Norconsult (Buy, TP: NOK31.50) - Billing ratio in focus
With Easter in Q1, the billable working days in the quarter were 60 versus 65 last year. Thus, we expect a YOY drop in adj. EBIT of c55%. Our Q1 focus point is the billing ratio, with new hires in Sweden ramping up and Building demand in regional Norway levelling out as the main moving parts. For 2026, consensus EBIT seems too bullish, given few 2026e working days. However, the long-term story remains intact in our view, despite this potential consensus downside. We reiterate our BUY and NOK31.5 target price.
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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