Bildkälla: Stockfoto

Netcompany: Solid order intake in June and July - Nordea

We expect Netcompany to have continued its solid growth in Q2, secured by a strong performance in the Danish operation, while the other countries have likely been more affected by COVID-19, partly due to their lack of multi-year contracts.

In addition to the DKK ~400-600m import/export system development contract Netcompany won in late June, several existing contracts have been up for renewal in July (value: DKK ~450m), where we understand Netcompany has successfully recovered its fair share.

We leave our estimates unchanged but increase our combined DCF- and SOTP-based fair value range to DKK 450-525 per share (405-470), mainly due to material multiple expansion among peers.
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