Federal Rebound and S1&C Booking Resilience

研报英文原文证据摘录

Federal Rebound and S1&C Booking Resilience

Global Research

29 July 2026ab

CGI Inc. Equities

AmericasFederal Rebound and SI&C Booking Resilience

Diversified Technology Services

12-month rating Neutral

Bottom Line

The CGI stock is up 4% amid easing sector and federal fears coupled with its third 12m price target US$77.00

consecutive quarter of 100%+ SIC book-to-bill. Revenue increased +1.3% cc YoY to Prior : US$70.00

C$4.2b with growth primarily driven by recent acquisitions, government demand, and

Price (29 Jul 2026) US$74.45

increased Asia Pacific delivery center utilization partially offset by weaker demand in

financial services, manufacturing/retail/distribution [MRD], and Germany. Adjusted EBIT RIC: GIB.N BBG: GIB US

margin was flat at 16.3%, while adj. EPS increased 9% YoY to C$2.29 helped by ~7%

Trading data and key metrics

share count reduction from continued buybacks [C$413M in Q3, C$1.37B YTD].

52-wk range US$97.53-61.28

Bookings were flat [+3bps YoY] $4,199 with 100.1% book-to-bill (.96 MS + 1.05 SI&C)

amid softer Managed Services bookings. However, CGI suggested these are decision Market cap. US$15.3b

delays as pipeline is up 20% YoY in Managed Services and 30% YoY in SI&C. US Federal Shares o/s 206m (COM)

[~12% revenue] laps headwinds evidenced by 2.5% organic growth and 115% Free float 99%

book-to-bill. CGI continues to see client spending shift from experimentation toward Avg. daily volume ('000) 110

enterprise deployment, with increasing demand centered on governance, cybersecurity, Avg. daily value (m) US$7.2

data modernization, sovereign AI infrastructure, and ROI-focused AI implementations. Common s/h equity (09/26E) C$10.3b

While we appreciate the continued free cash flow execution, expanding AI opportunity P/BV (09/26E) 2.0x