Last close As at 05/08/2026
EUR7.56
▲ 2.33 (44.59%)
Market capitalisation
EUR486m
Research: TMT
Northern Data has announced a number of initiatives that underline management’s commitment to be at the forefront of AI and high-performance computing (HPC) innovation in Europe. The launch of an AI Accelerator programme is designed to enable selected start-ups to rapidly scale or complete proof of concepts for their AI ideas. It gives selected start-ups access to Taiga Cloud, as well as technology and training from ecosystem partners including NVIDIA, Hewlett Packard (HPE) and Supermicro. This follows the announcement of a partnership with VAST Data, a leading AI infrastructure and data platform, to provide Taiga’s clients with advanced cloud data management solutions. We expect to initiate forecasts following publication of the company’s FY23 results.
Northern Data Group |
Building its European AI ecosystem |
Company announcements |
Tech hardware and equipment |
11 June 2024 |
Share price performance
Business description
Analysts
Northern Data Group is a research client of Edison Investment Research Limited |
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Northern Data has announced a number of initiatives that underline management’s commitment to be at the forefront of AI and high-performance computing (HPC) innovation in Europe. The launch of an AI Accelerator programme is designed to enable selected start-ups to rapidly scale or complete proof of concepts for their AI ideas. It gives selected start-ups access to Taiga Cloud, as well as technology and training from ecosystem partners including NVIDIA, Hewlett Packard (HPE) and Supermicro. This follows the announcement of a partnership with VAST Data, a leading AI infrastructure and data platform, to provide Taiga’s clients with advanced cloud data management solutions. We expect to initiate forecasts following publication of the company’s FY23 results.
Year end |
Revenue (€m) |
Adjusted |
PBT* |
EPS* |
P/sales |
P/E |
12/20 |
16.4 |
(12.3) |
(83.0) |
(7.3) |
76.4 |
N/A |
12/21 |
189.9 |
89.6 |
342.1 |
13.2 |
6.6 |
1.8 |
12/22 |
193.3 |
42.4 |
(251.6) |
(10.6) |
6.5 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
At its capital markets day in May, management outlined the group’s strategy and progress in becoming a diversified HPC infrastructure solutions provider, building on its position as Europe’s foremost AI cluster. These latest initiatives underline management’s commitment to the build-out of a European AI ecosystem.
The company’s AI Accelerator brings together a number of businesses across the AI ecosystem to provide infrastructure, software and mentoring to support selected start-ups. These start-ups will receive complementary access to Taiga Cloud’s infrastructure of NVIDIA HGX H100 GPU servers connected with NVIDIA Quantum-2 InfiniBand networking, dedicated access to NVIDIA’s Deep Learning Institute programme, mentoring from partners like HPE and Supermicro, and sessions on ESG and navigating the investor landscape. Northern Data will also showcase its platform at HPE’s Discover 2024 conference in Las Vegas. On 22 May, the company announced Taiga Cloud’s partnership with VAST Data, to offer Taiga’s advanced cloud data management solutions in a low-latency, efficient and sustainable manner. Through VAST’s scalable GPU services, Taiga can provide SMEs and start-ups with access to HPC that may otherwise be capital intensive. VAST reportedly raised $118m at a $9.1bn post-money valuation in December 2023, with NVIDIA, Dell, Fidelity Ventures and Goldman Sachs notable investors.
Meanwhile, Peak Mining has announced the acquisition of the second data centre site at Corpus Christi in Texas. This site is adjacent to Peak’s existing 300MW mining facility already under construction. This provides an additional 300MW of capacity, utilising low-cost, renewable energy available in the Load Zone South of the Electric Reliability Council of Texas grid. The site could also potentially be used for HPC services in the future. Construction has begun on the project and it is expected to be energised by early 2025. No purchase price has been disclosed. Peak Mining also announced a partnership with Penguin Infrastructure Holding for 28MW of mining capacity at a location in Paraguay that is 100% powered by renewable hydropower. Both additions will contribute towards Peak Mining’s strategic goal of 7.9EH/second in 2024.
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Research: Investment Companies
Martin Currie Global Portfolio Trust (MNP) has been managed by Zehrid Osmani since October 2018. He runs a high-conviction, relatively concentrated portfolio of quality growth companies with pricing power. The manager believes that pricing power is particularly important as he considers that consensus earnings expectations are too bullish and sticky inflation has pushed out the prospect of lower interest rates. With investors focusing on short-term economic data points and central bank commentary, Osmani expects continued share price volatility, which over the longer term should favour MNP’s portfolio of high-quality growth businesses with strong cash flows and robust balance sheets.