Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>The Softcat machine rolls on. H125 results provide no hint of UK economic and geopolitical uncertainty. Gross profit per customer grew by 10.7% to £43.1k and the customer base expanded by 1.4%, to 10.3k. Furthermore, this growth was seen across hardware, software and services (all growing high single- or double-digit percentages) and across all customer types (enterprise, mid-market and public sector). In addition, operating profit was converted to cash (110.9% conversion vs 101.1% in H124), strengthening the already debt-free balance sheet. Unsurprisingly, full year guidance has been raised, as has the interim dividend. The quality credentials of the group look set to keep growing.</p>

The Softcat machine rolls on. H125 results provide no hint of UK economic and geopolitical uncertainty. Gross profit per customer grew by 10.7% to £43.1k and the customer base expanded by 1.4%, to 10.3k. Furthermore, this growth was seen across hardware, software and services (all growing high single- or double-digit percentages) and across all customer types (enterprise, mid-market and public sector). In addition, operating profit was converted to cash (110.9% conversion vs 101.1% in H124), strengthening the already debt-free balance sheet. Unsurprisingly, full year guidance has been raised, as has the interim dividend. The quality credentials of the group look set to keep growing.

Softcat — H125 results outperform again

<p>Softcat’s FY24 results supports management’s assertion that the group has found a unique formula. Management re-emphasised the role of its corporate culture in creating a differentiated offering for the highly fragmented UK IT services market. Softcat’s resulting growth in market share also translated into strong cash generation and dividend flow. The results suggest that management can meet or slightly exceed guidance even under challenging economic conditions.</p>

Softcat’s FY24 results supports management’s assertion that the group has found a unique formula. Management re-emphasised the role of its corporate culture in creating a differentiated offering for the highly fragmented UK IT services market. Softcat’s resulting growth in market share also translated into strong cash generation and dividend flow. The results suggest that management can meet or slightly exceed guidance even under challenging economic conditions.

Softcat - FY24 shows the strength of Softcat’s model

United Kingdom

Softcat PLC provides information technology services. The Company offers commodity sourcing, software licensing, e-procurement, unified communications, and managed services. Softcat serves customers in the United Kingdom.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Softcat PLC (SCT LN)

Softcat — H125 results outperform again

The Softcat machine rolls on. H125 results provide no hint of UK economic and geopolitical uncertainty. Gross profit per customer grew by 10.7% to...

Edison Investment Research

Softcat - FY24 shows the strength of Softcat’s model

Softcat’s FY24 results supports management’s assertion that the group has found a unique formula. Management re-emphasised the role of its...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)