Data#3: Buy the dip
About the author:
- Author name:
- By Nick Harris
- Job title:
- Senior Analyst
- Date posted:
- 23 August 2023, 8:00 AM
- Sectors Covered:
- Telecommunications, Technology
- Despite reporting another record profit (up 22% YoY), Data#3's (ASX:DTL) FY23 PBT result was ~8% below consensus expectations, and this caused some share price weakness.
- We see the result and outlook as positive and note management’s confidence that structural tailwinds (digitisation, Cloud & Gen Ai) combined with a largely economic resilient customer base should see DTL deliver double digit growth again in FY24.
- We upgrade our recommendation to an Add (from Hold).
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