IBM - Magic Software Enterprises: Benefits From Durable M&A Digitalization And Logistics Strength

• As part of Asseco's Formula Systems assets, Magic Software has delivered soundly in their businesses with over 20% in organic revenue growth.
• With exposure to business transformation initiatives, related substantially to acquisition activity, Magic is likely to continue to deliver.
• Moreover, the digitalization trends accelerated by COVID-19 continue to be a tailwind for Magic in IT services and for the rest of their software on offer.
• For a low double-digit multiple and with even a decent dividend yield, Magic is a worthwhile exposure which we continue to hold through Asseco Poland.

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