(News Bulletin 247) – Oddo indicates that Capgemini published yesterday morning a turnover for the 4th quarter of 5754 ME, 2% higher than expected. ‘Organic growth came out at +12.8% y/y above expectations (Consensus: +10.8%; Oddo BHF: +12.8%e)’.
The analyst points out that only North America posted a performance below expectations (12.3% at cc against 14.0% at cc for Oddo), due to the Tech sector.
For the year 2022, non-IFRS operating profit came out at 2,867 ME, in line with expectations, implying a margin of 13.0%, up 10 bp (Oddo BHF and Consensus: 13.0%e).
Oddo raises its 2023 organic growth forecasts to 5.6% (vs. 4.4%) and Margin Op to 13.2% (vs. 13.1%), towards the top of the group’s guidance range.
The short target is up at E226 (against E218). Oddo reiterates its outperformance opinion on the stock, motivated by a low valuation.
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