Quick Take: Teleperformance CEO meeting

研报英文原文证据摘录

Quick Take: Teleperformance CEO meeting

Will Kirkness +44 20 7676 8355 will.kirkness@bernsteinsg.com 16 June 2026

DISCLOSURE APPENDIX

I. REQUIRED DISCLOSURES

References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC

(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,

2024 onwards), Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司, Sanford C. Bernstein (Canada) Limited, Sanford

C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,

Sanford C. Bernstein Japan KK (サンフォード・C・バーンスタイン株式会社) and analysts employed by Société Générale

Africa Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernstein

and Société Générale.

Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically noted

otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respective

affiliates.

VALUATION METHODOLOGY

Teleperformance

Outside of recessionary periods, Teleperformance has traded at 15-25x but is now severely weighed down by AI and long-term

growth fears. Based on previous low multiples, aside from recessionary periods, and set with reference to peers, we believe that

Teleperformance should trade on 10x FY26e EPS. That drives a price target of €140.

RISKS

Downside: 1) Continuing controversies on content moderation or employer's behaviour 2) Negative impact from AI/ChatGPT and

3) A weaker USD vs EUR

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