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Equity Bottom-Up

<p>Datatec reported 6% revenue growth in FY24, with the backlog normalising after a period of tightness in the supply chain. Strong performances from Westcon and Logicalis International were partially offset by weaker profitability in Logicalis Latin America, resulting in flat adjusted EBITDA margins year-on-year. Management expects improved financial performance from all divisions in FY25; we forecast year-on-year growth in underlying EPS of 26%.</p>

Datatec reported 6% revenue growth in FY24, with the backlog normalising after a period of tightness in the supply chain. Strong performances from Westcon and Logicalis International were partially offset by weaker profitability in Logicalis Latin America, resulting in flat adjusted EBITDA margins year-on-year. Management expects improved financial performance from all divisions in FY25; we forecast year-on-year growth in underlying EPS of 26%.

Datatec Limited

Datatec - Positive outlook for FY25