Silver Sunset: Top EU TMT Talking Points Today - Let‘s Discuss

研报英文原文证据摘录

Silver Sunset: Top EU TMT Talking Points Today - Let‘s Discuss

ter cutting its FY26 revenue growth outlook and citing headwinds, including pressure in the

Middle East. While Accenture reported solid consulting bookings, its managed services book-to-bill ratio fell below one for the

first time in many years, raising concerns over the sustainability of demand and prompting a negative read-across for the wider IT

services sector. Despite both companies consistently framing generative and agentic AI as structural growth opportunities, the

market continues to view IT services firms with scepticism, with investors adopting a “guilty until proven innocent” stance. The

concern is that, notwithstanding positive AI messaging, underlying growth trends are deteriorating, and slowing revenue growth is

being interpreted by some as evidence that AI could ultimately prove disruptive rather than supportive. At its recent Capital

Markets Day, CAP management outlined medium-term targets that exceeded expectations and reiterated that AI should represent

a significant growth tailwind. However, investors remain mindful that Capgemini failed to deliver on targets set at its previous

CMD, in a pre AI world. Investors are therefore waiting for tangible proof in the form of sustained organic growth acceleration,

margin expansion and strong free cash flow generation before becoming more constructive on the story. Against that backdrop,

Accenture’s weaker outlook and guidance cut do little to support the narrative and instead reinforce concerns around the sector’s

ability to convert AI enthusiasm into meaningful financial growth. See Toby Ogg’s take on the CMD HERE

BESI (OW): CMD didn’t deliver the usual excitement… Shares have reacted relatively muted despite BESI increasing its