Report
Simen Mortensen
EUR 464.97 For Business Accounts Only

Multiconsult (Buy, TP: NOK160.00) - Operationally leveraged Q4 beat

With a Q4 billing ratio of 71.8%, its highest ever in a Q4, Multiconsult beat our forecast and consensus. In addition, FTEs rose by more than we expected. EPS was far above our forecast, due to a financial one-off. We have increased our 2024–2026e revenues’ and EPS on the solid KPIs (FTEs and billing ratio). We reiterate our BUY and have raised our target price to NOK160 (155).
Underlying
Multiconsult AS

Multiconsult ASA is a Norway-based company active in the planning and consulting business. It offers multidisciplinary consultancy, design, planning, project supervision, management, and verification and control, dedicated to various industry sectors. The Company operates in six business areas: Building and Property, offering advice, planning and building management; Industry, comprising consultancy and project design services; Oil and Gas, providing services for the whole value chain, from phase studies to construction follow up; Transport and Infrastructure, including assessment, planning, design and consulting; Energy, including consulting, project design and project management; and Environment and natural resources, offering environmental consultancy, surveying and reporting. Multiconsult ASA operates as a parent of the Multiconsult Group, comprising around 100 subsidiaries in such countries as Poland, the United Kingdom, Singapore and Russia.

Provider
DnB Markets
DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

 

Analysts
Simen Mortensen

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