Netcompany: 20% employee growth indicates a strong outlook - Nordea

Netcompany's Q3 results largely mirrored its performance in recent quarters. The 15% y/y revenue growth was disappointing, but this was partly explained by deferred vacations from H1, which diluted revenue growth by ~2 pp. 9M reported revenue growth was 20%. The number of employees increased organically by 20% y/y (5% q/q), a metric that signals how Netcompany sees the potential of its pipeline. According to the Q3 investor call, several tenders are coming up. A number of details about Intrasoft are still lacking, but these may come with the full-year report. Excluding the effect from including Intrasoft in our estimates, we leave our estimates unchanged but lift our combined DCF and peer group valuation to DKK 760-890 (700-815) based on our updated estimates. Marketing material commissioned by Netcompany.

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