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Proact: Dell and NetApp reports support growth recovery - ABG

Dell storage and NetApp billings show improved momentum
We estimate increased organic growth rates ahead for Proact
Share trades at 9.6x 2024e EV/adj. EBITA, 12% below peers


Dell and NetApp with solid numbers

Proact is a value-added reseller of data storage solutions from Dell and NetApp. Both companies reported in the end of last week, and to conclude, there were solid comments around demand for data storage, tailwinds from early AI signs and a general recovery in the market post a relatively weak 2023 in terms of products sales (System sales segment for Proact).
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