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Proact: Positive data from both NetApp and Dell reports - ABG

NetApp and Dell beat expectations and guide for better growth ahead
Storage/server revenues were main drivers, and AI a potential
Supports our 6% organic growth in 2024e, share at 8.6x NTM EV/EBITA

NetApp and Dell shares +17-22% post earnings

Proact is a partner to both NetApp and Dell in re-selling their hardware data storage, and both US suppliers released earnings reports yesterday (NetApp Q3 and Dell Q4). NetApp grew revenues 5% y-o-y (+1% vs FactSet consensus) and released a Q4 guidance of 5% growth y-o-y (+1% vs cons). Dell reported a revenue decline of 11% with the ISG (Infrastructure Solutions Group) segment, that include Storage, declining 6% y-o-y. Despite the negative growth, Dell guides for improved growth rates ahead with group growth of 5% in FY'25 driven by growth in ISG in the mid-teens. Both companies were talking about AI as a potential driver for increased storage need and infrastructure investments form businesses, with early signs in order intake. NetApp's share is up 17% in pre-market trading and Dell 22%, showing that the growth outlooks were well rewarded by the market.
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