Report
Simen Mortensen
EUR 476.84 For Business Accounts Only

Norconsult (Buy, TP: NOK37.00) - Focusing on Q2 billing rate

We have updated our quarterly estimates to better adjust for the Q2 2023 outlier effect, and reduced our 2024e EPS by 4.8%. However, as lower interest rates seem to have improved sentiment in real estate markets, we have marginally raised our 2025e and 2026e revenues on more FTEs. We still like the valuation and long-term growth prospects, especially the potential demand boost from the EU’s Energy Performance of Buildings Directive (EPBD), but politicians might remain hesitant to adopt this until after the 2025 elections. We reiterate our BUY, and have raised our target price to NOK37 (34).
Underlying
NORCONSULT ASA

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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