The recently acquired businesses as part of DATA’s Growth Transformation Plan are delivering revenue growth (+13.5% y/y in Q3), as expected. However, the integration of these businesses into DATA’s One Platform has gone slower than expected, so the cost synergies have not yet been unlocked. As a result, FY25 EBITDA guidance and SCM forecasts have been reduced (-9%). Positively, no change to FY26 guidance or SCM forecasts, as the integration is expected to complete, just slower. As such, we reiterate our 215p TP and buy recommendation. We think this morning’s share price reaction is overdone, DATA now trades on 11x FY25 EV/EBITDA, falling to 8x in FY26, but has significant firepower for inorganic growth and margin expansion.