Netcompany: Unchanged solid Q2 business activity expected - Nordea

We expect a Q2 that is largely a continuation of Q1. This suggests double-digit revenue growth of 14.9% y/y (company-compiled consensus: 12.9%) and cost increases driven by inflation, FTE growth, and the initiatives to trim the employee base, which leaves unutilised FTE. However, we continue to believe Netcompany is likely to exceed its 2023 EBITDA guidance, although a guidance upgrade is more likely later in 2023. Our updated combined DCF and peer group valuation range points to an unchanged fair value of DKK 400-460 per share. Our estimates are left unchanged. Marketing material commissioned by Netcompany.

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