Softcat Positive Q326 pre-A; raising JPM estimates MSD% on increased EBIT growth guidance

研报英文原文证据摘录

Softcat Positive Q326 pre-A; raising JPM estimates MSD% on increased EBIT growth guidance

C A Z E N O V E Europe Equity Research

22 May 2026

Softcat Overweight

SCTS.L, SCT LN

Positive Q326 pre-A; raising JPM estimates MSD% on Price (21 May 26):1,442p

increased EBIT growth guidance Price Target (Dec-27):1,950p

Our Take: Softcat has issued a positive Q326 trading statement ahead of schedule, European Tech Software & IT

with DD% YoY growth in both GP and EBIT through the period. The FY26 EBIT Services

growth guidance has also been increased to mid-teens % YoY (vs. HSD% Joseph George AC

previously and LSD% at the onset of the fiscal year). Q326 outperformance was (44-20) 3493-6990

supported by broad-based gross profit growth (with particular strength in joe.george@jpmorgan.com

corporate), demand for AI-enabled infrastructure, and some degree of pull- J.P. Morgan Securities plc

forward due to dynamics in memory end markets. While our recent discussions Toby Ogg

with investors since the H126 results would point to some expectation for a strong (44-20) 7742-3278

toby.ogg@jpmorgan.com

H226 performance, we ultimately still think these results and the raised guidance J.P. Morgan Securities plc

are above consensus expectations. We are raising our underlying EBIT estimates Giulio Gambardella

by ~5-7% (full table below) and expect the shares to outperform today. (44-20) 3493-4181

giulio.gambardella@jpmorgan.com

• Noteworthy Areas: 1) Double-digit profit growth in Q326: Softcat J.P. Morgan Securities plc

delivered double-digit YoY % growth in gross profit and underlying operating Priya R Suneja

profit in Q3, with growth “broad-based with particular strength in (91-22) 6157 4721

corporate”; 2) AI-driven demand and order pull-forward: The quarter priya.suneja@jpmchase.com