Dicker Data Ltd: Clearly better – move OW

研报英文原文证据摘录

Dicker Data Ltd: Clearly better – move OW

Idea

May 28, 2026 06:30 AM GMT

Morgan Stanley Australia Limited+MDicker Data Ltd | Asia Pacific Chenny Wang, CFA

Equity Analyst

Clearly better – move OW Chenny.Wang@morganstanley.comJames Bales +61 2 9770-9227

What’s Changed James.Bales@morganstanley.com +61 2 9770-1603

Edward Xu

Dicker Data Ltd (DDR.AX) From To Research Associate

Price Target A$10.30 A$11.00 Edward.Xu@morganstanley.com +61 2 9770-1181

Rating Equal-weight Overweight

Dicker Data Ltd (DDR.AX, DDR AU)

Very strong first four months across the board, with growth Australia Emerging Companies | Australia

visibility extending far into 2H26e. We don't extrapolate the StockIndustryRatingView OverweightIn-Line

entire magnitude, but we see DDR as well positioned tactically, Price target A$11.00

Up/downside to price target (%) 14

with a clear, positive outlook (especially against broader Shr price, close (May 27, 2026) A$9.68

52-Week Range A$10.94-7.68

uncertainty) and structurally on DC refresh. Move OW. Sh out, dil, curr (mn) 180

Mkt cap, curr (mn) A$1,745

Trajectory steps up: 1st take here. Strong start with: 1. Price tailwinds likely higher EV, curr (mn) A$2,002

Avg daily trading value (mn) A$6

for longer (and potentially into 2027); 2. Resilient demand, low elasticities, and

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

renewed sense of customer urgency (in our view recently, noting beginning of year

EPS (A$)** 0.50 0.59 0.60 0.64

was still slow); 3. Lower cost inventory build and average price management likely Prior EPS (A$)** - 0.54 0.58 0.62

to continue supporting margins; and 4. Contained interest costs, with limited/no Revenue, net (A$ mn) 3,866 4,261 4,434 4,651

EBITDA (A$ mn) 159 186 190 202

supply issues thus far. ModelWare net inc (A$ 91 107 109 115

mn)