Capgemini: Rating Upgrade On Visibility In Growth Recovery And Margin Expansion [Seeking Alpha]
CAPGEMINI SE UNSP/ADR (CGEMY)
NASDAQ:AMEX Investor Relations:
investors.capgemini.com
Company Research
Source: Seeking Alpha
Management expects 0 to 3% revenue growth in FY24 and 13.3 to 13.6% margin in FY24. Margin should expand due to cost structure improvements and labor productivity gains. Summary Following my coverage of Capgemini ( OTCPK:CAPMF ), for which I recommended a hold rating as I wanted to wait for better visibility into the timing of growth reacceleration before turning bullish, this post is to provide an update on my thoughts on the business and stock. I am upgrading my rating from a hold to buy as I have gained more visibility into the growth outlook and am very positive about the margin improvement trajectory ahead. Investment thesis The CAPMF FY23 results were largely in line with consensus. It reported total FY23 y/y revenue growth of 2.4% (3.9% on an organic basis) to $22.52 billion, in line with the consensus of $22.5 billion. As for 4Q23, CAPMF reported an organic growth decline of 1%. Adj EBIT also came in line with consensus (0.8% beat) at $2.99 billion vs. $2.97 billion
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