Computacenter: AI infrastructure execution leader; initiate at Buy

研报英文原文证据摘录

Computacenter: AI infrastructure execution leader; initiate at Buy

Risks to our investment case

Downside risks

Slowdown in AI capex: With shares already discounting a stronger AI infrastructure

narrative, any signs of a slowdown in investments in AI infrastructure from hyperscalers

or neoclouds could compress the multiple.

Backlog conversion and customer concentration: The £7.1bn order backlog

improves visibility, but shipment timing, customer deployment schedules,

GPU/component availability and customer concentration can create volatility.

North America sustainability: North America is now central to the thesis. A slowdown

in hyperscale demand, weaker enterprise wins or disappointing project margins would

challenge the rerating.

Margin dilution: High-volume AI and hyperscale Technology Sourcing supports revenue

growth but can dilute the gross margin. If services attachment does not improve,

earnings growth may lag revenue growth.

France/Western Europe execution: Western Europe delivered an adjusted operating

loss in FY25, driven mainly by France. Failure to rebalance toward private sector

customers and reduce legacy costs would remain a group drag.

Public sector timing: Germany and France have meaningful public sector exposure,

which can be affected by political change, budget approvals and framework timing.

Other risks: Additional risks include M&A integration, FX translation, supply chain

shortages, vendor-term changes, cyber resilience and channel disintermediation by major

technology vendors.

Upside risks

Acceleration in AI infrastructure spending: Further increases in AI capex from

hyperscalers, neoclouds and large enterprises could drive stronger demand for

Technology Sourcing, datacentre infrastructure and related services, supporting both