1、7T2se3r0Ot6kwoPa7T2se3r0Ot6kwoPaDistributed on:05/08/2025 09:08:06 GMTDistributed on:05/08/2025 09:08:06 GMT5 August 2025Deutsche BankResearch Europe Media and Online Industry DB Media&Online#whats appening Date Periodical DATA-YOU/results,Music/SPOT pricing,HFresh,INF/EEX,ATG,Auto1,StroeerNewsflow,

2、overnight research,valuation comps-if youd like to discuss any of the following in more detail or require models,please get in touch with Silvia,Nizla,Gareth or Steve.Our contact details are listed in the right-hand margin.GlobalData PLC(Steve Liechti):1H tough as flagged1H figures well flagged give

3、n the recent TU though margin is below our forecast given 1H elements that reverse in 2H eg acquisition profit.This implies limited change to consensus FY forecast expected.Buy-while slower 1H growth hits sentiment;we forecast better 2H LFL post sales force restructure and see relatively defensive s

4、ubscription driven earnings at a modest valuation vs B2B peers.nOutlook-The contracted order book at 157m is+3%on a LFL basis(as previously stated at the TU).Adj.EBITDA margin expansion is expected in 2H,driven by M&A contributions(c.8m contributions in H2 expected vs losses in 1H)and operational im

5、provements.As stated before,the new tender offer(60m at 150p/share)to be launched 5-August with the Main Listing shift planned for 4Q.FX headwinds expected to have a c.10m impact on FY25 revenue(US 50%of sales).We forecast FY25E LFL revenue+2.2%implying a step up in 2H vs 1H.USD weakness impacts rev

6、enue(50%of sales in USD)with 10m negative expected by DATA in the FY.We forecast FY25E IFRS16 EBITDA margin at 39%(FY24 40.9%)with adj FD EPS 8.0p(+9%)vs BBG consensus 8.9p.n1H revenue is 156.5mm(+12%)vs forecast/DATA guidance 157m,with LFL+1%vs flat forecast given tough macros,previous offer distra