DATAGROUP - Further leveraging its flagship product

DATAGROUP comfortably met its full year guidance, upgraded in May 2019. This was backed by the dynamic expansion of its core CORBOX customer portfolio, with 29 new customer wins (vs the targeted 20) and 16 existing client upsells through the year. Most notably, the company’s top line benefited from the more than €100m 10-year contract with NRW.Bank in the period. In addition, positive effects came from the consolidation of businesses acquired through FY19. Following an c 89% price appreciation in the last 12 months, DATAGROUP trades at 31.8x P/E and 11.5x EV/EBITDA in FY20e.