Report
Gregory Ramirez

CAPGEMINI: Finally taking control of Altran, but not yet the end of the story | BUY | EUR135

CAPGEMINI - BUY | EUR135
Finally taking control of Altran, but not yet the end of the story

The offer is reopened and Altran enters Capgemini’s scope in April
EPS accretion and synergies will be reassessed by July
We consider 11% EPS accretion in 2021-22 ex-synergies
We keep our Fair Value at EUR135 and reiterate our Buy rating
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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