(News Bulletin 247) – Oddo BHF reiterates its ‘outperformance’ opinion on Teleperformance, while lowering its target price from 293 to 270 euros, with a WACC raised from 9.5% to 10% in order to take into account new assumptions market conditions and long-term AI-related uncertainties.
While it recognizes that ‘the management discourse is pragmatic and oriented towards the pursuit of growth in order to reassure on the deflationary impact on the turnover of AI’, the design office underlines that ‘naturally, uncertainties remain ‘.
‘The momentum for the second quarter should remain limited before returning to more sustained organic growth in the second half’, estimates the analyst, who also judges that the valuation ‘remains very reasonable even before the accretive impact of Majorel’.
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