Netcompany: Solid win within public sector has continued - Nordea

We expect Netcompany to have enjoyed solid order intake in Q2 and so far in Q3, notably within the public sector. Q2's highlights included the SEK 2bn frame agreement in Sweden (to be "shared" among eight IT companies) and several larger contracts (EU) won by Intrasoft. However, as a number of contracts are frame agreements and run for several years, they might not yet be fully visible in the announced revenue visibility figures. We expect the high (revenue) activity level seen in Q1 to have continued in Q2. However, while order intake and contract negotiations are still sound, the private segment may start to see early signs of longer sales cycles. Our updated combined DCF and peer group valuation suggests a fair value range of DKK 520-600 (525-610) per share. Marketing material commissioned by Netcompany.

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