Original-Research: Datagroup SE (von Quirin Privatbank Kapitalmarktgeschäft)...

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Original-Research: Datagroup SE - from Quirin Privatbank
Kapitalmarktgeschäft

03.06.2025 / 16:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Datagroup SE

     Company Name:               Datagroup SE
     ISIN:                       DE000A0JC8S7

     Reason for the research:    Update
     Recommendation:             Hold
     from:                       03.06.2025
     Target price:               58
     Last rating change:
     Analyst:                    Sebastian Droste

Strong order uptick in Q2

On 27 May 2025, Datagroup released its Q2 financial results and confirmed
its guidance for FY 2024/2025. Revenue growth was strong and in line with
our expectation. Revenues in Q2 increased by 10.1% yoy. The increase was
supported by solid order intake in the CORBOX core business, successful
acquisition of new customers, and additional cross- and upselling contracts.
Furthermore, the company benefited from a higher share of hardware in the
service mix. However, the shift toward hardware likely diluted margins due
to its typically lower profitability. At the same time, ongoing investments
in AI, cybersecurity, and cloud services continued to support the strategic
positioning but weighed on earnings. The EBIT margin declined slightly from
8.3% to 8.1%, in line with our estimate. Cash flow from operating activities
was weaker due to higher trade receivables. Importantly, the public tender
offer by KKR remains a key development. If the 80% or 90% acceptance
thresholds are reached by 6 June 2025, the offer price will increase to EUR
56.50 or EUR 58.00 per share, respectively. Delisting will proceed after
settlement. We change our target price to EUR 58, in line with the public
offer and change our rating to Hold.


You can download the research here: http://www.more-ir.de/d/32788.pdf
For additional information visit our website:
https://research.quirinprivatbank.de/

Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/

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2149928 03.06.2025 CET/CEST

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