Netcompany hits bottom of STOXX as guidance disappoints
25/01/2023 08:22
** Shares in Netcompany NETCG.CO plummet 20% after outlook
given by the Danish IT services provider missed analysts
expectations
** For 2023, Netcompany guides for a revenue growth in
constant currencies of 8-12%, adjusted EBITDA margin of 15-18%
** "Significant disappointment on 2023 EBITDA guidance,"
Jyske Bank says, adding that profitability will be difficult to
meet market expectations
** Nordnet analyst Per Hansen says Netcompany reached its
expectations for 2022, but points out that 2023 guidance is
"cautious and probably a little disappointing"
** Netcompany posted revenue growth of 52.7% in 2022 vs 50%
-52% range guided in November
** The company says it won't conduct buybacks in 2023 nor
pay out dividends to maintain a satisfactory debt level ratio
** The stock, on track for its worst day ever, is the bottom
performer on pan-European STOXX 600 .STOXX index
(Reporting by Marta Frackowiak)
((marta.frackowiak@thomsonreuters.com))