Unidata: Solid 2025 Performance, Strategic Optionality, and Valuation Discount Underpin Buy RatingWe are updating our FY25 estimates to reflect preliminary results, resulting in a c.2% increase in 2026-28 EPS. Our FY26–FY28 forecasts are broadly in line with the mid-points of the targets announced in December. BUY confirmed; target still €4.5. The new plan reaffirmed management’s ambition to turn TechCo serving larger clients in a more competitive environment, implying some margin dilution and investment levels broadly in line with the previous plan. Unidata could play an active role in the Italian telecom shake-up, exploring options to strengthen its position, including consolidation; with strategic assets like its Rome FTTH network and strong infrastructure capabilities, the stock retains speculative appeal. The stock is trading at an undemanding c.4x EV/EBITDA’26E (EU telco sector at c. 6x), and at our TP it would trade at 5.5x (INTRED is currently trading at 6x).