Multiconsult reported Q1/22 EBIT of NOK 168m, 12% above latest Factset consensus of NOK 150m and 24% above our estimated NOK 136m, corresponding to an EBIT margin of 14.8% vs. 10.1% in Q1/21. The positive development Y/Y was explained by a higher billing ratio of 71.4%, up from 71.1% in Q1/21, boosted by high activity in Region Norway and Region Oslo. We reiterate our Buy recommendation with a target price of NOK 200 per share.
