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Teleperformance H1 Results Mixed; Credit Metrics Stronger

TECHNOLOGY

Rating: NR/BBB

  • Difficult to assess expectations given the lack of many consensus figures. Reported Q2 revenue was in line with the average of three estimates while organic growth and H1 FCF came in between the only two estimates while H1 EBTIDA missed both estimates. Leverage and FCF both stronger. No mention of Salesforce/Klarna announcements on call.

  • Q2 reported revenue +29.7% (+0.1% vs. BBG consensus) with an organic growth rate of +2.4% (vs. BBG consensus estimates of 1.95% and 3.34%).
  • H1 recurring EBITDA flat pro-forma (-4.7% YoY vs, avg. consensus, -3.7% vs. lowest).
  • Net FCF of EUR 448mn up from EUR 309mn in H123 (vs. consensus estimates of EUR 423mn and EUR 468mn. EBITDA leverage, as per our calculation, of 2.29x from 2.56 at FY23.
  • FY guidance affirmed including net debt ratio <2x. Majorel integration said to be on track.
  • “Growth is expected to gain further momentum in the second half, due to lower prior-year comparatives and the impact of recently signed new contracts”.
  • “So we are quite confident that the net-debt-to-EBITDA ratio will be below 2x at the end of this year.”
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