Q4e: Improving market outlook

Down to HOLD after strong share performance

Multiconsult (Hold, TP: NOK225.00) - Time for a breather

Our Q4e EBITA and EPS are broadly in line with consensus, as we cut our Q4e billing ratio on Christmas 2025 calendar effects. We estimate a potential DPS of NOK9, up 12% YOY (in line with consensus). We see upside potential to EPS if the Nordic building markets recover faster than expected and from M&A-driven growth. However, given the share price performance over the past 12 months, we find the valuation fair and have downgraded to HOLD (BUY). We have raised our target price to NOK225 (220) on ...

Strong utilisation to continue in '25e

Multiconsult (Buy, TP: NOK220.00) - Targeting international growth

The Q3 billing ratio beat our estimate and consensus, and the company stated that several of its large projects should reach peak production next year, prompting us to raise our 2025e billing ratio and EPS. At the CMD, Multiconsult indicated its ambition is to become a leading Nordic name and to strengthen its international market positions; we believe M&A could drive growth in the Nordics and Poland. We reiterate our BUY and have raised our target price to NOK220 (200).

Large beat driven by record-high utilisation

Multiconsult (Buy, TP: NOK200.00) - 2024e EPS raised

We have raised our Q3e and 2024e EPS on our increased our billing ratio forecast and updated estimates to reflect the recently announced client settlement (NOK32m). Given Q3s are low season for the company, we expect focus to be on the CMD and expect an updated strategy, but limited changes to financial targets. The CMD due with the Q3 results on Nov 6th. We reiterate our BUY and have raised our target price to NOK200 (195).

Special calendar mix to hurt Q3 figures

Engineering excellence

Multiconsult (Buy, TP: NOK195.00) - One-offs boost and underlying beat

Q2 EPS came in above our forecast and consensus, with an underlying beat and boosts from one-off gains. In light of the report, we have raised our 2024–2026e billing ratio estimates, our 2024e adj. EPS by c20% and our 2025–2026e EPS by c4–5%. Multiconsult is due to host a CMD with the Q3 results: we expect a reiterated strategy, but with new-growth focus on EPBD and defence/military projects. We reiterate our BUY, and have raised our target price to NOK195 (175).

EBITA 15% above expectations

Multiconsult (Buy, TP: NOK175.00) - Performance holding up

As Q2s are usually seasonally stronger for Multiconsult’s billing ratio than Q1s, we have raised our estimate to 73.9% (Q1: 73.5%). Our Q2e EBIT is 12% above Bloomberg consensus, and we have factored in the two announced bolt-ons during the quarter. We have raised our 2024–2026e EPS by c3–8%, and reiterate our BUY with a raised target price of NOK175 (165).

Likely all-time high utilisation in Q2

Q2e: EBITA of NOK 161m vs. consensus at NOK 154m. Could add +20% to EBIT through M&A. Trading at a 15-20% discount to Nordic peers.

Multiconsult ASA: 1 director

A director at Multiconsult ASA bought 1,800 shares at 149.500NOK and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...

Multiconsult (Buy, TP: NOK165.00) - Above consensus, in line with DNBe

Q1 EBITA was 11% above company-compiled consensus and in line with our estimate. Organic growth was 9.8% and the order backlog increased 9% YOY, outperforming our estimate by 5%. The billing ratio was better than we expected, but the rate was the below our forecast. We have made minor forecast changes following the Q1 results, mainly on updated KPIs. We reiterate our BUY and have raised our target price to NOK165 (160).

Running faster than ever

Q1: EBITA of NOK 137m vs. consensus NOK 123m. Could add +20% to EBIT through M&A. Trading at 15-20% discount to Nordic peers. BUY.

EBITA 11% above - billing ratio at ATH

Multiconsult (Buy, TP: NOK160.00) - On course for Q1e consensus beat

While Easter falling in Q1 is set to lead to a YOY EBIT drop on fewer working days, we expect a consensus beat, assuming a continuation of Q4’s high billing ratio. With property markets still weak, the recent EPBD revision is likely to represent a long-term boost for the company. We reiterate our BUY and NOK160 target price.

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).

Multiconsult (Buy, TP: NOK155.00) - Bolting on

Since the Q3 results and our last update, Multiconsult has announced four minor bolt-on M&A deals. While all small, in sum they add c1.1% to the FTEs at end-Q3, and with higher estimates on key KPIs, we have raised our 2024–2025e revenues by c1%. We are in line with the thin Bloomberg consensus ahead of the results, due at c07:00 CET on 6 February. We continue to find the growth and valuation attractive, and reiterate our BUY and NOK155 target price based on minor estimate revisions and an updat...