Report
Andrew Lange
EUR 100.00 For Business Accounts Only

Capgemini and Altran Deal Highlights Need for Wide Digital Expertise to Remain Relevant

After weighing Capgemini’s announced acquisition of Altran for EUR 3.6 billion (excluding net financial debt of approximately EUR 1.4 billion), we retain our narrow moat rating and fair value estimate of EUR 93. However, we think the combination of these two Parisian firms will be complementary. It will allow Capgemini to expand its offshore software engineering expertise further into Eastern Europe and India and leverage Altran’s valuable existing relationships with world-leading clients (espec...
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
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Andrew Lange

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