Netcompany: Continuing on its growth path - Nordea

The biggest focus point in Netcompany's 2021 annual report will likely be the Intrasoft acquisition. We expect more details about it to be disclosed, including the timing of the backlog, which had increased significantly before the deal, and guidance for 2022. In terms of organic development, we expect Netcompany to continue its strong revenue growth, while we see more uncertainty about possible margin improvements. We make no significant changes to estimates, but our updated combined DCF model and SOTP valuation point to DKK 650-755 per share (760-890), as peer multiples have contracted. Marketing material commissioned by Netcompany.

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