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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