Oddo BHF maintains its 'neutral' rating on Capgemini shares, with a price target raised from 210 to 229 euros.

Yesterday, Capgemini reported Q4 org growth of -1%, in line with expectations, an operating margin of 13.3%, exceeding expectations (13.2%), and FCF of E1.96 billion (vs. E1.8 billion expected). Oddo BHF thus refers to "an overall solid end to the year".

For 2024, the analyst expects a more difficult start to the year (with -3.5% in Q1 and -1.1% in Q2). However, he is more confident for the 2nd half, expecting a return to growth in Q3 and even organic growth of 7.2% in Q4.

Following this publication, we are slightly adjusting our figures for 2024: org. growth of +1% (vs. 0.6% prec), OM of 13.5% (vs. 13.4% prec) and a tax rate of 28% (vs. 30% prec). This translates into a 6% increase in our EPS', concludes the broker.

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