Netcompany: Positive trend looks set to continue - Nordea

We expect Netcompany to deliver according to its 2022 guidance, resulting in a solid Q4 that includes 28% y/y revenue growth and a 23.1% EBITDA margin (up 3.1 pp y/y). Focus in the report will likely be on 2023 guidance, churn and FTE growth. The latter is typically a strong indicator for how management regards its growth potential/pipeline quality. We and consensus forecast 10% revenue growth in 2023, which might prove too cautious, but this is sensitive to the macroeconomic development. Management might also start off the year with a more careful approach by underpromising and overdelivering. We maintain our estimates ahead of the Q4 2022 report, and our updated combined DCF- and multiple-based fair value is unchanged at DKK 445-520. Marketing material commissioned by Netcompany.

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