficient setup with a high FTE utilisation rate: with no unused resources available, it is difficult to absorb unexpected events. Just a 1 pp lower utilisation rate may hurt revenue and profitability as much as DKK ~50m, and the reported 2.5 pp margin dilution in Q2 translates to just ~1.5 to two extra sickness days. Our updated combined DCF and peer group valuation suggests a fair value range of DKK 535-620 (520-600) per share. Marketing material commissioned by Netcompany.
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