软件与IT服务行业估值与预测

Sector valuation - calendarisedSoftware & IT ServicesGroupListed PriceTarget Mkt capEV/Revenue (x)RatingCurrfm/Em20242025ESoftwareaccesso*BuyGBp3885751571.2AutoStoreHoldNOK6.615.701,9094.06.4CerillionBuyGBp1,5251,9004509.4DotdigitalBuyGBp751202322.42.2EurowagBuyGBp86065923.33.0GB Group *BuyGBp2394906032.42.3Ocado*BuyGBp2373701,9490.8IT ServicesBytes *HoldGBp3304707953.5Hold2102752310.9FDMGBpKainosBuyGBp7131,0308912.2NCCHoldGBp1431604491.5ReplyBuyEUR143.20185.005,3572.22.0Softcat *plohGBp1,6681,8303,3363.2Video GamesFrontier DevsHoldGBp3613101401.2everplayBuyGBp3733305382.92.7VenturePrice / NAV (x)Molten VenturesBuyGBp3496716420.490.46Deutsche Bank. Deutsche NumisTintin Stormont I tintin.stormont@db.com I +44 20 754 11558Jasmine Rand ljasmine.rand@db.com I +44 20 754 54676 Sector forecasts - in fiscal yearSoftware & IT ServicesGroupRepYearRevenueHeadline profit metricCurrend20242025E2026EMetric20242025E2026ESoftwareaccesso *USDDec152153153EBITDA22.821.4AutoStoreUSDDec601379418EBITDA282.8112.1CerillionGBPSep445056EBITDA20.722.0DotdigitalGBPJun798566Op Pft15.616.7EurowagEURDec293324362EBITDA121.7134.9GB Group *GBPMar277,283282Op Pft61.267.0*opesoGBPNov315635273879EBITDA153.3240.8IT ServicesBytes *GBPFeb207217226Op Pft56.766.4FDMGBPDec258204220Op Pft33.424.0KainosGBPMar382367385Op Pft73.259.5NCCGBPSep324305304Op Pft31.130.8ReplyEURDec229624732607EBITDA410.6420.3Softcat *GBPinr96311331244Op Pft154.1174.0Video GamesFrontier DevsGBPMay899190Op Pft(26.3)12.4everplayGBPDec167170178EBITDA43.544.9VentureMoltenGBPMarn/an/an/aNAV/sh786687Ventures *Deutsche Bank. Deutsche NumisTintin Stormont I tintin.stormont@db.com I +44 20 754 11558Jasmine Rand ljasmine.rand@db.com I +44 20 754 54676 Source: Deutsche Bank estimates; company data*Deutsche Bank and/or its affiliate(s) acts as a corporate broker to this company2 Appendix 1Important Disclosures*Other information available upon request*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters.recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published companyreport or visit our global disclosure look-up page on our website at https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Asidefrom within this report, important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer.Investors are strongly encouraged to review this information before investing.Analyst CertificationThe views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subject issuers and thesecurities of those issuers. In addition, the undersigned lead analyst has not and will not receive any compensation for providing a specificrecommendation or view in this report. Tintin Stormont, Jasmine Rand.Deutsche Bank. Deutsche NumisTintin StormontI tintin.stormont@db.com I +44 20 754 11558JasmineRandljasmine.rand@db.comI+442075454676 Derivative transactions involve numerous risks including market, counterparty default and illiquidity risk. The appropriateness of these products for use by investors depends on theinvestors'own circumstances,including theirtax position,their regulatory environment and the nature of their other assets and liabilities; as such,investors should take expert legaland financial advice before entering into any transaction similar to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, canbe substantial.As a result of the highdegree ofleverageobtainable infutures and options trading,losses may be incurred that are greaterthan the amount of funds initially depositedupto theoretically unlimited losses.Trading in options involves risk and is not suitable for all investors.Prior to buying or selling an option,investors must review the 'Characteristicsand Risks of Standardized Options",at https://wwyour Deutsche Bank representative for a copy of this important document.Participants in foreign exchangetransactions may incur risks arising from several factors,includingthefollowing:(i)exchange rates can be volatile and are subject to largefluctuations(i) the value of currencies may be affected by numerous market factors, including world and national economic, political and regulatory events, events in equity and debt markets andchanges in interest rates; and (ii) currencies may be subject to devaluation or government-imposed exchange controls, which could affect the value of the currency. Investors insecurities such as ADRs, whose values are affected by the currency of an underlying security, effectively assume currency risk.Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. Aside from within this report.important conflict disclosures can also be found at https://