According to the research firm, these divestments will ultimately have "a limited dilutive impact, which will be offset by stronger leverage than previously factored in on the recovery of profitability (notably in Germany)."

"The upcoming publications in January and March, as well as the 2026 guidance, should reflect this improvement in profitability and free cash flow," adds the analyst covering the IT services group.

Also highlighting a possible early refinancing of the restructured debt and new indicators to assess renewed commercial momentum, the analyst believes that "there is no shortage of short-term catalysts to sustain the strong revaluation."