GlobalData’s H1 trading update showed encouraging order book growth (+3% y/y) reflecting a clear focus on its largest customers and improving momentum through Q2. However, short-term order delays linked to US uncertainty and USD depreciation have weighed on reported revenue. We have reduced our EPS estimates by c. 12% and our TP from 250p to 215p to reflect these dynamics, but expect recent acquisitions to provide additional impetus and see significant share price upside potential following a period of weakness. BUY.
