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Datatec (JSE: DTCJ)

Last close As at 22/10/2024

ZAR37.51

▲ 0.04 (0.11%)

Market capitalisation

ZAR8,702m

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.

Latest Insights

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TMT | Flash note

Datatec — Encouraging H1 across all divisions

TMT | Update

Datatec — Positive outlook for FY25

TMT | Flash note

Datatec — Underlying earnings more than tripled in FY24

TMT | Flash note

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

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Ivan Dittrich

    Finance Director

  • Jens Montanana

    CEO

Balance Sheet

Forecast net debt (US$m)

206.8

Forecast gearing ratio (%)

33

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 4.4 4.1 5.4
Relative 0.9 (3.4) (14.7)
52 week high/low ZAR41.6/ZAR33.6

Financials

Datatec’s trading statement flags a robust performance at group level in H1. Westcon continues to deliver profit growth, Logicalis International delivered a strong increase in profitability while financial performance at Logicalis Latin America has also improved. As a result, management expects H1 underling EPS to be 11–12c, up over 50% year-on-year on a like-for-like basis. Our FY25 estimates are unchanged and look well supported.

Y/E Feb Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2023A 5143.1 180.2 86.5 24.1 8.7 3.1
2024A 5457.9 192.1 76.5 19.7 10.7 3.2
2025E 5730.6 223.9 111.3 27.4 7.7 8.9
2026E 5991.4 239.9 127.1 31.6 6.7 2.9

Research

Update

TMT

Datatec — Positive outlook for FY25

Flash note

TMT

Datatec — Underlying earnings more than tripled in FY24

TMT

Flash note

Datatec — Encouraging H1 across all divisions

Flash note

TMT

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

Flash note

TMT

Datatec — FY24 revenue growth of 5.8%
Datatec_resized

Update

TMT

Datatec — On track for better performance in FY24
Datatec_resized

Flash note

TMT

Datatec — Solid H124 performance supports FY24 outlook

Flash note

TMT

Datatec — Sustained demand in H124

Update

TMT

Datatec — On a growth track for FY24

Flash note

TMT

Datatec — Starting FY24 in a strong position

Flash note

TMT

Datatec — Confirming EPS for FY23
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Thematics

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media
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