Stay Underweight Post Q2 Cut: Tieto Oyj | Europe

研报英文原文证据摘录

Stay Underweight Post Q2 Cut: Tieto Oyj | Europe

Idea

July 22, 2026 11:01 PM GMT

Morgan Stanley & Co. International plc+MTieto Oyj | Europe Mark Hyatt

Equity Analyst

Stay Underweight Post Q2 Cut Mark.Hyatt@morganstanley.comGeorge W Webb +44 20 7677-3663

What’s Changed George.Webb@morganstanley.com +44 20 7425-2686

William Richards

Tieto Oyj (TIETO.HE) From To Research Associate

Price Target €16.00 €15.80 William.Richards1@morganstanley.com +44 20 7425-0269

With Tech Consulting showing no clear inflection, we expect Tieto Oyj (TIETO.HE, TIETO FH)

Technology - Software & Services | Finland

Tieto’s growth recovery to extend into 2H27. As the cost-savings

Stock Rating Underweight

runway narrows, we see less scope for further earnings offsets. Industry View In-Line

Price target €15.80

At a 27% CY27 P/E premium to Capgemini, we see downside risk Shr price, close (Jul 22, 2026) €17.72

as investor focus shifts back to the top line. 52-WeekMkt cap, currRange(mn) €21.86-14.30€2,103

Net debt (12/26e) (mn)* €401

EV, curr (mn)* €2,587

Key Takeaways

* = GAAP or approximated based on GAAP

Incremental capital returns and strong cost-led margin execution have protected Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

EPS and supported the shares Sales / Revenue 1,852 1,708 1,703 1,755

(€mn)**

But we think the FY26 guidance cut and broader revenue softness raises the risk EBITDA (€mn)** 290 285 286 296

that the growth recovery is pushed further into FY27 EBIT (€mn)** 257 266 268 279

EPS (€)** 1.39 1.60 1.76 1.84

With the growth recovery remaining highly uncertain, and margin benefits likely ModelWare EPS (€) 1.27 1.48 1.64 1.72

Prior EPS (€)** - 1.61 1.72 1.80

better captured in consensus, we see less scope for positive revisions P/E** 13.2 11.1 10.1 9.6

EV/revenue* 1.4 1.5 1.5 1.4