Netcompany: Solid performance, but up against tough comps - Nordea

While we believe performance was solid in Q1, we expect revenue growth faces a tough comparison as Q1 2021 was very strong. Last year, COVID-19 restrictions reduced travel and hence equally increased the number of billable hours (at unchanged costs). As a net effect, we estimate flattish Q1 EBITDA y/y. However, our estimates are 11% below company-compiled consensus for EBITDA and 4% below for revenue. Our Netcompany Intrasoft estimates carry high uncertainty, given the limited track record we have with the company. Our updated combined DCF and peer group valuation is DKK 525-610 per share (555-645), due to multiple contraction. Marketing material commissioned by Netcompany.

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