Capgemini | Europe 2Q26 - 2Q slightly ahead, guidance raised

研报英文原文证据摘录

Capgemini | Europe 2Q26 - 2Q slightly ahead, guidance raised

Update

July 30, 2026 06:05 AM GMT

Morgan Stanley & Co. International plc+MCapgemini | Europe George W Webb

Equity Analyst

2Q26 - 2Q slightly ahead, George.Webb@morganstanley.comWilliam Richards +44 20 7425-2686

Research Associate

William.Richards1@morganstanley.com +44 20 7425-0269

guidance raised Mark Hyatt

Mark.Hyatt@morganstanley.com +44 20 7677-3663

AlphaSignals Earnings Reaction

Capgemini (CAPP.PA, CAP FP)

Unchanged Modest upside Modest revision lower

Technology - Software & Services | France

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Equal-weight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target €117.00

Shr price, close (Jul 29, 2026) €107.10

Key Takeaways 52-WeekMkt cap, currRange(mn) €153.05-85.62€18,847

Net debt (12/26e) (mn)* €4,574

2Q cc revenue growth of 11.6% above MS/consensus at 10% cc and suggesting EV, curr (mn)* €24,177

solid 2Q organic momentum. 1H adj. EBIT in-line with MS, marginally above

* = GAAP or approximated based on GAAP

consensus

1H adj. basic EPS missed by 10/12% vs. MS/consensus respectively on higher 1H

effective tax rate; likely mainly timing-related

FY26 cc revenue growth guidance mid-point upped 1.25pps to 8.75% cc (from

7.5%). Inorganic impact raised to c. 5pps vs. 4.5-5pps previously

Visible Alpha consensus was at 8.5% median cc revenue growth, so new mid-

point c. 25bps ahead, but also noting slightly higher inorganic impact guidance

raise

Unless there are any material mid-term tax rate guidance changes, top-line

guidance matters most today, and we see the stock outperforming low-single-

digit %

Better growth momentum enables FY guidance mid-point raise, tax-rate weighs