Netcompany has this morning reported its Q1 2021 results, which at first glance look very strong. Compared with the company-compiled consensus, Q1 revenue ended 5% above expectations, and EBITA 8% above (EBITA margin 25.3% and 32% growth y/y). Q1 EBITA is negatively impacted by a DKK ~5m extra cost in Holland due to a fixed price project. With 23% y/y Q1 revenue growth (consensus: 17.6%), Netcompany continued its solid sales growth, despite lockdowns and restrictions in general. As expected, 2021 guidance was reiterated, albeit 30% increase in the revenue visibility suggests a 2021 in the high end of the guidance range, at least. And as a consequence, we expect a positive revision of consensus. Our combined DCF- and SOTP-based fair value range points at a DKK 590-690 per share.
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