AI infrastructure execution leader; initiate at Buy

研报英文原文证据摘录

AI infrastructure execution leader; initiate at Buy

a source of revenue visibility, despite the FY25 decline, and should improve customer

retention and lifetime value if the pipeline converts.

Strong growth outlook

We forecast c.22%/ c.24%/ c.24% revenue/ adjusted EPS/ FCF CAGR 2025-28E, driven

by the strong order backlog and our expectation that CCC will continue to win large AI

infrastructure deployment contracts with existing and new customers.

Balance sheet supports investment and capital returns

Computacenter has a strong balance sheet, a long track record of cash generation and

very high reported ROCE. That gives management optionality: the company can invest in

integration centres and systems, support working capital for large projects, pursue

selective acquisitions and maintain shareholder returns. The acquisition track record in

North America is important because it shows that M&A has been used to create

relevance in a structurally larger market rather than simply to buy revenue.

Computacenter exited FY25 with £606m of adjusted net funds, strong free cash

generation and high ROCE. While CCC pays a regular dividend to shareholders (2-2.5x adj

diluted EPs target), in certain years it has also done special returns such as a £200mn

share buyback in 2024. We however see limited scope for special returns currently, given

the focus on M&A, especially in North America.

Valuation premium to peers largely reflects AI infra spend exposure

Computacenter currently trades on 10.3x 2026E EV/EBITDA and 21.3x 2026E P/E, at

6%/33% premiums to EU, UK and US reseller peers. We think this is justified by CCC’s

exposure to fast-growing AI infrastructure investments through its Technology Sourcing

segment (82% of 2025 revenues), which is driving higher revenue growth near term.