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SCT

Softcat PLC

Technology First-pass screen £2.7bn
480/1000 Overall fit
AI beneficiary 35% 50
Operating leverage 25% 52
Valuation 25% 30
Downside protection 15% 65

First-pass take

Softcat has indirect exposure to AI through datacentre infrastructure demand, but lacks direct AI revenue. Strong balance sheet (£158.5m net cash) and stable customers offset risks; however, current operating leverage is suppressed by deliberate headcount investment, and valuation is unknowable without share price.

Flags

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