Yesterday’s trading update provided the first that the latest deals could add £42m of revenue in FY25. We upgrade our forecasts to reflect this, whilst also introducing FY26 numbers. During this period, we expect net cash to grow to £216m, which if added to the undrawn £340m debt facility means DATA could have c. £570m to deploy on further acquisitions. At the 2x EV/sales multiple paid across the four 2H24 acquisitions this is more than enough to hit the 2026 target of £500m revenue. DATA trades on an undemanding 19x FY25 P/E.
