Proact IT Group

* Server prices surge amid memory shortage, causing pricing tailwind... * ...but also volume setback and potentially increased price competition * '26e-'27e adj. EBITA -3%, 30% EBITA growth y-o-y in Q2e Volatile market conditions create estimate uncertainty...

* Dell group sales +24% vs cons, NetApp +4%, stocks +27% and +15% in aft-mkt * Accelerated revenue growth in Dell Storage sales and NetApp group revenue * Positive read-across to Proact System sales, share at 8.3x EV/EBITA Dell beat mainly driven by ...

* Memory prices boost system sales in Q2-Q3e *Cost initiatives paying off simultaneously, adj. EBITA +8-22% * Share now trading at 6.8x 2026e EV/EBITA Market tailwinds starting to become visible Proact had already pre-announced a strong EBITA growth ...

* Positive PW: Adj. EBITA +36% vs ABG (mid-point) * Temporary boost from memory crisis and positive effects from cost-efficiencies * FY 2026 adj. EBITA likely up 10-15% Positive PW in Q1 Proact published preliminary Q1 numbers this morning, above market...