Datatec (JSE: DTCJ)

Last close As at 04/05/2024

ZAR36.61

0.08 (0.22%)

Market capitalisation

ZAR8,403m

Datatec is a South Africa-listed multinational ICT business, serving clients globally, predominantly in the networking and telecoms sectors. The group operates through three main divisions: Westcon International (distribution); Logicalis International (IT services); and Logicalis LatAm (IT services in Latin America).

Datatec has seen strong growth globally, with elevated demand for networking, cybersecurity and cloud infrastructure. Amid continuing uncertainties, there are signs that global growth is slowing but we expect established technology trends to persist, underpinned by the unwinding of Datatec’s backlog during FY24.

Latest Insights

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TMT | Flash note

Datatec — FY24 underlying EPS more than doubles y-o-y

TMT | Flash note

Datatec — FY24 revenue growth of 5.8%

TMT | Flash note

Datatec — Solid H124 performance supports FY24 outlook

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Sector

TMT

Equity Analyst

Key Management

  • Ivan Dittrich

    Finance Director

  • Jens Montanana

    CEO

Balance Sheet

Forecast net debt (US$m)

205.2

Forecast gearing ratio (%)

36

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.8) (8.5) 1.6
Relative (2.9) (10.5) 3.5
52 week high/low ZAR41.6/ZAR33.6

Financials

In a second more detailed trading update for FY24, Datatec confirmed revenue growth of 6% to $5.46bn, with Westcon International delivering excellent performance, Logicalis International having a strong H2 and Logicalis Latin America affected by difficult market conditions in Argentina and Brazil. The company also provided provisional EPS data, with reported EPS likely to come in ahead of our forecast and underlying EPS just below our forecast. We maintain our forecasts pending FY24 results on or around 27 May.

Y/E Feb Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 4546.4 158.9 69.1 14.2 12.7 5.2
2023A 5143.1 180.2 86.7 24.1 7.5 2.6
2024E 5567.8 197.3 86.7 20.8 8.7 11.1
2025E 5833.2 222.0 112.1 27.6 6.6 2.5

Research

Flash note

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Datatec — The positives outweigh the negatives

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Datatec — Management buyout of Analysys Mason

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Datatec — Operational gearing shines through

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Datatec — Operational gearing drives EPS growth

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Webinar: Datatec

Initiation

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Datatec — Starting to unlock underlying value

QuickView

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Datatec — Benefiting from operating leverage

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MediaWatch – Targeting the opportunities

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MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

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MediaWatch – Screening well

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Consumer

IPO apocalypse

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ESG, moving beyond the box tick

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Direct tech investors

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Consumer

Circular economy business models

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Quantum dots – all the colours of the rainbow

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Micro-LEDs – small is beautiful

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Consumer

Illuminator: August Update

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European video games

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Diversification and scale for online success

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UK video games – Heterogeneous not homogeneous

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Mobile ecosystems

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Mobile ecosystems

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Mobile ecosystems

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NZ – Edison talks tech

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AUS – Edison talks tech

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Mobile ecosystems

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Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide

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Mobile ecosystems

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Energy & Resources

ASX Spotlight Conference – London, 6 March 2014

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Energy & Resources

ASX Small to Mid Caps Conference – London, 7 March 2013

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The third pillar

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The real disruptor

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Merger mania is back