We expect NRC Group to report Q4/19 EBITDA of NOK 123m, 5% below the latest Factset consensus of NOK 117m. Our estimate corresponds to an EBITDA margin of 7.8%, supported by double-digit margins in Norway and Finland. We also expect the company to report a NOK 90m gain related to the sale of VR Design to Sweco in the quarter. Following soft implied Q4/19 guidance in the Q3/19 report, we expect comments about outlook for 2020 to be key.
