According to a press release from the Danish Customs Agency (Toldstyrelsen), Netcompany along with Intrasoft has been awarded the first of three development contracts for the new Danish import/export system. The contract is still conditional, but the final contract signing is expected to happen on 2-3 July. The size of the contract is only mentioned as being in the hundreds of million DKK and runs for ten years. In the past, it has been speculated that the value of this contract could be DKK 400-600m, of which a majority will likely be allocated to Netcompany, and hence a minor part to Intrasoft. This contract win adds to visibility for 2020 and hence increases the likelihood of the company achieving its full-year guidance. We leave our estimates unchanged but increase our combined DCF- and SOTP-based fair value range to DKK 405-470 (340-400), mainly due to multiple expansion among peers. Marketing material commissioned by Netcompany.

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