Sys-dat S.P.A.: Strong Performance and Growth Potential Drive Buy RatingWe also expect stronger momentum from cross-selling activities, supported by increased sales & marketing efforts, and we do not rule out the possibility of further acquisitions by year-end. In this update report, we broadly confirm our estimates, reiterate our OUTPERFORM rating, and raise our TP to €8.60 to reflect a lower equity risk premium in our DCF model. 2Q in line, confirming solid growth and strong cash generation capabilities. Net sales came in at €22.7mn (+54% YoY / +5% org.), vs. our estimate of €23.1mn (-2%), contributing €7.3mn and featuring a strong impact of recurring revenues. On profitability, adj. EBITDA net of M&A-related costs was €4.3mn, a 19.2% margin, in line with expectations. On cash flow, a further improvement in NWC led to FCF of €4.6mn (i.e. >100% of EBITDA), with NFP at €18mn (+€3.3mn vs. 1Q).