Computacenter: Outlook raised as earnings double YoY; Raising JPM estimates and PT

研报英文原文证据摘录

Computacenter: Outlook raised as earnings double YoY; Raising JPM estimates and PT

C A Z E N O V E Europe Equity Research

09 July 2026

Computacenter Overweight

CCC.L, CCC LN

Outlook raised as earnings double YoY; Raising JPM Price (08 Jul 26):4,136p

estimates and PT ▲Price Target (Dec-27):5,000p Prior (Dec-27):4,500p

Our Take: Computacenter has released a short qualitative Q226 trading update,

with performance ahead of expectations and H126 adj. PBT expected to be double European Tech Software & IT

Servicesthat of H125 (£81.5m). This implies a >17% beat to consensus estimates. The better

than expected performance was driven by North American volume growth, Joseph George AC

particularly within Computacenter’s hyperscaler customers. Notably, the order (44-20) 3493-6990

joe.george@jpmorgan.com

book as of 30th June 2026 was ahead of the position at YE25, suggesting significant J.P. Morgan Securities plc

order intake through Q226 (recall, the order book as at 31st March had moderated

Toby Ogg

vs. the position at YE25). Computacenter now expects to deliver FY26 earnings (44-20) 7742-3278

“comfortably ahead” of consensus expectations. We raise our FY26 adj. PBT toby.ogg@jpmorgan.com

estimate to £336m (+9% from £308m prior) and, as a result, lift our Dec-27 price J.P. Morgan Securities plc

target to £50 (£45). Giulio Gambardella

(44-20) 3493-4181

• Noteworthy Areas: (1) Regional performance: North America continued its giulio.gambardella@jpmorgan.com

strong momentum and delivered volume growth with hyperscale customers J.P. Morgan Securities plc

ahead of management expectations; the UK delivered “excellent” growth in Priya R Suneja

Technology Sourcing and “strong” growth in Professional Services; growth in (91-22) 6157 4721