Multiconsult (Hold, TP: NOK190.00) - Q1 ‘bridge day’ risk

While Q1 officially had 63 working days, we expect revenue output to reflect c61 days given the two widely taken ‘bridge days’ at the start of January. We thus see some consensus EPS risk ahead of the Q1 results (due at 07:00 CET on 13 May). Given our below consensus forecasts and a lower peer-based valuation, we reiterate our HOLD but have cut our target price to NOK190 (210).

Multiconsult ASA: 1 director

A director at Multiconsult ASA bought 13,973 shares at 184.565NOK and the significance rating of the trade was 69/100. 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 cle...

Good performance, bad estimates

Multiconsult (Hold, TP: NOK210.00) - Accounting-led earnings miss in Q...

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).

EBITA -35% vs cons

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 (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.