INVEST SECURITIES - Capgemini : Valorisation élevée au regard du risque américain - VENTE vs NEUTRE, OC 91€ vs 99€
Après un nouveau rerating depuis les publications T4 2017 et T1 2018, le titre CapGemini atteint un niveau de valorisation très exigeant. Le cours est proche de l'objectif moyen des analystes qui valorisent pourtant un scénario qui nous semble optimiste, alors que CapGemini est exposé à des risques significatifs et en particulier sa position sur le marché nord-américain. Les concurrents du groupe sur place voient leur croissance ralentir et leur marge mise sous pression, du fait d'un environnement prix difficile et des coûts des investissements dans le digital. Notre valorisation par DCF donne un potentiel de baisse significatif (-20%) et nous adoptons une recommandation VENTE (vs NEUTRE) avec un objectif de cours abaissé à 91€ (vs 99€).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).
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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