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Capgemini (BBB+) Q1 Revenue In Line With Consensus; CEO Says Growth Trough Behind Them

TECHNOLOGY
  • Q1 revenue looks broadly in line with BBG consensus at -3.3% YoY (constant FX), led lower by the North America region (one quarter of revenue) which was -7.1% YoY while the largest Rest of Europe segment (one third of revenue) was -0.5% YoY. Book to bill ratio of 1.02 is exactly in line with Q123.
  • “As anticipated, the market continued to slow down in Q1, and we confirm the growth trough is now behind us. We expect the market to gradually pick up toward an attractive exit growth rate in Q4, setting up for a more tangible acceleration in 2025”
  • FY24 guidance confirmed.
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