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Datatec (JSE: DTCJ)

Currency in ZAR

Last close As at 25/01/2023

ZAR33.31

▲ −1.03 (−3.00%)

Market capitalisation

ZAR7,724m

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. Amidst 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 H223/FY24.

Latest Insights

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TMT

Datatec — Resilient performance despite challenges

TMT

Datatec — The positives outweigh the negatives

Datatec — Mixed performance in H123, special dividend

TMT

Datatec — Management buyout of Analysys Mason
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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)

154.6

Forecast gearing ratio (%)

25

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 5.5 (18.2) (9.1)
Relative (2.7) (32.4) (17.5)
52 week high/low ZAR47.9/ZAR29.8

Financials

Datatec reported a mixed performance in H123: strong demand for cloud infrastructure, cybersecurity and networking solutions drove revenue and order growth, while supply chain issues continued to hamper the ability to deliver orders. Currency headwinds further impacted profitability, however, healthy order backlogs across all divisions should support better revenue growth in H223/FY24 as supply chain issues ease.

Y/E Feb Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 4109.5 152.5 73.1 13.2 14.8 2.0
2022A 4546.4 158.9 69.1 14.2 13.8 5.6
2023E 5017.4 175.2 74.3 20.2 9.7 4.7
2024E 5282.2 191.8 95.6 23.3 8.4 4.4

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