Netcompany has today released its Q2 2023 interim report, which at first glance looks slightly disappointing, at least compared to consensus. Compared to company-compiled consensus, Q2 revenue and EBITDA ended up 1% and -12%, respectively. Compared to our Q2 EBITDA estimate, Netcompany ended 2% above, and we struggle to fully understand the consensus estimate, which reflected a “strangely” low cost base. The key drivers behind the 14.4% revenue growth y/y (consensus: 12.9%) was strong performance by all divisions excluding Denmark, who only grow by 2% (private segment: -8%).
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