DAVY VIEW

Datalex continues to impress with its ability to grow platform revenue – its key value driver – while establishing the foundations for further growth. While the H1 numbers are rock-solid (adjusted EBITDA of $3.8m was in line with our forecast), what really stands out is the combination of its third customer in China, the recent go-live at jetBlue and further strengthening of its pipeline. These will drive growth into FY 2016 while FY 2015 guidance of +20-25% adjusted EBITDA has been reiterated. We do not expect to change forecasts at this point.