DATAGROUP - EBITDA margins lift to 10.6% as acquisitions drive growth
DATAGROUP performed in line with expectations in H1, with revenue growing by 24%, including 1.5% organic growth, or 5–6% when adjusting for discontinued activities from acquisitions. Management conservatively maintained revenue guidance, despite 50% of this already being generated in H1, with ALMATO only contributing for one month in the period. While the rating looks fairly priced at c 10x EBITDA, DATAGROUP offers an excellent track record, high recurring revenues, a clear focus on the large German Mittelstand sector and an increasing number of key differentiators following the acquisitions of ikb Data and ALMATO.Datagroup SE is Germany-based information technology (IT) service provider. Its service and product portfolio includes IT Consultation, which includes IT landscape transformation and IT landscape consulting; System Integration, such as mobile solutions, software development and interactive voice response language portals; Systems, Applications and Product (SAP) solutions, including SAP application lifecycle management, SAP business solutions, SAP Hana and SAP landscape transformation, as well as training and workshops. The Company offers CORBOX, a modul-based solution for IT outsourcing, including data center services, network services, end user services, application management services, SAP services, printing services, communication and collaboration services, big data services, service desk, security services, monitoring services, robotic process automation and continuity services.
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