Rankings Software, cloud & internet Netcompany
Netcompany
81
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Cash-flow quality−5
- Margin−4
- Capital allocation−3
Strengths
- Raised guidance+2
- Order visibility and productivity+2
How the score is built
From 100 to 81, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 357.20 DKK
- Median analyst target
- 392.50 DKK
- Upside to median
- +9.9%
- Analysts
- 8
- Target range
- 320.00 – 425.00 DKK
- 52-week change
- +12%
- P/E (trailing)
- 24.7
- Forward P/E
- 16.2
- PEG
- 0.48
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−14 of −30
- −4MarginEBIT margin 10.8% and net margin 4.5% (TTM) vs a 20.4% EBIT margin in 2021 and 15% in 2022; the group's adjusted EBITDA margin was 14.5% in H1 vs guidance of 16–19%.
- −2ROICROIC 9.9% vs 14.5% in 2021 and 12.6% in 2022; only slightly above a WACC of 6.9% after two large acquisitions.
- −5Cash-flow qualityFCF only DKK 158m (TTM) vs net profit of 420m; FCF margin 1.7% vs 11–14% in 2022–2024, and FCF after leases is negative (−45m).
- −3Capital allocationBuybacks of DKK 825m (TTM) vs FCF of 158m and the SDC purchase for 1bn; debt rose from DKK 2.5bn to 4.2bn, and cash is negative (−575m on the overdraft) vs +1.1bn a year earlier.
Price
Today's multiples against the company's own history and its peers. · 2 findings−6 of −35
- −3Multiples vs own historyForward P/E 15.0 vs 19–41 in 2021–2025 and EV/EBITDA 11.1 vs 16.8–42.7 – cheap on paper, but the trailing P/E is 33.9, and the low forward multiple requires EPS growth of about 64% in 2026.
- −3FCF yieldFCF yield 1.2% and EV/FCF 113 at an EV of DKK 17.9bn; earnings yield 3.1%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−6 of −35
- −2Public-sector dependencePublic-sector customers make up DKK 4.9bn of 6.9bn (about 72%) of organic revenue visibility; budget and tender decisions in Denmark, Greece/EU and the UK drive the order book.
- −2Integration and margin pressureQ2 was marked by restructuring costs, lower licence income and dilution from Netcompany Banking Services; management promises a stronger H2, which has not yet been delivered.
- −2AI risk for IT consultanciesThe market fears AI will hollow out hourly-billed IT development; management calls it an opportunity, but the stock is 21% below this year's peak and in a downtrend since August.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Raised guidanceOrganic growth of 17.1% in Q2; 2026 guidance raised to 6.5–10.5% organic (from 5–10%) and 16–20.5% in total (from 15–20%).
- +2Order visibility and productivityOrganic revenue visibility +10.4% to DKK 6.9bn; client-facing FTEs +9.3% vs organic growth of 17.1%, and staff turnover fell to 16.3% from 18.2%.
Caveats
What the score does not capture, or where the data is weak.
IT consultancy and systems house; does not fit the industry list precisely (placed under software). SDC/Netcompany Banking Services was acquired in 2025 and contributes about 13 pp of growth. The forward P/E rests on expected EPS growth of about 64% in 2026. stockanalysis shows insider ownership of 0.11%, but the float (39.4 of 44.6m shares) suggests larger founder ownership – no governance deduction has been made. Peers have not been fetched.
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