Teleperformance (AO) | Buy | H1-26 results preview

研报英文原文证据摘录

Teleperformance (AO) | Buy | H1-26 results preview

Teleperformance Buy | Target Price: EUR85.00

Company description Management

Founded in 1978, Teleperformance (TP) is a global leader in digital business Jorge Amar, CEO

services and customer experience management (CXM). The company provides Benoit Gabelle, Interim CEO

customer care, technical support, content moderation, and trust & safety Moulay Hafid Elalamy, Chairman

solutions for a diversified clientele. With 500,000 employees in more than 100 Key shareholders

countries, Teleperformance combines human expertise, AI, and data-driven Free float 81.26%

technologies to improve customer interactions and business efficiency. Saham Group 14.89%

Bertelsmann 3.85%

Free float 81.26%

Investment case Valuation methodology

Teleperformance and its peers are facing investor concerns Our 12M forward TP is obtained from our DCF model, in which

about the growing development of AI/automation tools, which we use a 12.0% WACC and a 1.0% terminal growth rate.

are viewed as the biggest disruptive risk, leading to a massive Like its US listed peers, Teleperformance's current multiples are

de-rating. depressed.

Deleveraging and continued share buybacks should further Risks to our rating

support shareholder returns. AI is viewed as the most important disruptive risk for the entire

The combination of low valuation and strong cash generation industry.

could also attract private-equity interest Deteriorating performance and prospects: the group could face

Catalysts stronger pricing pressure from its clients and/or competitors.

Accelerated organic sales growth combined with solid New controversies.

profitability and FCF generation.

Accelerated deleveraging.

Accretive cash allocation (SBB, disposal)

Key data charts