Return to growth in Q2 bodes well for 9-10% organic growth in H2e. AI and cybersecurity among the drivers, demand remains good. Share has re-rated YTD, trades at 10.5x 2024e EV/adj. EBITA.
Significant Q1 EBITA beat and comps are getting easier from Q2. Intensified key partnerships and support from cybersecurity/cloud/AI. EBITA +5-12% in '24e-'25e, share trades at 7.3x 2024e EV/EBITA.
21% organic growth in Q2 drove a 21% adj. EBITA beat System sales was the main driver, adj. EBITA up 6-7% 8.0x 2023e EV/adj. EBITA for a 16-17% discount to peers