Bell Asset Management Limited - Bell Australian Small Companies Fund (Class A) on Dicker Data Limited
Thesis
Dicker Data delivered an excellent first-half 2026 result that exceeded market expectations for revenue growth, gross margins and operating costs. The business has begun benefiting from AI-related spending. This improvement increased the fund's confidence in the medium-term outlook and contributed to a significant re-rating of the shares.
“The company has started to benefit from AI-related spending, lifting confidence in the medium-term outlook”