Commissioned research: In an IT sweet spot
IT service company Netcompany has established an impressive track record and solid market position in next-generation IT systems that provides it with attractive growth opportunities, in our view. Netcompany is in the midst of a step change including significantly larger exposure to the public sector, where contracts are large, complex and not least multi-year. This brings a considerably higher share of typically recurrent revenue. We estimate average 2017-20 revenue and EBITA growth of ~30%, with it beating its 2018 revenue guidance. Our fair value range is DKK 245-285 per share on a combination of our DCF model and peer group valuations. Marketing material commissioned by Netcompany
Marketing material commissioned by Netcompany
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