Softcat (AO) | Hold | Q3 trading update:...and another guidance raise

研报英文原文证据摘录

Softcat (AO) | Hold | Q3 trading update:...and another guidance raise

News comment

Release date: 22 May 2026

Florian Treisch

Equity Research Analyst

Hold +49 697 569 6132Softcat ftreisch@keplercheuvreux.com

United Kingdom | IT services & software Beta Profile: MCap: GBP2.9bn

Target Price: 1500p Bloomberg: SCT LN Reuters: SCTS.L

Current Price: 1442.00p Free float 67%

Up/downside: 4.0% Avg. daily volume (GBPm) 991.1

YTD abs performance 1.8% Market data: 21 May 2026

52-week high/low (GBP) 1888.00/1091.00

Q3 trading update:...and another guidance raise

Key points:

After a continued good momentum in Q3, Softcat lifted its FY 2025 operating profit guidance to "mid-teens growth", up from

"high-single-digit", highlighting demand for AI-related investments and memory-linked pull-forward effects.

While the impact on FY-27 estimates is likely more limited, the near-term execution remains best-in-class with the updated

guidance implying another mid-single-digit underlying OP consensus upside.

At current share price levels, we believe the market is fairly reflecting the growth outlook for Softcat, even factoring in today's

beat. Tailwinds from Softcat’s best-in-class execution are eaten up by the sector de-rating in the last couple of months, which the

company cannot fully decouple from, in our view.

Q3 trading update: good momentum continues

Softcat’s Q3 (ended 30 April 2026) stayed on a strong double-digit growth path for GP and underlying OP, which is ahead of

expectations, anticipating a clear moderation of growth in H2 given a very ambitious comparison base last year (pushed by some

larger AI/data centre solutions projects).

The company is highlighting broad-based growth in Q3, supported by investments into AI-enabled infrastructure and continued