GlobalData Trusted intelligence in the age of AI - recovery narrative intact with delivery now key - Initiate Neutral

Research evidence excerpt

GlobalData Trusted intelligence in the age of AI - recovery narrative intact with delivery now key - Initiate Neutral

C A Z E N O V E Europe Equity Research

09 June 2026

Initiation

GlobalData Neutral

DATA.L, DATA LN

Trusted intelligence in the age of AI - recovery narrative Price (08 Jun 26):103p

intact with delivery now key - Initiate Neutral Price Target (Dec-27):135p

We initiate coverage of GlobalData with a Neutral rating and Dec-27 price target European Internet & Media

ACof 135p, reflecting a more balanced risk/reward profile after the recent share price Lara Simpson

run (shares have risen 43% since April, vs FTSE 250 +6%) on expectations for an (44-20) 7134-3637

earnings inflection in FY26, an announced £10m share buyback and improved lara.simpson@jpmorgan.com

investability following the AIM-to-Main Market transition. We now find valuation J.P. Morgan Securities plc

less asymmetric on 6.1x EV/EBITDA 27E for c.6% EBITDA CAGR 27-29E, and Marcus Diebel

c.11% free cash flow yield, broadly in-line with a wider UK/data peer set. With (44-20) 7742-4447

marcus.diebel@jpmorgan.com

much of the near-term multiple uplift delivered, we now expect the next leg-up to J.P. Morgan Securities plc

be increasingly catalyst-dependent, requiring a tangible re-acceleration in top-line

Daniel Kerven

as execution stabilizes and evidence that AI initiatives are translating into (44-20) 7134-3057

improvements in retention, pricing and productivity - a feature we see prevailing daniel.kerven@jpmorgan.com

more meaningfully into FY27. Near-term, we would pause for breath given the J.P. Morgan Securities plc

recent outperformance and are more tempered in our view of conversion and Thyagarajan J

cadence of earnings delivery (-2% to consensus on FY26E adj. EBITDA). (91-22) 6157-5005