olivLaw · European equity research
Netcompany Group A/S NETC.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060952919 · Vertical: Listed companies from Denmark
Netcompany is a Danish IT services and digital solutions provider serving public and private sector clients, with a focus on platforms and agentic artificial intelligence. Reported revenue in the first half of 2026 rose sharply, mainly due to the Netcompany Banking Services integration, while organic growth of about 15 percent points to a solid core demand. The company raised its 2026 revenue growth guidance to 16 to 20.5 percent in constant currencies.
At the close of 05 Nov 2026, Netcompany Group A/S (NETC.CO) stock was 358.80 DKK (−0.55% on the day), with market capitalisation 16.8 bn DKK, P/E 66.2 on diluted EPS of 5.42 DKK over the last 12 months, beta 0.39, 52-week range 289.60–403.40 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.6
- neutral
- Bollinger (20, 2)
- 335.95 – 401.37
- in the lower half of the band · %B 0.35 · band width 17.7%
- SMA 50 / 200
- 338.70 / 334.23
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 7.12 / 11.42
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.7% | +0.4% | +8.3 pp | — |
| 3 months | +10.4% | −3.3% | +13.7 pp | — |
| 6 months | +0.7% | +4.0% | −3.2 pp | — |
| Year to date | +0.2% | +8.1% | −7.9 pp | — |
| 1 year | +12.8% | +10.7% | +2.1 pp | −7.7% |
| 3 years | +75.2% | +50.1% | +25.1 pp | −0.6% |
| 5 years | −51.7% | +43.6% | −95.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 66.1, median 66.1, max 66.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 7.9 bn |
| Revenue YoY | unavailable |
| Net income | 256.9 m |
| Net income YoY | unavailable |
| Diluted EPS | 5.42 |
| Diluted EPS YoY | unavailable |
| net % | 3.3% |
| Free cash flow | 477.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 287.5 m DKK
- Financial debt
- 2.6 bn DKK
- Net debt
- 2.3 bn DKK
- Equity
- 3.5 bn DKK
- Total assets
- 9.9 bn DKK
- Debt / equity
- 0.75x
- Current ratio
- 0.99x
- ROE
- unavailable
- ROA
- 2.6%
- FCF margin
- 6.1%
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 7.9 bn | esef· 27 May 2026verified |
| Cost of revenue | 5.7 bn | esef· 27 May 2026verified |
| Gross profit | 2.2 bn | esef· 27 May 2026verified |
| Operating income | 561.8 m | esef· 27 May 2026verified |
| Interest expense | 188.8 m | esef· 27 May 2026verified |
| Pre-tax income | 375.7 m | esef· 27 May 2026verified |
| Income tax | 118.7 m | esef· 27 May 2026verified |
| Net income | 256.9 m | esef· 27 May 2026verified |
| Diluted EPS | 5.42 | esef· 27 May 2026verified |
Balance sheet · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 287.5 m | esef· 27 May 2026verified |
| Receivables | 3.5 bn | esef· 27 May 2026verified |
| Current assets | 3.8 bn | esef· 27 May 2026verified |
| Goodwill | 3.9 bn | esef· 27 May 2026verified |
| Intangibles (excl. goodwill) | 807.9 m | esef· 02 Sept 2026verified |
| Total assets | 9.9 bn | esef· 27 May 2026verified |
| Short-term debt | 1.0 bn | esef· 27 May 2026verified |
| Long-term debt | 1.6 bn | esef· 27 May 2026verified |
| Current liabilities | 3.8 bn | esef· 27 May 2026verified |
| Total liabilities | 6.4 bn | esef· 27 May 2026verified |
| Equity | 3.5 bn | esef· 27 May 2026verified |
| Shares outstanding at year end | 46.9 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | 582.9 m | esef· 27 May 2026verified |
| Capex | 105.3 m | esef· 27 May 2026verified |
| Free cash flow | 477.6 m ≈ | esef· 27 May 2026derived |
| Investing cash flow | -914.9 m | esef· 27 May 2026verified |
| Financing cash flow | 372.9 m | esef· 27 May 2026verified |
| Share repurchases | 449.2 m | esef· 27 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 16.8 bn DKK
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.5% | 61 (vs peers) | 18% |
| Net margin · Quality | 3.3% | 53 (vs peers) | 11% |
| FCF conversion · Quality | 185.9% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.0x | 23 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.1x | 25 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 66.2x | 9 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.8% | 35 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 2.7% | 38 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet24/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality69/100 · 3/3 factors with a value
- Returns· partial38/100 · 1/2 factors with a value
- Valuation21/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Netcompany Group A/S (NETC.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 7.9 bn DKK in 2025; net margin 3.3%; ROE 7.2%.
The estimated value range is 49.94–79.64 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 70.88 DKK, the price of 358.80 DKK leaves a potential of -80.2% (value / price − 1) and a margin of safety of -406.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 185.9%
What contradicts it
- Interest coverage: 3.0x
- Current ratio: 1.1x
- P/E (TTM): 66.2x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for NETC.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Netcompany is a Danish IT services and digital solutions provider serving public and private sector clients, with a focus on platforms and agentic artificial intelligence. Reported revenue in the first half of 2026 rose sharply, mainly due to the Netcompany Banking Services integration, while organic growth of about 15 percent points to a solid core demand. The company raised its 2026 revenue growth guidance to 16 to 20.5 percent in constant currencies.
SWOT
Strengths
- Strong organic growth and presence in several European markets, with fast-growing segments such as the United Kingdom.
- A diversified portfolio across public and private sectors, with proprietary platforms and experience in complex systems.
- Raised revenue guidance, which signals confidence in backlog demand.
Weaknesses
- Margins declined in the first half, partly due to lower licence revenue and technology investments.
- The banking segment has an adjusted EBITDA margin below the group average, and integration is still ongoing.
- Free cash flow was negative in the first half due to working capital and investments.
Opportunities
- Adoption of agentic artificial intelligence could reduce costs and improve project delivery efficiency.
- The British and EU institutions markets could provide new long-term contracts.
- Synergies from the Banking Services integration could improve segment margins over time.
Threats
- Competition from global providers and SaaS platforms could pressure pricing.
- Changes in public sector budgets and procurement could slow new projects.
- Currency fluctuations and integration risk could affect reported results.
Risks
- Restructuring and personnel costsmedium
The redundancy provision shows that reorganisation could cost more than expected and affect short-term results.
- Banking Services integrationmedium
The banking segment margin is below average, and synergies depend on execution.
- Cash flowhigh
Negative free cash flow in the first half could limit financial flexibility if it persists.
- Dependence on the public sectormedium
Public contracts can be delayed or reduced, which could affect revenue in Denmark and Norway.
- Artificial intelligence investmenthigh
Development costs could rise faster than revenue if adoption does not deliver the expected returns.
Investment thesis
What would need to be true (bull case)
- If organic growth holds and the Banking Services integration delivers planned synergies, margins could return toward the group target.
- Rapid growth in the United Kingdom and raised guidance suggest that backlog demand is solid.
- Adoption of artificial intelligence could reduce operating costs and support expansion into new markets.
What would break the thesis
- If margins remain under pressure from investments and lower licence revenue, profitability could be weaker than expected.
- Negative cash flow and restructuring costs could limit investment capacity.
- Competition and slower public sector projects could reduce growth in the coming years.
What to watch
- Results for the first nine months, including the adjusted margin trend29 October 2026
- Development of free cash flow after the second quarterQ3 2026
- Effects of restructuring and the redundancy provision2027
- Progress of the Netcompany Banking Services integration and synergies2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Netcompany delivers consulting, systems development and software products to public and private sector clients in Denmark, South East Europe and EU Institutions, the United Kingdom, Norway and the Netherlands. According to the report, reported revenue in the first six months of 2026 reached DKK 4,871.6m 1, and average FTEs were 9,870 1. The group targets an adjusted EBITDA margin above 20 percent by 2029 1.
Core activity is organised in geographic segments, and Netcompany Banking Services, formed from the SDC A/S merger, adds revenue and integration complexity. The company describes its investments in agentic artificial intelligence as affecting both margins and organisational restructuring 1. For 2026 management kept the adjusted EBITDA margin target at about 16 to 19 percent 1.
The shareholder structure and capital are relatively simple: the company is listed on Nasdaq Copenhagen with a share capital of DKK 46m divided into shares of nominal value DKK 1 1. Voting rights are not restricted 1.
Market context
The European IT services market is driven by digitalisation demand in the public sector and modernisation of banking systems. The company describes the United Kingdom as the largest IT services market in Europe 1, and growth in that segment indicates ongoing penetration. Netcompany positions itself in both Nordic and Central and South-Eastern European markets.
The shift toward agentic artificial intelligence is the main transformation factor the company cites, and it sees both efficiency opportunities and pressure on its cost structure. The public sector remains an important revenue source, although Denmark recorded a decline in that segment in the second quarter 1.
Trends
- Adoption of agentic artificial intelligencemixed
The company states that full adoption of agentic artificial intelligence across all entities has enabled organisational restructuring. The net effect could become visible from the second half of 2027 1.
- Public sector demandmixed
Public sector revenue growth was supported in several segments, but Denmark saw a decline in the second quarter of 2026 1. Demand remains important for revenue stability.
- Growth in the United Kingdomtailwind
Rapid revenue growth in the United Kingdom reflects penetration of a market the company describes as the largest IT services market in Europe 1. If this trend holds, it could support group growth.
- Margin pressureheadwind
Lower licence revenue and investments in artificial intelligence reduced gross margin and adjusted EBITDA in the first half of 2026 1. This pressure could persist if investments continue.
Competitive position
Netcompany operates in a fragmented market of IT consulting and systems integration, with regional and global competitors. The annual report does not explicitly name competitors, so this information is limited to the sources provided. The company's positioning depends on its ability to combine sector expertise with its own platforms.
The company's competitive advantage appears to rest on its own solutions and its public sector client relationships, but competitive pressure could rise if margins are affected by artificial intelligence investments. Differentiation through specialised platforms remains essential for sustaining revenue.
- Regional IT service providers
Local firms in Denmark and Northern Europe competing for public sector projects.
- Banking systems integrators
Providers competing in the banking segment, where Netcompany Banking Services has a lower margin.
- Global digital transformation consultancies
International firms that can offer similar services on large projects.
- SaaS platform providers for the public sector
Firms offering software products that could replace custom services.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202627 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Netcompany Group A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.