Multiconsult (Hold, TP: NOK210.00) - Accounting-led earnings miss in Q4
Multiconsult revealed more details on it had changed how it calculates provisions, that resulted in a Q4 shortfall, but also explaining earlier Q1–Q3 beats. This combined with comments on price competition, rising costs and the risk of reduced public-sector demand mean we have cut our adj. 2025e EPS by ~6% and 2026e by ~4%. We reiterate our HOLD, but have lowered our target price to NOK210 (225).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.
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.
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