GlobalData Disappointing H1 trading update paired with a much-welcomed £30m tender offer

研报英文原文证据摘录

GlobalData Disappointing H1 trading update paired with a much-welcomed £30m tender offer

Lara Simpson AC Europe Equity Research

(44-20) 7134-3637 09 July 2026 C A Z E N O V E

lara.simpson@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We remain Neutral, reflecting a more balanced risk/reward

profile after the recent share price run on expectations for an

earnings inflection in FY26, an announced £15m share buyback

and improved investability following the AIM-to-Main Market

transition. We now find valuation less asymmetric and broadly

in-line with a wider UK/data peer set. With much of the near-

term multiple uplift delivered, we now expect the next leg-up to

be increasingly catalyst-dependent, requiring a tangible re-

acceleration in top-line as execution stabilizes and evidence that

YTD 1m 3m 12m AI initiatives are translating into improvements in retention,

Abs -30.6% -25.8% -4.1% -45.2% pricing and productivity - a feature we see prevailing more

Rel -33.0% -25.8% -6.7% -51.9%

meaningfully into FY27.

Company Data

Valuation

Shares O/S (mn) 750

52-week range (p) 154-61 We value the business on a sum-of-the-parts on its two core

Market cap ($ mn) 771.13 divisions - DA&I: Healthcare and DA&I: Non-Healthcare - to

Exchange rate 74.85 reflect their distinct operating profiles, margin structures, and

Free float (%) 27.7%

3M ADV (mn) 1.68 growth outlooks. We derive a Dec-27 SOTP fair value of 135p.

3M ADV ($ mn) 2.1

Volatility (90 Day) 54

Index FTSE 250

BBG ANR (Buy | Hold | Sell) 6|1|0

Key Metrics (FYE Dec)

£ in millions FY25A FY26E FY27E FY28E

Financial Estimates

Revenue 322 331 343 356

Adj. EBIT 112 104 112 118

Adj. EBITDA 110 126 135 142

Adj. net income 55 51 54 59

Adj. EPS 7.34 7.47 8.30 9.13

BBG EPS 7.30 7.80 8.60 9.50