Netcompany is likely to announce its ambitions for 2021 with its Q3 report. We expect Q3 to have been a mix of the Danish operation continuing with its impressive performance including taking the first steps to include more (high-margin) software revenue. We expect the UK and Norway operations to have continued to be negatively affected by COVID-19, although for Norway, the NOK 192m landmark order will improve the situation in Q4. We expect Holland to have continued the solid performance. We lift our combined DCF- and peer group-based fair value range to DKK 550-645 per share (DKK 450-525) following more optimistic medium- and long-term estimates and higher peer group multiples. Marketing material commissioned by Netcompany.
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