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Teleperformance FY Results Look Soft; Guidance For Slower FY24 Growth

TECHNOLOGY


  • Reported just after the equity close, no immediate change in EUR spreads visible.

  • Slight miss on FY rev by 1.2% and EBITDA by 2% vs. BBG consensus while equities likely to be disappointed with a 9% net income miss and unchanged DPS at 3.85 (BBG consensus 3.99).
  • Like-for-like Rev +5.1% missed the +6% guidance though EBITA margin of 15.9% was in line with 16% guidance.
  • Net leverage was 2.56x (or pro forma 2.18x with Majorel consolidated over 12m) against Q3 guidance of ~2x (target based on “est. 2023 aggregated annual figures from the combination of Teleperformance and Majorel”)
  • FY FCF of EUR 812mn was +15.5% YoY and slightly ahead of BBG consensus of EUR 797mn while cash conversion increased from 40.2% to 45.7%.
  • Outlook guides for slower FY24 with like-for-like Rev growth of 2-4%, +10-20bps EBITA margin and increased net FCF as CEO comments focus on AI opportunities.
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