Wavestone (AO) | Buy | Wavestone

研报英文原文证据摘录

Wavestone (AO) | Buy | Wavestone

bsolete, creating a favourable backdrop for Wavestone’s one-stop-shop positioning.

AI is viewed as an accelerator, not a disruptor. Management estimates that c.15% of current revenues could disappear by 2030 as certain

activities become automated, but sees this as more than offset by new demand generated by AI-driven transformation programmes. The

key strategic risk is not disruption, but failing to capture the opportunity.

Productivity gains are meaningful but manageable. Wavestone assumes up to 20% productivity improvements across the organisation,

translating into c.10% volume deflation. Management argues this remains well below the threshold at which the consulting model

would face structural pressure.

AI adoption is accelerating faster than expected. The company believes AI transformation is progressing roughly twice as fast as the

previous digital transformation cycle, supporting a multi-year investment cycle rather than a short-term demand spike.

The nature of AI projects is changing. The market is moving beyond experimentation and proofs-of-concept toward enterprise-scale

deployments, workforce transformation and large-scale modernisation of legacy IT environments.

Agentic AI is the next major growth vector. Management sees large-scale orchestration of AI agents as the next phase of adoption and

intends to position Wavestone as a leading implementation partner in this segment. Early deployments are already underway.

AI is becoming increasingly material. AI-related revenues have already risen from c.8% of group revenue in FY24/25 to 17% in FY25/26,

with management targeting 25% next year. The constraint is increasingly execution capacity rather than demand.

Technology vendors remain partners rather than competitors.