We expect Netcompany to have performed well in Q4 and in line with its guidance, with no problematic projects. As to order intake, we note that the Norwegian operation won several important orders in Q4, which should contribute to an improved utilisation rate, notably in 2021, while the UK business likely continues to struggle, not helped by the comprehensive lockdown imposed. Netcompany, as per tradition, announced its 2021 expectations in conjunction with its Q3 report, and we expect the targets to be converted to guidance with the 2020 annual report; hence a continued impressive strong performance. Ahead of the annual report, we reiterate our combined DCF- and peer group-based valuation of DKK 525-615 per share. We mostly make minor changes to our estimates, except for a different M&A-linked amortisation profile. Marketing material commissioned by Netcompany.

equityresearch@nordea.com

Nordea Research