<a id="bm-comp-2baa9374-f3cb-4918-b441-4f141ee33044" name="bm-comp-2baa9374-f3cb-4918-b441-4f141ee33044" class="BMCustomAnchor"></a><table><tr><td bm-component-id="2baa9374-f3cb-4918-b441-4f141ee33044" style="vertical-align: top; width:100.000000%;"><ul><li>Dell group sales +24% vs cons, NetApp +4%, stocks +27% and +15% in aft-mkt</li><li>Accelerated revenue growth in Dell Storage sales and NetApp group revenue</li><li>Positive read-across to Proact System sales, share at 8.3x EV/EBITA</li></ul></td></tr></table><a id="bm-comp-f2ef76c1-3b01-4724-bc46-a77e81c560b6" name="bm-comp-f2ef76c1-3b01-4724-bc46-a77e81c560b6" class="BMCustomAnchor"></a><table><tr><td bm-component-id="f2ef76c1-3b01-4724-bc46-a77e81c560b6" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Dell beat mainly driven by AI servers, but storage also solid</h3><p>Dell delivered a strong beat vs expectations in its Q1'27 report due tonight after market close, with group sales growing 88% y-o-y and beat consensus by 24%. Share was up 27% in after market trading, and it was the segment AI-Optimized Servers within ISG that drove the beat, growing 757% y-o-y reaching USD 16bn in sales. Looking at the relevant segment for Proact, it is mainly the Storage part that grew 8% y-o-y and came in 8% above consensus.</p><h3 class="bm-h3">NetApp accelerating sales growth</h3><p>NetApp reported its Q4'26 report after market close tonight as well, with sales growing 12% y-o-y coming in 4% above consensus expectations. It also provided a FY 2027 sales guidance 3% above consensus expectations and representing a growth of 8%. Both Dell and NetApp have likely seen price tailwinds from recent price hikes due to increased memory prices which is an important component in storage products, and both reported its highest growth rates since 2023 for respective relevant segment for Proact.</p><h3 class="bm-h3">Positive read-across to Proact</h3><p>Proact is a value added re-seller of both Dell and NetApp storage products in its System sales segment (55% of group sales). We expect accelerated organic growth rates in the coming quarters due to both positive price effects and potential pre-buying from customers wanting to secure availability before even larger possible price increases. This strength will likely continue for at least a few quarters. The share trades at 8.3x NTM EV/EBITA and we forecast 33% EBITA growth in 2026e. We expect the share to outperform the market tomorrow.</p></td></tr></table><a id="bm-comp-23cb1244-030a-4894-8df3-74c2b3b06eee" name="bm-comp-23cb1244-030a-4894-8df3-74c2b3b06eee" class="BMCustomAnchor"></a><table><tr><td bm-component-id="23cb1244-030a-4894-8df3-74c2b3b06eee" style="vertical-align: top; width:100.000000%;"><table id="bm-img-755256ee-8797-46be-b238-622e425f0f2a" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Dell Storage sales growth</td></tr><tr><td><img bm-img-encrypt="755256ee-8797-46be-b238-622e425f0f2a" bm-img-original-height="431" bm-img-original-width="792" bm-img-svg="image:image_upload/96561_5d8f807e-133e-41fd-af8d-661f80f1645c.svg" bm-img-width-hint="72.63%" id="bm-id-755256ee-8797-46be-b238-622e425f0f2a" src="https://abgsc.bluematrix.com/images/image_upload/96561_5d8f807e-133e-41fd-af8d-661f80f1645c_528.png" svg="/nas/web/clients/abgsc/images/image_upload/96561_5d8f807e-133e-41fd-af8d-661f80f1645c.svg" width="528" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Dell</td></tr></table></td></tr></table><a id="bm-comp-f7ff1a86-d6e6-4cc1-a6e1-f4d885258d7b" name="bm-comp-f7ff1a86-d6e6-4cc1-a6e1-f4d885258d7b" class="BMCustomAnchor"></a><table><tr><td bm-component-id="f7ff1a86-d6e6-4cc1-a6e1-f4d885258d7b" style="vertical-align: top; width:100.000000%;"><table id="bm-img-954e506e-b288-4030-bc2d-3f73c46626ce" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">NetApp sales growth</td></tr><tr><td><img bm-img-encrypt="954e506e-b288-4030-bc2d-3f73c46626ce" bm-img-original-height="431" bm-img-original-width="792" bm-img-svg="image:image_upload/96561_f19bfd07-9816-4e32-9f9f-f18383014e8b.svg" bm-img-width-hint="72.63%" id="bm-id-954e506e-b288-4030-bc2d-3f73c46626ce" src="https://abgsc.bluematrix.com/images/image_upload/96561_f19bfd07-9816-4e32-9f9f-f18383014e8b_528.png" svg="/nas/web/clients/abgsc/images/image_upload/96561_f19bfd07-9816-4e32-9f9f-f18383014e8b.svg" width="528" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, NetApp</td></tr></table></td></tr></table><a id="bm-comp-2146c1bf-28c4-4248-8f35-71c3a44da0ed" name="bm-comp-2146c1bf-28c4-4248-8f35-71c3a44da0ed" class="BMCustomAnchor"></a><table><tr><td bm-component-id="2146c1bf-28c4-4248-8f35-71c3a44da0ed" style="vertical-align: top; width:100.000000%;"><table id="bm-img-67ecc8f1-190c-4c9f-8dc9-3d9b72b9d9d6" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Proact System sales organic growth</td></tr><tr><td><img bm-img-encrypt="67ecc8f1-190c-4c9f-8dc9-3d9b72b9d9d6" bm-img-original-height="443" bm-img-original-width="792" bm-img-svg="image:image_upload/96561_183bace7-3954-4300-a7d6-bc3304662b49.svg" bm-img-width-hint="72.63%" id="bm-id-67ecc8f1-190c-4c9f-8dc9-3d9b72b9d9d6" src="https://abgsc.bluematrix.com/images/image_upload/96561_183bace7-3954-4300-a7d6-bc3304662b49_528.png" svg="/nas/web/clients/abgsc/images/image_upload/96561_183bace7-3954-4300-a7d6-bc3304662b49.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-6fa76c1e-269d-4f2c-a740-9ad56741080e" name="bm-comp-6fa76c1e-269d-4f2c-a740-9ad56741080e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="6fa76c1e-269d-4f2c-a740-9ad56741080e" style="vertical-align: top; width:100.000000%;"><table id="bm-img-e7f42c0d-3726-4fdf-b19b-079e397df1ea" 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="e7f42c0d-3726-4fdf-b19b-079e397df1ea" bm-img-original-height="473" bm-img-original-width="792" bm-img-svg="image:image_upload/96561_660ba447-d519-4e4d-9303-729c56d78204.svg" bm-img-width-hint="72.63%" id="bm-id-e7f42c0d-3726-4fdf-b19b-079e397df1ea" src="https://abgsc.bluematrix.com/images/image_upload/96561_660ba447-d519-4e4d-9303-729c56d78204_528.png" svg="/nas/web/clients/abgsc/images/image_upload/96561_660ba447-d519-4e4d-9303-729c56d78204.svg" width="528" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, FactSet, peers: ATEA, Dustin, Bechtle, Cancom, Computacenter</td></tr></table></td></tr></table>