Company-compiled consensus and the share price had factored in a profit warning, but this did not play out (as we expected), so the share price reaction was a material relief. Q3 organic revenue of 18% y/y was solid and broad-based, and the 33% EBITA margin from the Danish operation signalled that its setup is still functioning well. Q3 FTE was up (organically) by 17% y/y; this a strong indicator of how management evaluates its pipeline's quality, but it also reflects the unchanged positive business environment. The implicit Q4 guidance suggests solid performance ahead, which seems warranted for the next three quarters since Q1 and Q2 2023 will face easier comparisons. We keep our estimates nearly unchanged. Our new combined DCF and peer group value range is DKK 445-520 (440-510). Marketing material commissioned by Netcompany.
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