<a id="bm-comp-0155a98f-e6ec-4afe-9ec0-96728ac89dd2" name="bm-comp-0155a98f-e6ec-4afe-9ec0-96728ac89dd2" class="BMCustomAnchor"></a><table><tr><td bm-component-id="0155a98f-e6ec-4afe-9ec0-96728ac89dd2" style="vertical-align: top; width:100.000000%;"><ul><li>Acquires NetApp partner Consular for DKK 65m, adds 3% to sales, 7% to EBITA</li><li>4.1x EV/EBITA, 5.4x inc full earn-out, shows attractive value creation</li><li>Low risk, within core offering and at a low valuation - positive</li></ul></td></tr></table><a id="bm-comp-10451340-8787-45bf-b1b7-ad33897ec440" name="bm-comp-10451340-8787-45bf-b1b7-ad33897ec440" class="BMCustomAnchor"></a><table><tr><td bm-component-id="10451340-8787-45bf-b1b7-ad33897ec440" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Expanding the presence in Denmark</h3><p>Proact acquires the Danish company Consular active within data infrastructure. Consular is also a platinum partner to NetApp in Denmark and has been the largest partner in the market since 2017 (<a data-bm-trackable="false" href="https://www.netapp.com/partners/partner-connect/consular-aps/" target="_blank">link</a>). Sales of DKK 86m and EBITA 16m (19% margin vs Proact 7%) add 3% to sales and 7% to EBITA 2026e, which is both meaningful and accretive to margins.</p><h3 class="bm-h3">Positive from several aspects</h3><p>The acquisition is completed at 4.1x EV/EBITA and 5.4x including full earn-out. This looks very good and the strategic fit is also within Proact’s core offering. The low valuation is likely a result of Consular being a relatively small company, and we estimate the system/service split to be roughly 60/40. We do not know how much Proact generates in Denmark as it is included in the segment Nordics & Baltics, but we estimate that the acquisition could almost double the revenues in the country. Encouraging to see the net cash position being deployed as well as strengthening the Nordic region, which is where we think Proact should grow in size and focus less on continental Europe. Positive, share likely to outperform by ~2-5%.</p></td></tr></table><a id="bm-comp-0975877c-02f3-4851-b3fa-943f92e4d616" name="bm-comp-0975877c-02f3-4851-b3fa-943f92e4d616" class="BMCustomAnchor"></a><table><tr><td bm-component-id="0975877c-02f3-4851-b3fa-943f92e4d616" style="vertical-align: top; width:100.000000%;"><table id="bm-img-a72afaa6-7cab-4187-bedb-48acfffa1b63" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Consular addition to Proact</td></tr><tr><td><img bm-img-encrypt="a72afaa6-7cab-4187-bedb-48acfffa1b63" bm-img-original-height="148" bm-img-original-width="648" bm-img-svg="image:image_upload/91169_69eba01c-4ef8-442d-9b69-deaffa55f093.svg" bm-img-width-hint="89.13%" id="bm-id-a72afaa6-7cab-4187-bedb-48acfffa1b63" src="https://abgsc.bluematrix.com/images/image_upload/91169_69eba01c-4ef8-442d-9b69-deaffa55f093_648.png" svg="/nas/web/clients/abgsc/images/image_upload/91169_69eba01c-4ef8-442d-9b69-deaffa55f093.svg" width="648" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-66a68dcc-ea1a-4e06-bc2e-7535cdaefbe2" name="bm-comp-66a68dcc-ea1a-4e06-bc2e-7535cdaefbe2" class="BMCustomAnchor"></a><table><tr><td bm-component-id="66a68dcc-ea1a-4e06-bc2e-7535cdaefbe2" style="vertical-align: top; width:100.000000%;"><table id="bm-img-d8eca2b2-c376-4255-8f81-8915cfba4e61" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">R12m EBITA margin</td></tr><tr><td><img bm-img-encrypt="d8eca2b2-c376-4255-8f81-8915cfba4e61" bm-img-original-height="444" bm-img-original-width="793" bm-img-svg="image:image_upload/91169_f774f8f4-6e95-48c1-8392-ebca8ad6fc3f.svg" bm-img-width-hint="72.63%" id="bm-id-d8eca2b2-c376-4255-8f81-8915cfba4e61" src="https://abgsc.bluematrix.com/images/image_upload/91169_f774f8f4-6e95-48c1-8392-ebca8ad6fc3f_528.png" svg="/nas/web/clients/abgsc/images/image_upload/91169_f774f8f4-6e95-48c1-8392-ebca8ad6fc3f.svg" width="528" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-becb6be6-f926-4f9a-90f0-a70abfebf2db" name="bm-comp-becb6be6-f926-4f9a-90f0-a70abfebf2db" class="BMCustomAnchor"></a><table><tr><td bm-component-id="becb6be6-f926-4f9a-90f0-a70abfebf2db" style="vertical-align: top; width:100.000000%;"><table id="bm-img-17732205-e84f-4c5b-9d48-42823b311887" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">NTM EV/EBITA vs peers</td></tr><tr><td><img bm-img-encrypt="17732205-e84f-4c5b-9d48-42823b311887" bm-img-original-height="474" bm-img-original-width="793" bm-img-svg="image:image_upload/91169_27ad6ae4-f4ff-42ae-946a-1dc4d029cce2.svg" bm-img-width-hint="72.63%" id="bm-id-17732205-e84f-4c5b-9d48-42823b311887" src="https://abgsc.bluematrix.com/images/image_upload/91169_27ad6ae4-f4ff-42ae-946a-1dc4d029cce2_528.png" svg="/nas/web/clients/abgsc/images/image_upload/91169_27ad6ae4-f4ff-42ae-946a-1dc4d029cce2.svg" width="528" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, FactSet, peers: ATEA, Dustin, Bechtle, Cancom</td></tr></table></td></tr></table>