DOTD’s evolution to become a Customer Experience Data Platform (‘CXDP’) is a significant development, as this has repositioned the company and opened the door for capital reinvestment and expansion into new high growth areas. And yet, this progress has largely gone under the radar, as up until FY25, growth had not yet really kickstarted. However, due to a combination of factors (including the culmination of investment in product and people and an improving end-market) we think current trading is on the up, such that double digit SaaS growth is very achievable. We don’t think the market has recognised this point or the strategic value of DOTD’s new platform business. As such, now is a perfect time to review the investment case. This note explores these points and why we continue to see considerable upside to fair value. DOTD is trading at 14x FY25 P/E (vs. 26x for the peer group) falling to 13x in FY26.
