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Netcompany: Solid Q3, 2021 ambitions likely to be announced - Nordea

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.

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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