Computacenter Acquisition of GAI provides exposure to US Federal markets; Expect LSD% earnings accretion FY26/27

研报英文原文证据摘录

Computacenter Acquisition of GAI provides exposure to US Federal markets; Expect LSD% earnings accretion FY26/27

C A Z E N O V E Europe Equity Research

28 May 2026

Computacenter Overweight

CCC.L, CCC LN

Acquisition of GAI provides exposure to US Federal Price (27 May 26):4,218p

markets; Expect LSD% earnings accretion FY26/27 ▲Price Target (Dec-27):4,500p Prior (Dec-27):4,000p

Our Take: Computacenter has announced it will acquire Government

Acquisitions Inc. (GAI), a US value-added-reseller (VAR) focused on US Federal European Tech Software & IT

Servicesmarkets. The acquisition values GAI at $92m (with $63m initially paid and $29m

deferred), financed through existing cash reserves. This implies a valuation close Joseph George AC

to ~11-12x adj. EBITDA. The acquisition will provide Computacenter with a (44-20) 3493-6990

joe.george@jpmorgan.com

foothold in the US Federal market, which it has historically been less active in. J.P. Morgan Securities plc

Computacenter is also guiding to immediate earnings accretion. We update our

Toby Ogg

model to reflect the acquisition, lifting our adj. PBT estimates LSD % through (44-20) 7742-3278

FY26-28. Overall, we think investors will look favourably upon the deal, given toby.ogg@jpmorgan.com

Computacenter’s excellent track record of inorganic growth in North America, J.P. Morgan Securities plc

with Federal markets complementing its existing corporate relationships within Giulio Gambardella

the region. We raise our Dec-27 PT to £45, reflecting higher estimates and a slightly (44-20) 3493-4181

higher target multiple (due to momentum of earnings upgrades). giulio.gambardella@jpmorgan.com

J.P. Morgan Securities plc

• Noteworthy Areas: 1) Transaction terms: Computacenter is acquiring Priya R Suneja

Government Acquisitions Inc.