Netcompany reported another set of disappointing quarterly results. Compared to company-compiled consensus, Q2 revenue and EBITDA ended up -4% and -28%, respectively. The key reasons for the miss were, according to Netcompany, temporary high levels of sickness in Denmark and Norway (diluted margin by ~2.5pp) and new project-related writedowns in Denmark and Norway (DKK ~20m). Both the UK and Intrasoft had a strong quarter. As expected, Netcompany reiterated its 2022 guidance. We expect a moderate negative consensus revision (2022 EBITDA: ~-3%). The miss may likely trigger a negative share price performance today, not least after the 7% jump yesterday. Our combined DCF- and SOTP-based fair value range is DKK 520-600 per share.

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