Capgemini: Capital Markets Day Preview: the AI enabler

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Capgemini: Capital Markets Day Preview: the AI enabler

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Capgemini

Capital Markets Day Preview: the AI

enabler

Reiterate Rating: BUY | PO: 139.00 EUR | Price: 100.90 EUR

Expectations going into the CMD 19 May 2026

Capgemini is holding a Capital Markets Day on May 27th in London, 5 years after the last Equity

event in March 2021. We expect CAP to lay out how it plans to address the demand for

Gen AI to help customers unlock AI value with implementation of process automation. In Frederic Boulan, CFA >> Research Analyst

addition, with growth having slowed in recent years at -2% in 2024 and +3% in 2025, MLI (UK)

below CAP’s prior long-term view (7-9% growth average through 2025), we expect CAP +44frederic.boulan@bofa.com20 7995 7101

to set its mid-term ambitions to a more modest baseline, with consensus expecting Aditya Buddhavarapu, CFA >>

3.2% organic growth CAGR to 2028. Reiterate Buy on CAP's attractive positioning in Research Analyst

MLI (UK)

cloud, digital, and GenAI coupled with valuation support at 7.7x PE (50% below 10y +44 20 7995 7318

average) and a trough FCFE yield of 10.6% increasing to 13.9% by 2028. aditya.buddhavarapu@bofa.com

Carla Courthial >>

AI enabler vs deflation risk ResearchMLI (UK) Analyst

AI is the #1 debate for Capgemini and the broader IT Services industry. With >11% of 44 77 6120 0059

carla.courthial@bofa.com

bookings in Q1, Gen AI is emerging as a key source of demand, with CAP positioned to

Victor Cheng, CFA >>

help customers implement AI across organisations and deliver value, from industrial Research Analyst

processes to enterprise management. CAP announced several partnerships to support MLI (UK) +44 20 7996 0272

that ambition, including with Open AI (Frontier Alliance, Feb 23) and Google (April 23), victor.cheng@bofa.com