Report
Gregory Ramirez

CAPGEMINI: FY19 results and FY20 guidance roughly in line; swings in free cash flow | BUY | EUR135 (+17%)

CAPGEMINI - BUY | EUR135 (+17%)
FY19 results and FY20 guidance roughly in line; swings in free cash flow

FY19 results were roughly in line, free cash flow was excellent
Margin improvement led by the UK (despite Brexit) and France
FY20 guidance is in line with the consensus, except for FCF
Acquisition of Purpose, a social impact consulting firm
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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