Computacenter (1K) | Hold | And another beat-and-raise quarter

研报英文原文证据摘录

Computacenter (1K) | Hold | And another beat-and-raise quarter

Computacenter Hold | Target Price: 4400p

Company description Management

Founded in 1981, Computacenter is a pioneer in the British value-added reseller Mike Norris, CEO

space. In the decades thereafter, it expanded into selective European and North Keith Mortimer, CFO

American markets. Today, the company is a leading European market player with

a strong emphasis on enterprise and public clients – almost 200 clients generate Key shareholders

>GBP1m of gross profit each year. After several acquisitions in recent years, the Free float 63.40%

Mr. Ogden (and related parties) 22.80%

share of North American revenues has significantly grown to >40% in 2023 (up Mr. Hulme (and related parties) 13.80%

from <10% in 2019). EQi 2.90%

Investment case Valuation methodology

The North American business adds exposure to the AI-related We value Computacenter based on a target P/E FY 2027 of 18x,

capex cycle and a mid-term growth layer unique to which translates into a small premium to the five-year average.

Computacenter in the space. The delivery of some larger orders The shares trade at a FCF yield of <6% based on our FY 2026/27

in the pipeline should add confidence on 2026. estimates, which is aligned with the peer group now.

Another focus is on staying on its growth recovery path in Our Hold rating reflects a more balanced risk-reward profile

Europe after a disappointing 2024 performance, in particular in after the strong share price run in recent quarters, in our view.

the UK home market. Improving top-line momentum, a shift to Risks to our rating

more services, and increasing efficiency, given high investments More prolonged client reluctance to invest, most importantly in