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Netcompany Group (NETC) Fair Value & Analysis

Technology · DK · Market cap 14.1B DKK

NG Netcompany Group NETC · CO
Pricekr 336.40
Fair Valuekr 174.72
Upside-48.1%
Quality59/100
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Healthy Growth
Thin margins · 3.3% net margin
Low debt · generates free cash flow
Trails peers (4/13)
Narrow moat 44/100
Evidence: High Range kr 120.85 – kr 254.83 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from kr 115.09 to kr 174.72 (+51.8%) since Jul 17, 2026. Share price +8.9% over the past month.

A solid business, but screening 48% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 254.83). The favourable scenario is already priced in.
  • Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (kr 120.85 to kr 254.83) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 855.50 kr 201.40 Fair Value kr 174.72 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 201.40 – kr 855.50 · fair‑value band kr 120.85 – kr 254.83 · the kr 336.40 price screens above the kr 174.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Netcompany Group (NETC) currently trades at kr 336.40, while our model-based Fair Value estimate is kr 174.72, implying the stock looks roughly 48.1% overvalued today. The Quality Score stands at 59/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Netcompany Group generated revenue of 8.6B DKK at a net margin of 3.3%. Revenue grew 38.4% year over year. It earns a return on equity of 7.9%. Net debt stands at 4.1B DKK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 120.85 (bear case) to kr 254.83 (bull case); at kr 336.40, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 17% below its 52-week high and 47% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at 0% fair-value upside, at -48%, NETC screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF kr 140.51 kr 286.18 kr 580.62 80
Residual Income kr 63.82 kr 67.51 kr 73.84 76
Rev-Margin DCF kr 167.35 kr 387.14 kr 737.47 74
All 26 models by family
DCF Models
FCF DCF kr 151.21 kr 254.48 kr 583.33 38
Owner Earnings kr 149.46 kr 376.93 kr 854.44 31
5Y Revenue Exit kr 167.35 kr 335.08 kr 678.46 39
5Y EBITDA Exit kr 303.37 kr 616.91 kr 1,218 41
5Y P/E Exit kr 108.81 kr 259.01 kr 457.68 38
10Y Revenue Exit kr 155.45 kr 399.29 kr 608.22 36
10Y EBITDA Exit kr 261.64 kr 679.13 kr 1,483 37
10Y P/E Exit kr 121.45 kr 278.84 kr 550.94 35
Earnings-Based
Graham-Dodd kr 39.13 kr 272.90 kr 382.98 54
Lynch FV kr 93.70 kr 133.85 kr 174.01 50
PEG = 1.0 kr 93.70 kr 133.85 kr 174.01 46
EPV kr 141.43 kr 169.81 kr 194.65 59
Dividend Discount
Gordon GGM kr 10.10 kr 21.00 kr 33.31 70
DDM Multi-Stage kr 10.10 kr 17.71 kr 22.04 61
Multiples
P/E Multiple kr 120.85 kr 161.13 kr 201.41 63
P/S Multiple kr 73.37 kr 97.83 kr 122.29 58
P/B Multiple kr 73.37 kr 97.83 kr 122.29 55
EV/EBIT kr 340.89 kr 464.14 kr 587.38 53
EV/EBITDA kr 355.96 kr 484.23 kr 612.50 54
EV/Revenue kr 158.07 kr 238.18 kr 318.29 43
Asset-Based
NCAV (Graham) kr 39.07 kr 52.36 kr 78.14 50
Growth DCF
Growth DCF kr 140.51 kr 286.18 kr 580.62 80
Rev-Margin DCF kr 167.35 kr 387.14 kr 737.47 74
Economic Profit
Residual Income kr 63.82 kr 67.51 kr 73.84 76
ROIC Compounder kr 187.68 kr 304.82 kr 381.05 72
Growth Earnings
Growth-Adj P/E kr 139.19 kr 198.84 kr 258.50 68

Widest divergence: DCF Models (kr 335.08) versus Dividend Discount (kr 17.71). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 8.6B DKK
Revenue growth (YoY) +38.4%
Net margin 3.3%
Return on equity 7.9%
Free cash flow 478M DKK FY2025
P/E ratio 56.4
More key figures
Operating margin 10.0%
EPS (TTM) kr 5.96
EPS growth (YoY) +21.5%
Net debt 4.1B DKK FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 57 · Market factors (momentum, volatility) 63

Profitability 36
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 63
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 81
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 57
Price trend over the last 3–12 months (market factor)
52W Momentum 71
Distance to the 52-week high (market factor)
Net Issuance 99
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Netcompany Group A/S, engages in the provision of IT solutions to private and public customers in Denmark, Norway, the United Kingdom, the Netherlands, Greece, Belgium, Luxembourg, and internationally.

Full company description

Netcompany Group A/S, engages in the provision of IT solutions to private and public customers in Denmark, Norway, the United Kingdom, the Netherlands, Greece, Belgium, Luxembourg, and internationally. The company offers various platforms, such as PULSE, a real-time data engine platform that connects and organizes information across complex ecosystems like utilities and transport; AMPLIO, a modular platform for regulated case management and process automation in complex organizations; AMI, a secure communication platform that connects governments, businesses, and citizens for unified digital correspondence; and EASLEY, an secure, model-independent AI platform that increases productivity. It offers SOLON TAX, a commercial product that modernizes revenue management and taxpayer operations for multiple tax types; ERMIS, a comprehensive customs management product; PERSEUS, a specialized product automating social security and pension administration; and DX4B, a cloud-native, modular digital banking product delivering web, mobile, and open banking services for financial institutions. In addition, the company offers Festina Advisor, an AI-powered financial planning tool pro viding detailed advice and simulations; Festina Finance Life and Pension, a cloud-native administration product for managing all policy types; and AIRHART, a modular airport management platform. The company was founded in 2000 and is headquartered in Copenhagen, Denmark.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Netcompany Group reported revenue of kr 7.9B in FY2025 versus kr 3.6B in FY2021, a compound +21.4%/yr. Reported net income was kr 257M in FY2025, compounding −18.3%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
7.9B DKK
Latest YoY
+20.7%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+22.7%
Avg. growth/yr (13Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+25.8%
Revenue +21.4%/yr
FY21 kr 3.6B
FY22 kr 5.5B
FY23 kr 6.1B
FY24 kr 6.5B
FY25 kr 7.9B
Net income −18.3%/yr
FY21 kr 576M
FY22 kr 603M
FY23 kr 304M
FY24 kr 470M
FY25 kr 257M
Character of growth · EPS growth decomposed (2014-2025) +13.3 % p.a.
Revenue per share +28.5 pp

of which total revenue +27.6 pp · buybacks/dilution +0.8 pp

EBIT margin −7.1 pp
Tax rate −1.4 pp
Residual (interest, one-offs) −6.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

NETC screens 48% overvalued. Compare with International Business Machines Corporation →

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Cite: Fair Value Calculator (2026). "Netcompany Group Fair Value". https://www.fairvalue-calculator.com/stock/NETC

Peer Group

Information Technology Services · 488 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 59 · Above median
Fair Value upside −48% · Below median
Return on equity (TTM) 8% · Below median
Return on assets 6% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 10% · Above median
Revenue growth 38% · Top 25%
Debt / equity 0.45× · Higher than 75% of peers

Valuation Multiples vs Information Technology Services median · lower = cheaper

P/E (TTM) 56.4× · Pricier than 75% of peers
P/B 4.04× · Pricier than 75% of peers
P/S (TTM) 1.65× · Pricier than median
P/FCF 4.6× · Pricier than median
EV/EBITDA 13.5× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 33
FUTURE 100 · sector 31
PAST 31 · sector 35
HEALTH 77 · sector 97
DIVIDEND 0 · sector 35

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Information Technology Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
International Business Machines Corporation IBM $235.98 $175.76 -26%
Accenture plc ACNN 2,460 MXN 300.07 MXN -88%
Tata Consultancy Services Limited TCS ₹2,350 ₹3,473 +48%
Infosys Limited INFY ₹1,176 ₹1,998 +70%
HCL Technologies Limited HCLTECH ₹1,365 ₹1,722 +26%
Wipro Limited WIPRO ₹183.94 ₹314.26 +71%
Tech Mahindra Limited TECHM ₹1,625 ₹1,521 -6%
Samsung SDS Co 018260 235,500 KRW 235,321 KRW -0%
Persistent Systems Limited PERSISTENT ₹5,474 ₹3,259 -40%
Hyundai Autoever Corporation 307950 433,000 KRW 186,323 KRW -57%

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Frequently asked questions

Is Netcompany Group (NETC) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 174.72 versus a price of kr 336.40, about −48% (overvalued).
What is the fair value of NETC?
Our model-based fair value for Netcompany Group is kr 174.72 (as of Aug 13, 2026), built from audited fundamentals. The current price is kr 336.40.
What is the quality score of NETC?
Netcompany Group has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Netcompany Group (NETC)?
Netcompany Group reported trailing-twelve-month revenue of about 8.6B DKK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of NETC?
The net profit margin of Netcompany Group is about 3.3%, meaning it keeps roughly 3.3% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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