DATAGROUP - Path to 9%+ EBIT margins
DATAGROUP’s earnings recovered strongly in FY21, driven by top-line growth and margin expansion as a result of the ongoing turnaround at its BIT Düsseldorf and DG Ulm units and better utilisation. Revenue growth was generated through both significant M&A and strong organic growth. The M&A-driven business model is intact, with a well filled pipeline, and DATAGROUP’s target of an EBIT margin of more than 9% should be within reach in the medium term. Trading at 28.4x FY22e P/E on consensus estimates, DATAGROUP is valued at a 14% premium to peers.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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