1. M&A
1.1. Why M&A in NNIT ?
1.1.1. Product expansion ?
1.1.2. Demographic expansion ?
1.1.3. Where in your business model do you want to improve? (Businessmodeldriven M&A)
1.1.3.1. Important for Acquisition Finance, Equity Investors and Credit Rating
1.1.3.2. NNIT: M&A Formula ?
1.1.3.2.1. Prepare for next IR Conference Call !
1.2. Size
1.2.1. Take-over capacity
1.2.1.1. Stretch Goal ?
1.2.1.1.1. DKK 1 bn takeover capacity
1.2.1.2. bolt on / Roll Up Strategy ?
1.2.1.3. Merger or reversed-takeover?
1.2.1.3.1. Life science - scale economies?
1.2.2. Acquisition finance
1.2.2.1. M&A ready?
1.3. Joint Ventures
1.4. Divestments?
2. New Corporate Strategy
2.1. More M&A !
2.1.1. Equity Story - again...
2.1.2. Fund the Journey
2.1.3. M&A Ready - How?
2.1.4. Fully committed, irrevocable Acquisition Financing 3+1+1Y
2.1.4.1. More time to M&A Dealmaking
2.1.4.2. Equity Story aligned
2.1.4.3. Credit Supportive
3. Equity Story
3.1. Total Return Analysis
3.1.1. Share price - drivers (M&A link)
3.2. Equity Market Premium
3.2.1. ESG
3.2.2. M&A - friend or foe?
4. NNIT Target/Policy
4.1. Peer group
4.1.1. Credit rating analysis
4.1.1.1. ESG observations, Revenue size,
4.1.1.2. Business Profile
4.1.1.2.1. Margins, revenue volatility, diversification
4.1.1.3. Financial Profile
4.1.1.3.1. Capital structure analysis
4.2. Capital structure (Levels)
4.2.1. No target for solvency or debt/equity ratio
4.2.1.1. low gearing NIBD/EBITDA
4.2.2. Dividends/share buy-back
4.2.2.1. 53,5% pay out continued?
4.3. ESG Targets
4.3.1. ESG improvements for NNIT
4.3.1.1. High score 'only' on Privacy and Data Security will not do the job...
4.3.1.2. Carbon Emissions
4.3.1.2.1. Disclosure
4.3.1.2.2. PPA to reduce CO2
4.3.1.3. HR Development
4.3.1.3.1. Disclosure
4.3.2. Equity Story, Credit Rating and Topline growth
4.3.2.1. Peer Group ESG-comps
4.3.2.1.1. Danaher - US company lower CO2 emission disclosure !
4.3.2.1.2. Microsoft and Google towards zero emissions or even negative
4.3.2.2. Other ESG drivers/impact CAPEX, OPEX
4.3.3. Improved conditions for M&A / Client Acquisition ?
5. Capital structure
5.1. Equity
5.1.1. Share issue?
5.1.2. Investors
5.1.2.1. Private
5.1.2.2. Institutional
5.1.2.3. Int./Danish placement
5.1.2.4. Green investor requirements
5.2. Debt
5.2.1. Capital markets
5.2.1.1. Funding menu
5.2.1.1.1. Hybrid
5.2.1.1.2. Bonds
5.2.1.1.3. Schuldschein
5.2.1.2. Syndicated debt
5.2.1.2.1. Banks
5.2.1.3. Convertible/Pref. share
5.2.2. Banking
5.2.2.1. Mortgage lending
5.2.2.1.1. Private placements
5.2.2.2. Refinancing existing club deal
5.2.2.3. M&A Bridge facility
5.2.2.3.1. Spend time on your M&A Deal - prepare your financing prior to takeover
5.2.2.4. NIB/EIB
5.2.2.4.1. Co-operation
5.2.3. non-bank lending
5.2.4. Basel IV
5.2.4.1. Implied risk for margin increase
5.2.4.2. 'something gotta give' your margin or the banks ROE
5.2.4.2.1. Nordic Banks high REA deficit
5.2.5. Investors
5.2.5.1. Private
5.2.5.2. Institutional
5.2.5.3. Int./Danish placement
5.2.5.4. Green investor requirements