Datatec (JSE: DTCJ)

Currency in ZAR

Last close As at 26/05/2023


−1.55 (−4.13%)

Market capitalisation


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 FY24.



Equity Analyst

Key Management

  • Ivan Dittrich

    Finance Director

  • Jens Montanana


Balance Sheet

Forecast net debt (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.0 8.0 (5.0)
Relative 3.3 9.0 (15.7)
52 week high/low ZAR47.9/ZAR29.8


Datatec reported group continuing revenue growth of 13% for FY23 (20% in constant currency) with adjusted EBITDA from continuing operations also increasing 13%. Supply chain issues started to ease allowing the company to accelerate delivery of its order backlog. Demand remained robust, resulting in a flat order backlog at the year-end, despite double-digit revenue growth. At a divisional level, Westcon delivered excellent results, Logicalis International performance was solid and, while down for the year, Logicalis LatAm rebounded in H223. Management expects all divisions to deliver improved performance in FY24; we are reviewing our forecasts.

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 14.5 1.9
2022A 4546.4 158.9 69.1 14.2 13.5 5.5
2023E 5017.4 175.2 74.3 20.2 9.5 4.6
2024E 5282.2 191.8 95.6 23.3 8.2 4.3



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