Capgemini: 1H preview: resilient trends despite macro uncertainties

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Capgemini: 1H preview: resilient trends despite macro uncertainties

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Capgemini

1H preview: resilient trends despite macro

uncertainties

Reiterate Rating: BUY | PO: 139.00 EUR | Price: 89.52 EUR

Q2: expect resilient growth, focus on macro vs AI impact 22 June 2026

Capgemini reports H1 results on July 30th. We forecast 3.8% organic growth for Q2 (VA Equity

cons: 3.7%), a modest deceleration vs 4.5% in Q1. With consensus at 3.4% growth for

FY, at the high end of CAP’s 2-3.5% organic growth guidance, we see a possibility of

Key ChangesCAP lifting the low end of its guidance range. We expect H1 organic growth of 4.1%, and

stable adj operating margin of 12.5%, both in line with consensus. The BofA European IT (EUR) Previous Current

Services Indicator (see report) declined for the third consecutive month in May 2026, 2026E EPS 13.55 13.30

which we believe largely reflects concerns around the impact of the Middle East conflict. 2027E EPS 14.33 14.18

While investors remain concerned about the impact of Gen AI on industry growth, CAP 2026E DPS 4.11 4.03

frames AI as a significant enterprise transformation opportunity, with agentic AI

expected to create material revenue pools beyond efficiency. Reiterate Buy on CAP's Frederic Boulan, CFA >>

Research Analyst

attractive positioning in cloud, digital, and GenAI coupled with valuation support at MLI (UK)

2026E FCFE yield of 11.6% increasing to 15.6% by 2028E. Revenue / EBIT estimates +44 20 7995 7101 frederic.boulan@bofa.com

unchanged, 1-3% reduction of 2026/2027E EPS on higher tax assumption. PO Aditya Buddhavarapu, CFA >>

unchanged at €139 (ADR PO moves from US$33 to US$32 on FX). Research Analyst

MLI (UK)

Accenture read: limited consistency with EMEA coverage +44aditya.buddhavarapu@bofa.com20 7995 7318