Financials Capgemini LIQUIDNET SYSTEMS

Equities

CAP1

FR0000125338

IT Services & Consulting

Real-time Estimate Tradegate Other stock markets 14:56:31 2024-06-26 EDT			5-day change	1st Jan Change
188.8 ^EUR	0.00%		0.00%	0.00%

06-25	CAC40: attempts to preserve 7650, our OATs relax further	CF
06-25	CAC40: in red, penalized by Airbus stall	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,213	21,371	37,064	27,009	32,266	32,459	-	-
Enterprise Value (EV) ¹	18,813	26,275	40,288	29,575	34,313	33,443	32,054	30,554
P/E ratio	21.8 x	22.8 x	32.4 x	17.7 x	20.1 x	18.8 x	16.9 x	15.3 x
Yield	1.74%	1.54%	1.11%	2.08%	1.8%	1.87%	2.06%	2.27%
Capitalization / Revenue	1.29 x	1.35 x	2.04 x	1.23 x	1.43 x	1.42 x	1.34 x	1.25 x
EV / Revenue	1.33 x	1.66 x	2.22 x	1.34 x	1.52 x	1.47 x	1.32 x	1.18 x
EV / EBITDA	8.23 x	10.4 x	13.4 x	9.5 x	9.3 x	9.77 x	8.37 x	7.21 x
EV / FCF	14.6 x	23.5 x	21.5 x	16 x	17.5 x	17.7 x	15 x	12.7 x
FCF Yield	6.85%	4.26%	4.65%	6.26%	5.72%	5.65%	6.68%	7.85%
Price to Book	2.15 x	2.53 x	4.39 x	2.78 x	3.12 x	2.78 x	2.48 x	2.21 x
Nbr of stocks (in thousands)	167,244	168,538	171,991	173,192	170,944	171,288	-	-
Reference price ²	108.9	126.8	215.5	156.0	188.8	189.5	189.5	189.5
Announcement Date	2/13/20	2/17/21	2/14/22	2/21/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,125	15,848	18,160	21,995	22,522	22,795	24,285	25,898
EBITDA ¹	2,286	2,527	3,012	3,112	3,691	3,423	3,831	4,237
EBIT ¹	1,741	1,879	2,340	2,867	2,991	3,056	3,368	3,694
Operating Margin	12.33%	11.86%	12.89%	13.03%	13.28%	13.41%	13.87%	14.27%
Earnings before Tax (EBT) ¹	1,354	1,355	1,680	2,264	2,304	2,559	2,862	3,145
Net income ¹	856	957	1,157	1,547	1,663	1,761	1,968	2,168
Net margin	6.06%	6.04%	6.37%	7.03%	7.38%	7.73%	8.11%	8.37%
EPS ²	5.000	5.550	6.660	8.790	9.370	10.06	11.23	12.37
Free Cash Flow ¹	1,288	1,119	1,873	1,852	1,963	1,888	2,140	2,399
FCF margin	9.12%	7.06%	10.31%	8.42%	8.72%	8.28%	8.81%	9.26%
FCF Conversion (EBITDA)	56.34%	44.28%	62.18%	59.51%	53.18%	55.16%	55.85%	56.62%
FCF Conversion (Net income)	150.47%	116.93%	161.88%	119.72%	118.04%	107.21%	108.7%	110.65%
Dividend per Share ²	1.900	1.950	2.400	3.250	3.400	3.550	3.899	4.295
Announcement Date	2/13/20	2/17/21	2/14/22	2/21/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2	2026 S1
Net sales ¹	7,118	7,581	8,267	8,711	4,552	4,897	9,449	5,167	5,521	10,688	5,553	5,754	11,307	5,729	5,697	11,426	5,480	5,616	11,096	5,527	5,646	11,169	5,644	5,919	11,534	11,748	12,066	12,423
EBITDA	-	-	-	-	-	-	1,642	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	944	818	1,061	1,042	-	-	1,298	-	-	1,301	-	-	1,566	-	-	1,413	-	-	1,578	-	-	1,390	-	-	1,666	1,488	1,769	1,597
Operating Margin	13.26%	10.79%	12.83%	11.96%	-	-	13.74%	-	-	12.17%	-	-	13.85%	-	-	12.37%	-	-	14.22%	-	-	12.44%	-	-	14.44%	12.67%	14.66%	12.86%
Earnings before Tax (EBT)	-	-	-	-	-	-	953	-	-	997	-	-	1,267	-	-	1,129	-	-	1,175	-	-	1,120	-	-	1,302	1,214	1,427	1,322
Net income	-	311	-	-	-	-	714	-	-	667	-	-	880	-	-	809	-	-	854	-	-	780.5	-	-	949	850	999	925
Net margin	-	4.1%	-	-	-	-	7.56%	-	-	6.24%	-	-	7.78%	-	-	7.08%	-	-	7.7%	-	-	6.99%	-	-	8.23%	7.24%	8.28%	7.45%
EPS	-	1.860	-	2.630	-	-	4.030	-	-	3.780	-	-	5.010	-	-	4.540	-	-	4.830	-	-	4.390	-	-	5.330	4.810	5.650	5.240
Dividend per Share	-	-	-	-	-	-	2.400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/13/20	9/3/20	2/17/21	7/28/21	10/28/21	2/14/22	2/14/22	4/28/22	7/28/22	7/28/22	10/27/22	2/21/23	2/21/23	5/4/23	7/28/23	7/28/23	11/7/23	2/14/24	2/14/24	4/30/24	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	600	4,904	3,224	2,566	2,047	984	-	-
Net Cash position ¹	-	-	-	-	-	-	405	1,905
Leverage (Debt/EBITDA)	0.2625 x	1.941 x	1.07 x	0.8246 x	0.5546 x	0.2876 x	-	-
Free Cash Flow ¹	1,288	1,119	1,873	1,852	1,963	1,888	2,140	2,399
ROE (net income / shareholders' equity)	10.8%	13.2%	15.9%	17%	16.5%	18%	17.9%	17.5%
ROA (Net income/ Total Assets)	4.94%	4.77%	5.03%	6.25%	6.63%	7.5%	7.78%	7.88%
Assets ¹	17,317	20,044	22,993	24,756	25,089	23,487	25,312	27,516
Book Value Per Share ²	50.70	50.00	49.10	56.00	60.60	68.20	76.60	85.60
Cash Flow per Share ²	10.80	9.910	15.30	15.20	14.70	13.80	15.30	16.50
Capex ¹	219	204	262	283	254	279	298	324
Capex / Sales	1.55%	1.29%	1.44%	1.29%	1.13%	1.22%	1.23%	1.25%
Announcement Date	2/13/20	2/17/21	2/14/22	2/21/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Capgemini

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

189.5 EUR

Average target price

231.2 EUR

Spread / Average Target

+22.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other IT Services & Consulting

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RELX PLC	+15.88%	85.34B
INFOSYS LIMITED	-0.14%	76.53B
HCL TECHNOLOGIES LIMITED	-1.53%	47B
SNOWFLAKE INC.	-34.52%	41.59B

Other IT Services & Consulting