Netcompany: Strong growth by all divisions excluding a soft Denmark, 2023 guidance reiterated - Nordea

Netcompany has today released its Q2 2023 interim report, which at first glance looks slightly disappointing, at least compared to consensus. Compared to company-compiled consensus, Q2 revenue and EBITDA ended up 1% and -12%, respectively. Compared to our Q2 EBITDA estimate, Netcompany ended 2% above, and we struggle to fully understand the consensus estimate, which reflected a “strangely” low cost base. The key drivers behind the 14.4% revenue growth y/y (consensus: 12.9%) was strong performance by all divisions excluding Denmark, who only grow by 2% (private segment: -8%).

As expected, Netcompany reiterated its 2023 guidance, however we continue to believe in a guidance upgrade later in 2023. We expect consensus to stay largely unchanged post the Q2 report. Our combined DCF- and SOTP-based fair value range is DKK 400-460 per share.

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