Capgemini: Invest Securities still a buyer, adjusts TP

(CercleFinance.com) - Invest Securities reiterates its 'buy' rating on Capgemini on valuation grounds (2025 FCF yield of 7.
1%), while trimming its target price from E240 to E238, after reducing its over-optimistic estimates for 2025-26.

After being forced to cut its 2024 expectations twice, management seems to have been unwilling to take risks, presenting a very cautious 2025 guidance, the analyst notes, who is at the upper end of the guidance range.

We are aware that the improvement in momentum, perceptible at Capgemini in terms of organic growth, is likely to take several quarters (Q3 2025 at best), he warns.


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