(News Bulletin 247) – Capgemini sold almost 3% in Paris while this morning, Oddo indicated that it was revising its price target for the share downwards, from 226 to 223 euros, while maintaining its ‘outperformance’ rating.
While Capgemini will publish its 4th quarter sales on May 4 (before trading), Oddo anticipates a slowdown in organic growth going beyond even simple base effects.
The analysis office is thus cautiously targeting org growth. Q1 of 7.5%, or 8.1% at cc (M&A impact of +0.6pt), a figure slightly below consensus expectations (Visible Alpha +8.4% at cc).
‘The slowdown in Q2 growth is logically confirmed (ODDO BHF: +5.1% org), as reported recently by Accenture. The central scenario remains to reach the low point of growth in Q3 (ODDO BHF: +3.8% org)’, specifies the analyst.
‘Ahead of this publication we marginally adjust our org growth forecast. 2023 (+5.4% vs 5.7% previous) and we integrate the latest small acquisitions. We are marginally adjusting our operating margin forecasts downwards (13.1% vs 13.2% previously),’ concludes Oddo.
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