NCC Group delivered strong results in the 4-month stub period ending September 2024. However, in the autumn the company saw sales cycles lengthen, leading us to issue FYE September 2025 Adjusted EBITDA excluding SBP and disposals that is 9% below our original FYE May 2025 estimate. We believe the shares’ relatively large 19% decline on Tuesday to be an overreaction. NCC Group continues to expand its pipeline, product offering and geographic coverage and improve pricing and resourcing, giving the ....
