reports
- ABGSC IT Research
- Mikkel Kousgaard Rasmussen
Netcompany - Launch of share buyback programme
Netcompany - Launch of share buyback programme Company announcement No. 19/2024 3 May 2024 Launch of share buyback programmeToday, Netcompany Group A/S (“Netcompany”) announces that the Board of Directors has decided to initiate a share buyback programme of up to DKK 250m for the purpose of meeting the future commitments under its LTIP programmes (RSU). The share buyback programme is launched with reference to the authorisation to acquire treasury shares granted by the general meeting on 2 March 2023. The authorisation is valid unti...
Netcompany – Interim report for the three months ended 31 March 2024
Netcompany – Interim report for the three months ended 31 March 2024 Company announcement No. 18/2024 3 May 2024 Results in line with expectations and underlying margin improvements Summary In Q1 2024, Netcompany grew revenue by 3.8% (constant 3.6%) to DKK 1,598.1m.Adjusted EBITDA increased by 2.1% (constant 3.4%) to DKK 247.1m in Q1 2024. Adjusted EBITDA margin was 15.5% in Q1 2024 (constant 15.7%) compared to 15.7% in Q1 2023.Average number of full-time employees increased by 295 FTEs from 7,513 in Q1 2023 to 7,808 in Q1 2024....
- Niclas Gehin
Tomra (Sell, TP: NOK95.00) - Headwinds for Recycling
Recycling reported disappointing Q1 adj. EBITA of NOK7m on lower revenues, which also hurt margins. Given the solid order intake – a bright spot in the report – we have only reduced our 2025–2026e EPS by 3–4%. We struggle to justify the 2024e P/E of 39x (similar to the ‘Magnificent 7’, with ~20% average annual growth rates) coupled with 2024e revenue growth of only ~3–4% and risk to 2025–2026e growth from potential delays in Poland and the UK’s DRS implementations. We reiterate our SELL and NOK9...
- Niclas Gehin
Tomra (Sell, TP: NOK95.00) - Pricing does not reflect its growth
We expect Tomra to report a Q1 EBITA of NOK311m (results due at 7:00 CET on 26 April). We have reduced our 2024 EPS estimate by 3% on cuts in the Food segment while we have raised our 2026 by 6% from upwards revisions in the Recycling segment. We have raised our target price to NOK95 (75) while we reiterate our SELL as we struggle to justify its 2024e P/E of 33x (similar to that of the ‘Magnificent 7’ with ~20% annual growth rates) when seen in combination with Tomra’s 2024 revenues growth expec...
Netcompany - Final transactions in connection with share buyback progr...
Netcompany - Final transactions in connection with share buyback programme Company announcement No. 17/2024 19 April 2024 Final transactions in connection with share buyback programmeOn 25 January 2024, Netcompany Group A/S (“Netcompany”) announced that a share buyback programme of up to DKK 150m and a maximum of 1,300,000 shares had been initiated with the purpose of initiating the redistribution of DKK 2bn to shareholders in line with the midterm 2026 targets. The share buyback programme is executed in accordance with EU Marke...
- Niclas Gehin
Elkem (Hold, TP: NOK20.00) - Muddling through
Q1 EBITDA was largely in line with our forecast and consensus, while EPS took a hit from derivative losses. We have reduced our 2025–2026e EPS by 6% and our target price to NOK20 (22). Although the balance sheet looks fragile at a NIBD/EBITDA of 3.5x and ICR of 4.2x, we believe higher silicon prices should pull it into healthier territories from Q2. However, we have cut our 2024–2025e DPS to zero. We reiterate our HOLD as we expect the silicones market to continue to struggle with overcapacity, ...
Netcompany - Transactions in connection with share buyback programme
Netcompany - Transactions in connection with share buyback programme Company announcement No. 16/2024 16 April 2024 On 25 January 2024, Netcompany Group A/S (“Netcompany”) announced that a share buyback programme of up to DKK 150m and a maximum of 1,300,000 shares had been initiated with the purpose of initiating the redistribution of DKK 2bn to shareholders in line with the midterm 2026 targets. The share buyback programme is executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and the provis...
- Niclas Gehin
Elkem (Hold, TP: NOK22.00) - Oversupplied markets set to persist
We expect Q1 EBITDA of NOK734m (results due 07:00 CET on 18 April), driven by sluggish silicones prices and muted silicon markets. We have increased our 2025–2026e EPS by 5–6% to reflect an uplift in European silicon prices, and raised our target price to NOK22 (20). We reiterate our HOLD, as we continue to fear Silicones will be oversupplied for many more years, silicon prices should stay at current levels, given where energy prices are, while carbon prices should come down somewhat on lower me...
Netcompany - Transactions in connection with share buyback programme
Netcompany - Transactions in connection with share buyback programme Company announcement No. 15/2024 9 April 2024 On 25 January 2024, Netcompany Group A/S (“Netcompany”) announced that a share buyback programme of up to DKK 150m and a maximum of 1,300,000 shares had been initiated with the purpose of initiating the redistribution of DKK 2bn to shareholders in line with the midterm 2026 targets. The share buyback programme is executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and the provisi...
Netcompany - Transactions in connection with share buyback programme
Netcompany - Transactions in connection with share buyback programme Company announcement No. 14/2024 2 April 2024 On 25 January 2024, Netcompany Group A/S (“Netcompany”) announced that a share buyback programme of up to DKK 150m and a maximum of 1,300,000 shares had been initiated with the purpose of initiating the redistribution of DKK 2bn to shareholders in line with the midterm 2026 targets. The share buyback programme is executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and the provisi...
Netcompany - Transactions in connection with share buyback programme
Netcompany - Transactions in connection with share buyback programme Company announcement No. 13/2024 21 March 2024 Transactions in connection with share buyback programmeOn 25 January 2024, Netcompany Group A/S (“Netcompany”) announced that a share buyback programme of up to DKK 150m and a maximum of 1,300,000 shares had been initiated with the purpose of initiating the redistribution of DKK 2bn to shareholders in line with the midterm 2026 targets. The share buyback programme is executed in accordance with EU Market Abuse Regulation, EU ...
Netcompany - Transactions in connection with share buyback programme
Netcompany - Transactions in connection with share buyback programme Company announcement No. 12/2024 14 March 2024 On 25 January 2024, Netcompany Group A/S (“Netcompany”) announced that a share buyback programme of up to DKK 150m and a maximum of 1,300,000 shares had been initiated with the purpose of initiating the redistribution of DKK 2bn to shareholders in line with the midterm 2026 targets. The share buyback programme is executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and the provis...
Netcompany - Transactions in connection with share buyback programme
Netcompany - Transactions in connection with share buyback programme Company announcement No. 11/2024 7 March 2024 On 25 January 2024, Netcompany Group A/S (“Netcompany”) announced that a share buyback programme of up to DKK 150m and a maximum of 1,300,000 shares had been initiated with the purpose of initiating the redistribution of DKK 2bn to shareholders in line with the midterm 2026 targets. The share buyback programme is executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and the provisio...
Netcompany - Decisions of Annual General Meeting 2024
Netcompany - Decisions of Annual General Meeting 2024 Company announcement No. 10/2024 29 February 2024 Today, at 15:00 CET, Netcompany Group A/S (“Netcompany”) held its Annual General Meeting completely electronically. At the Annual General Meeting, the following was approved: The Annual Report for 2023;Proposal for distribution of profit in accordance with the adopted annual report including that net profit be allocated to retained earnings and that no dividend payment for the financial year ended 31 December 2023 be distribute...
Netcompany - Transactions in connection with share buyback programme
Netcompany - Transactions in connection with share buyback programme Company announcement No. 09/2024 29 February 2024 On 25 January 2024, Netcompany Group A/S (“Netcompany”) announced that a share buyback programme of up to DKK 150m and a maximum of 1,300,000 shares had been initiated with the purpose of initiating the redistribution of DKK 2bn to shareholders in line with the midterm 2026 targets. The share buyback programme is executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and t...
Response to media reports about data theft
Response to media reports about data theft Over the past days Danish media have reported stories about a theft of source code involving Netcompany Denmark. We can confirm one single incident involving a simple theft of Netcompany Denmark source code and user manuals. We can refute that the incident is a ransomware attack. The data theft has not affected Netcompany or our customer’s operations and services. We know how the theft has occurred, the extent of the theft, and that the theft resides around source code and user manuals for Netcompany tools. Since the simple theft was...
Netcompany - Transactions in connection with share buyback programme
Netcompany - Transactions in connection with share buyback programme Company announcement No. 08/2024 22 February 2024 On 25 January 2024, Netcompany Group A/S (“Netcompany”) announced that a share buyback programme of up to DKK 150m and a maximum of 1,300,000 shares had been initiated with the purpose of initiating the redistribution of DKK 2bn to shareholders in line with the midterm 2026 targets. The share buyback programme is executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and the prov...
- Niclas Gehin
Tomra (Sell, TP: NOK75.00) - Good news was a reverse from Q3
After Tomra’s share price sold off by 23% on the Q3 results, it was up by 31% on the strong Q4 report. Post-Q3 consensus was negative revenue growth YOY for all segments. We expect consensus 2024–2025e EPS to come up c10%+, and have raised our 2024–2025e EPS by 4%, based on the guidance. We still find a P/E 2024e of 28x demanding when 2024e revenue growth is a modest 3% YOY, and we believe the longer-term growth prospects are also uncertain given DRS roll-out delays and uncertainties. We reitera...
Netcompany - Transactions in connection with share buyback programme
Netcompany - Transactions in connection with share buyback programme Company announcement No. 07/2024 15 February 2024 On 25 January 2024, Netcompany Group A/S (“Netcompany”) announced that a share buyback programme of up to DKK 150m and a maximum of 1,300,000 shares had been initiated with the purpose of initiating the redistribution of DKK 2bn to shareholders in line with the midterm 2026 targets. The share buyback programme is executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and the prov...
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