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Companies: DATAGROUP SE
Edison
DATAGROUP’s earnings recovered strongly in FY21, driven by top-line growth and margin expansion as a result of the ongoing turnaround at its BIT Düsseldorf and DG Ulm units and better utilisation. Revenue growth was generated through both significant M&A and strong organic growth. The M&A-driven business model is intact, with a well filled pipeline, and DATAGROUP’s target of an EBIT margin of more than 9% should be within reach in the medium term. Trading at 28.4x FY22e P/E on consensus estimate
IT services provider DATAGROUP has recovered from a difficult 2020, driven by a turnaround in its Financial IT Services (FIS) unit. The M&A-driven business model is in full force with the addition of Urano and dna in H121, and DATAGROUP’s 2022/23 target of an EBIT margin of 9% should be within reach. Trading at 24.1x FY22e P/E on consensus estimates, DATAGROUP is valued broadly in line with peers.
After a difficult FY20, IT services provider DATAGROUP’s earnings recovered in H121, driven by a turnaround in its Financial IT Services (FIS) unit, which took a hit in FY20. The M&A-driven business model is intact, with the addition of Urano and dna in H121, and DATAGROUP’s target of an EBIT margin of 9% should be within reach in the medium term (2022/23). Trading at 24.3x FY22e P/E on consensus estimates, DATAGROUP is valued at an 11% premium to peers.
After a difficult FY20, DATAGROUP’s earnings are set to recover significantly in FY21, mostly driven by a recovery of earnings in its Financial IT services (FIS) unit, which took a hit in FY20. We believe the M&A-driven business model is intact and an EBIT margin of 9% should be within reach in the medium term. Trading at 27.5x FY21e P/E on consensus estimates, DATAGROUP is valued at a 12% premium to peers.
DATAGROUP’s business model is relatively resilient to the COVID-19 crisis with a recurring revenue base of over 75%, mostly from its service-as-a-product contracts with German SMEs. In its reported H120 results to April 2020, the company announced organic revenue growth of 4%. COVID-19 has affected the acquisition of new projects and the integration of recently acquired companies, which prompted DATAGROUP to withdraw guidance in April. However, as mentioned during the results call, management do
DATAGROUP comfortably met its full year guidance, upgraded in May 2019. This was backed by the dynamic expansion of its core CORBOX customer portfolio, with 29 new customer wins (vs the targeted 20) and 16 existing client upsells through the year. Most notably, the company’s top line benefited from the more than €100m 10-year contract with NRW.Bank in the period. In addition, positive effects came from the consolidation of businesses acquired through FY19. Following an c 89% price appreciation i
DATAGROUP recorded strong 9M19 figures, with y-o-y revenue growth of 12.8% and EBITDA margin increasing by 27bp to 12.2% (pre-IFRS 15 and IFRS 16 impact), driven by first-time consolidation of UBL acquired in April 2019 and a solid order book. In addition, the company announced its 23rd post-IPO takeover in August of IT-Informatik, strengthening its SAP competences and customer base. Due to robust business progress to date and positive outlook for the digital industry in Germany, DATAGROUP confi
DATAGROUP recorded a strong H1, with revenue growth of 7.2% (pre IFRS 15 and 16 for comparison purposes), the bulk of which was organic, while the EBITDA margin expanded by 30bp to 12.0%. Adoption of the new accounting standards has made significant changes to the P&L. Notably, the company says that numerous large-scale orders have led to a positive order situation, particularly in the financial services sector – the order book stands at more than €200m in financial services alone. The group ann
DATAGROUP recorded another strong year of growth with revenue increasing by 22%, including 3.3% organic growth, or 6% when adjusting for discontinued activities from acquisitions. The recent acquisitions of ikb Data, HanseCom and ALMATO all performed well. During the year the group won its largest ever contract worth high double-digit million euros. This deal, with NRW Bank, was only attainable due to the ikb Data acquisition. With the shares having drifted back c 25% over the last year the rati
DATAGROUP performed in line with expectations in H1, with revenue growing by 24%, including 1.5% organic growth, or 5–6% when adjusting for discontinued activities from acquisitions. Management conservatively maintained revenue guidance, despite 50% of this already being generated in H1, with ALMATO only contributing for one month in the period. While the rating looks fairly priced at c 10x EBITDA, DATAGROUP offers an excellent track record, high recurring revenues, a clear focus on the large Ge
FY17 was a year of strong growth for DATAGROUP, with revenues rising by 28% and EBITDA surging 42%. The EBITDA margin rose by 120bp to a record 12.1%. The core cloud services continue to grow strongly, rising by 64% and recurring sales represented 70% of total revenue (which translated to 88% of gross profit), up from 66% in FY16. In August 2017, DATAGROUP acquired ikb Data to extend the group’s offering into the financial services sector and in January 2018 it announced the acquisition of Almat
DATAGROUP has established an interesting niche providing Mittelstand companies with a modular suite of technology solutions. The group’s CORBOX “cloud-enabling platform” is highly scalable, benefiting from a centralised approach and employing long-term, fixed-price contracts, which ensure stable recurring revenues (66% of FY16 revenues, which related to 85% of gross profit). This gives DATAGROUP a significant advantage over smaller domestic players, while large international IT services competit
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Eleco’s FY23 results show robust organic recurring revenue growth of +17% with recurring revenue +22% to £20.7m, adj EBITDA +2% ahead of the January update, and a confident outlook with Q1 ARR already at £24.5m vs £22.6m at FY23. At this point, the excellent start to FY24 leads us to reiterate our FY24-26E revenue, adj EBITDA, EFCF, and DPS, and we include the April 2024 acquisition of Vertical Digital in our FY24-26E net cash, as we explain below. As Eleco builds upon the successful acquisition
Companies: Eleco Plc
Cavendish
Made Tech has won a material expansion (worth up to £19.5m/2yrs) with a long-standing customer, The Department for Levelling Up, Housing and Communities (“DLUHC”). Coming off the back of a soft H1 bookings performance, we expect this win to materially boost investor sentiment and reassure how notwithstanding a tough backdrop (given an impending general election) MTEC continues to outcompete legacy providers and in-so-doing, grow its share of wallet with large/strategic customers. Landing near FY
Companies: Made Tech Group PLC
Singer Capital Markets
Companies: Cerillion Plc
Liberum
Cerillion has announced a very solid update, as H1 sales and EBITDA are both up 10% y/y to £22.5m and £10.9m respectively, notwithstanding the exceptionally strong base period (sales and EBITDA +27% and +38% resp.). Results therefore point to continued strong customer demand, reflecting how Cerillion’s out-of-the-box product continues to resonate and gain adoption, particularly in a ‘budget conscious’ environment, by offering faster time to market, greater configurability and at a lower cost. Me
As reported in March, underlying EBITDA profitability improved to record levels despite FX headwinds. Further platform and proposition developments were completed, key steps on its digital roadmap, and it has already won 7 contracts YTD. Alongside planned growth in private membership, this will at least offset the loss of one contract. Forecasts are left unchanged today and, as member engagement throttles back up, FX headwinds ease, and proof points of digital efficiency emerge, markets should b
Companies: Ten Lifestyle Group PLC
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has announced an additional professional services contract with its long-standing client, The Entertainer. Following a year-long trial, The Entertainer is opening in over 800 Tesco stores across the UK & Ireland, alongside a supplier agreement for Tesco stores across Central Europe. Under the contract, The Entertainer will extend its use of itim's Unify
Companies: Itim Group PLC
WHIreland
GE Healthcare has announced the launch of the Voluson Signature 20 and 18 ultrasound systems, with the related press release noting these systems ‘comprehensively integrate artificial intelligence’ to improve the ultrasound procedure for clinicians and the women being scanned. These ultrasound systems include SonoLyst, the AI which incorporates Intelligent Ultrasound’s ScanNav Assist and ScanNav AutoCapture AI software. The launch of additional Voluson systems including the SonoLyst suite of AI
Companies: Intelligent Ultrasound Group Plc
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H
Companies: Alphawave IP Group PLC
Capital Access Group
Companies: FOG PEB KBT EMR TIME GETB JNEO
Devolver Digital encouragingly delivered 2023 results slightly ahead of expectations and provided a steady medium-term outlook that leads us to reiterate our 2024 Adjusted EBITDA estimates. Longer term, the company is now planning to further develop its two major planned titles, Human Fall Flat 2 and System Era's next major new release. We now expect those major titles to be released in 2026 rather than 2025, meaning we lower our 2025 Adjusted EBITDA forecast to $10.6m from $17.6m but introduce
Companies: Devolver Digital, Inc.
Zeus Capital
This report is intended to help UK small- and mid-cap investors gain a better understanding of software companies’ routes to market, and to highlight how one of the most important facets of the way in which they grow and deliver value is routinely ignored. We examine sales processes for six UK-listed companies and one that has recently been taken over, and consider why they have followed their respective paths.
Companies: Idox plc
Progressive Equity Research
Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024
Companies: CPX SLP FA/ FIPP ECR ETP ORCA
Companies: IGP RUA BOOM
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