DATAGROUP - Order book boosted by numerous large orders
DATAGROUP recorded a strong H1, with revenue growth of 7.2% (pre IFRS 15 and 16 for comparison purposes), the bulk of which was organic, while the EBITDA margin expanded by 30bp to 12.0%. Adoption of the new accounting standards has made significant changes to the P&L. Notably, the company says that numerous large-scale orders have led to a positive order situation, particularly in the financial services sector – the order book stands at more than €200m in financial services alone. The group announced its 22nd post-IPO acquisition after the period end, which boosts its relatively weak position in the Rhine-Main region and adds competencies in containerised software solutions. While the shares have jumped by c 55% from their late December lows, the c 20x rating looks fair value given the bulging order book and attractive growth opportunities.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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