Report
Gregory Ramirez

CAPGEMINI | BUY | EUR135 vs. EUR142 Q3 2019 sales in line; FY19 guidance cut to the low-end of the range

CAPGEMINI - BUY | EUR135 vs. EUR142 (+28%)
Q3 2019 sales in line; FY19 guidance cut to the low-end of the range

Q3 2019 revenues were in line with expectations
Asia Pacific & LatAm led the pack in the quarter
FY19 guidance is cut to the low-end of the range
Buy reiterated, but we cut our Fair Value to EUR135 from EUR142
Underlying
Capgemini SE

Capgemini is a consulting and IT services provider. Co. works closely with technology partners at the cutting edge of innovation in major trends such as: Cloud, Big Data and mobility. Co. offers its clients skills in a variety of fields, such as digital transformation and digital customer experience, Cloud, Big Data, mobility, testing, cyber security, application management. In addition, Co. helps its clients enhance their performance and sharpen their competitive edge by offering them a range of skills grouped around four major businesses: Consulting Services through Capgemini Consulting, Technology Services (TS), Local Professional Services through Sogeti, and X Outsourcing Services (OS).

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Gregory Ramirez

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