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CapGemini Q4 Rev In Line, Beats On FY EBITDA/FCF, Guides For Steady FY24

TECHNOLOGY


{CAP FP Equity}

  • Q4 Rev broadly in-line with constant-FX beats in France/RoE countering misses elsewhere while FY adj-EBITDA beat by 7%, FY Income by 5% and FY Org FCF by 10%. DPS of 3.4 in-line.
  • FY results all in-line or in excess of targets. FY24 guidance implies broadly stable Rev growth (+0-3%), Op Margin (13.3-13.6% from 13.3%) and Org FCF (EUR 1.9bn from EUR 1.97bn) this year). CEO flagged Q1 as the likely trough this year.
  • EUR spreads muted vs. govies in early trading.
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