Digital Download – First out the starting gate

研报英文原文证据摘录

Digital Download – First out the starting gate

EUROPE | Software EquityJulyResearch12, 2026

Chart 1 - Coverage ValuationDigital Download – First out the starting gate

JEFe P/E

Computacenter leaped out of the 2Q26 starting gate first with (another) CY26 CY27 AMS 15x 13x

better than expected trading statement. That said, we think Computacenter BYIT 20x 19x

is more likely to be the exception than the rule. The sector tends to be CAPCCC 20x7x 19x6x

2H weighted and we doubt many management teams will have enough DSY 14x 12x

GBG 12x 10x

visibility/ confidence to be altering guidance at 2Q results. NEM 22x 18x

SAP 19x 16x

SCT 25x 22x

Hard to read: This was a -1% week for the 24 companies we track across the sector. However, SGE 16x 14x

the reason for weakness was hard to pin-point in a week where semis recovered after last's . TEMN 19x 17x

week's volatility (and software normally fades when semis is performing) and, at the margin, Source: Jefferies, Factset

company news (notably Starbucks) continues to raise questions about the sustainability of

traditional software as AI gathers momentum. Elsewhere, the broader market, defined as the

Chart 2 - Coverage RatingsStoxx Europe 600, fell 1.8%. That suggests the reason for weakness might be as a simple as

Coverage Ratingsrenewed Middle Eastern volatility. While that's a simple reason, the resolution to the Middle

AMS BUY

East feels anything but simple.

BYIT HOLD

Starbucks headlines: The sector continues to be buffeted by AI related news and the headlines CAP HOLD

CCC BUYthis week came from Starbucks. In particular, Starbucks is reported (eg by Bloomberg on July

DSY UNPF9) to be developing in-house tools, with the help of AI, to replace a Microsoft system that tracks

GBG BUY

inventory and an IBM tool that manages maintenance.