DOX: Deep Value, But No Catalysts; Peer Perform

研报英文原文证据摘录

DOX: Deep Value, But No Catalysts; Peer Perform

Telecom and Networking Equipment

IT Services & Software - Market Weight

AMDOCS LIMITED (DOX) May 13, 2026

DOX: Deep Value, But No Catalysts; Peer Perform Rating:

Peer Perform

The Wolfe Byte Price: $59.93

Though we like the business – including the new aOS product – our enthusiasm has Price Target:

waned given little top-line acceleration/margin expansion. Softer Telco spending NA

and a weaker software environment are also concerns – as are the changes in View DOX Model

company leadership. Peer Perform. View Comp Table

Company Information

Ok Results/Guide… Amdocs reported sales of $1.172B (Street = $1.166B) with a 52-Week Range $60 - $94

Market Cap. (MM) $6,447

slight beat on EPS of $1.78 (Street = $1.77) on a higher gross margin, partially offset Enterprise Value (MM) $7,125

by non-recurring SG&A and equity related losses. For June, they’re guiding to $1.175B Shares Out. (MM) 107.6

(midpoint) in sales (Street = $1.176B) and EPS of $1.84 (Street = $1.89). For FY’26, Avg. Value Traded (MM) $114.65 Adj. Debt to Cap 8.8%

they tightened their sales growth outlook to 2-4% in CC (vs. 1-5% prior) and EPS SI% of Float 0.0%

growth of 5-7% (vs. 4-8% prior) as visibility improves. FCF Yield 10.8%

EV/ EBITDA 5.8x

Some aOS Progress but Still Early… Amdocs announced aOS – their agentic AI Price to Earnings 8x

layer product – last quarter. Positively, the company is now seeing initial commercial

engagements with Telcos including Cricket, Lumen, Bell Canada, EchoStar, and PLDT 10095

90– the latter reporting >90% of customer requests being resolved via aOS. However,

while discussions are progressing and there’s significant product potential here, 8580

meaningful BSS/OSS transformations remain a longer-term opportunity. 7570