DATA held a CMD yesterday, while there was no update on current trading, the group reaffirmed that it's targeting double digit growth and >40% EBITDA margins in the medium term. The presentation centred on the value of DATA’s proprietary data and the customer productivity savings made possible through the new AI tools. Following its recent SP fall (-45% YTD) DATA trades on c.8.5x FY26 EV/EBITDA (after accounting for the 40% Inflexion ownership of the Healthcare division). We think this presents an attractive entry point, particularly given the strength of DATA's proprietary data, that the LLMs do not have real-time access to.
