European IT Services: Read across from Accenture F3Q’26 results

研报英文原文证据摘录

European IT Services: Read across from Accenture F3Q’26 results

in more mature R&D outsourcing markets, and 3) higher competition from pure-play

ER&D names or IT services companies looking to gain further scale in this space.

Atos (AEXAD)

We derive a target Enterprise Value of €3.6bn based on a 6.3x target 2027 EV/EBIT

metric, in line with peers adjusted for growth. This implies a target Equity value of €34

per share.

Upside risks are i) value unlock via disposals, ii) market share gains driven by the new

strategy, iii) faster operating profit growth driven by efficiency measures.

Downside risks are i) a weak demand environment over the next 12 months, ii) a faster-

than-expected slowdown in infrastructure outsourcing activity, impacted by the rise of

public cloud, and further restructuring of its workforce as this segment moves towards

automation, iii) increased competition from global and local IT services peers, iv) pricing

pressure driven by agentic AI capabilities on software development.

Bechtle Ag (BHTLF)

Our 12-month PO of €29 is based on 15x 2026E P/E. This multiple is a 15% discount to

its own 5Y average 12 month forward P/E, to reflect weaker growth.

Upside risks are: i) Better than expected demand for IT products and services, ii)

Improving macro environment, iii) Higher bonus payments from OEMs for meeting

targets.

Downside risks are: i) Lower than expected demand for IT products and services, ii)

Weaker macro environment, iii) supply chain constraints impacting the ability to fulfil

contracts, potentially leading to contractual penalties and iv) OEMs supplying directly to

customers.

Capgemini (CAPMF / CGEMY)

Our price objective for Capgemini is €139/share (ADR: US$33). The global application-

centric peer group trades on 2026E EV/EBITDA of 8.9x.