DATAGROUP is a full IT outsourcing provider, focused on the German Mittelstand market. The company offers the full range of IT services on a modular basis, through its CORBOX ‘cloud-enabling platform’. Services include service desk, end-user services, data centre services, application management and SAP services.
After a difficult FY20, IT services provider DATAGROUP’s earnings recovered in H121, driven by a turnaround in its Financial IT Services (FIS) unit, which took a hit in FY20. The M&A-driven business model is intact, with the addition of Urano and dna in H121, and DATAGROUP’s target of an EBIT margin of 9% should be within reach in the medium term (2022/23). Trading at 24.3x FY22e P/E on consensus estimates, DATAGROUP is valued at an 11% premium to peers.