Endava's (DAVA) Future Uncertain Amidst AI Challenges

Night Watch Investment Management's Q4 2025 investor letter discussed Endava plc (DAVA), a technology services provider. Despite high volatility, the firm finished the quarter approximately flat. The letter highlighted DAVA's potential as an IT services provider, but noted that the market perceives it as an AI loser. The alternative view is that lower costs enable different IT projects for customers, which could be compensated for by higher volumes. DAVA's stock lost 78.65% of its value over the last 52 weeks and has a market capitalization of $362.365 million.