We expect Netcompany's solid performance continued in Q2, which may trigger a positive revision to its 2021 guidance, or at least a comment that it expects to meet the upper end of its guidance range. We expect broad-based solid performance, including a normalisation in the Netherlands (q/q). Continued progress in the UK may have had a moderately negative impact on margins, as Netcompany is using more senior resources from its Danish operation in the UK, but without being able to charge the same rates. Thanks to multiple expansion in the peer group, our updated valuation, based on DCF and the peer group, now suggests a fair value range of DKK 645-745 (up from DKK 620-720). Marketing material commissioned by Netcompany.

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