We maintain our Hold rating, as we do not expect a re-pricing of Webstep until it proves execution on recruitment and we get more clarity on Covid-19 effects. Despite a stabilized churn with an increase in Q2 in the number of employees (end of period), the Q1 results were softer than expected. This was driven by Norway (Oslo) and also an estimated negative COVID-19 impact of NOK ~3m.
01 Jun 2020
Q1: Continues to lag peers on growth for now
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Q1: Continues to lag peers on growth for now
We maintain our Hold rating, as we do not expect a re-pricing of Webstep until it proves execution on recruitment and we get more clarity on Covid-19 effects. Despite a stabilized churn with an increase in Q2 in the number of employees (end of period), the Q1 results were softer than expected. This was driven by Norway (Oslo) and also an estimated negative COVID-19 impact of NOK ~3m.