HSBC on Thursday maintained its buy recommendation and 150 euro price target, deeming the latest quarterly publication by the customer relations outsourcing specialist to be 'encouraging'.

From the analyst's point of view, the market will most certainly want to have more reassuring elements and better visibility on the evolution of the business model (and in particular the implications of AI) before again placing its trust in the group.

However, it also considers the first-quarter results encouraging, particularly in relation to other publications in the sector, and believes that the current valuation multiples (PER 2025 of 5.5x for a return on cash flow FCF of 17%) reflect neither the growth potential nor the generous remuneration that the company is offering its shareholders.

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