Netcompany has this morning and ahead of its CMD tomorrow announced mid-term (2026) minimum targets for revenue, EBITDA margin and cash distribution. The company-compiled consensus is ~3% above the starting point of the implicit EBITDA guidance, hence Netcompany own expectation seems more positive than reflected in consensus. The at least DKK 8.5bn revenue (organic) by 2026 target implies a minimum 11% cagr, and the at least 20% EBITDA margin target should be compared to consensus at 19.5% and the 15.0-18.0% 2023 guidance. Given its asset light model, Netcompany is up for a rich cash distribution equal to at least accumulated DKK 2bn (15% of MCAP), which we expect mainly will be distributed as a share buyback (shares to be cancelled). Our combined DCF and peer group valuation range is unchanged at DKK 400-460 per share.
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