Financials Capgemini CINNOBER BOAT

Equities

0HAZ

FR0000125338

IT Services & Consulting

Delayed CINNOBER BOAT Other stock markets			5-day change	1st Jan Change
- ^EUR	-.--%		-.--%	-.--%

May. 02	Invest Securities Raises Capgemini PT, Keeps at Buy	MT
May. 02	CAPGEMINI : Invest Securities raises its price target	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,213	21,371	37,064	27,009	32,266	35,457	-	-
Enterprise Value (EV) ¹	18,813	26,275	40,288	29,575	34,313	36,436	35,103	33,619
P/E ratio	21.8 x	22.8 x	32.4 x	17.7 x	20.1 x	20.5 x	18 x	16.3 x
Yield	1.74%	1.54%	1.11%	2.08%	1.8%	1.72%	1.89%	2.09%
Capitalization / Revenue	1.29 x	1.35 x	2.04 x	1.23 x	1.43 x	1.55 x	1.45 x	1.36 x
EV / Revenue	1.33 x	1.66 x	2.22 x	1.34 x	1.52 x	1.59 x	1.44 x	1.29 x
EV / EBITDA	8.23 x	10.4 x	13.4 x	9.5 x	9.3 x	10.8 x	9.29 x	8.11 x
EV / FCF	14.6 x	23.5 x	21.5 x	16 x	17.5 x	19.1 x	16.2 x	13.8 x
FCF Yield	6.85%	4.26%	4.65%	6.26%	5.72%	5.23%	6.18%	7.23%
Price to Book	2.15 x	2.53 x	4.39 x	2.78 x	3.12 x	3.03 x	2.7 x	2.41 x
Nbr of stocks (in thousands)	167,244	168,538	171,991	173,192	170,944	171,288	-	-
Reference price ²	108.9	126.8	215.5	156.0	188.8	207.0	207.0	207.0
Announcement Date	2/13/20	2/17/21	2/14/22	2/21/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,125	15,848	18,160	21,995	22,522	22,856	24,409	26,013
EBITDA ¹	2,286	2,527	3,012	3,112	3,691	3,382	3,779	4,143
EBIT ¹	1,741	1,879	2,340	2,867	2,991	3,084	3,400	3,720
Operating Margin	12.33%	11.86%	12.89%	13.03%	13.28%	13.49%	13.93%	14.3%
Earnings before Tax (EBT) ¹	1,354	1,355	1,680	2,264	2,304	2,570	2,867	3,139
Net income ¹	856	957	1,157	1,547	1,663	1,769	1,973	2,166
Net margin	6.06%	6.04%	6.37%	7.03%	7.38%	7.74%	8.08%	8.33%
EPS ²	5.000	5.550	6.660	8.790	9.370	10.11	11.51	12.71
Free Cash Flow ¹	1,288	1,119	1,873	1,852	1,963	1,907	2,168	2,432
FCF margin	9.12%	7.06%	10.31%	8.42%	8.72%	8.34%	8.88%	9.35%
FCF Conversion (EBITDA)	56.34%	44.28%	62.18%	59.51%	53.18%	56.37%	57.36%	58.69%
FCF Conversion (Net income)	150.47%	116.93%	161.88%	119.72%	118.04%	107.81%	109.85%	112.24%
Dividend per Share ²	1.900	1.950	2.400	3.250	3.400	3.566	3.915	4.320
Announcement Date	2/13/20	2/17/21	2/14/22	2/21/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2	2026 S1
Net sales ¹	7,118	7,581	8,267	8,711	4,552	4,897	9,449	5,167	5,521	10,688	5,553	5,754	11,307	5,729	5,697	11,426	5,480	5,616	11,096	5,527	5,708	11,185	5,699	6,020	11,605	11,752	12,121	12,428
EBITDA	-	-	-	-	-	-	1,642	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	944	818	1,061	1,042	-	-	1,298	-	-	1,301	-	-	1,566	-	-	1,413	-	-	1,578	-	-	1,390	-	-	1,682	1,485	1,771	1,594
Operating Margin	13.26%	10.79%	12.83%	11.96%	-	-	13.74%	-	-	12.17%	-	-	13.85%	-	-	12.37%	-	-	14.22%	-	-	12.43%	-	-	14.49%	12.64%	14.61%	12.83%
Earnings before Tax (EBT)	-	-	-	-	-	-	953	-	-	997	-	-	1,267	-	-	1,129	-	-	1,175	-	-	1,114	-	-	1,310	1,211	1,429	1,319
Net income	-	311	-	-	-	-	714	-	-	667	-	-	880	-	-	809	-	-	854	-	-	780	-	-	917	848	1,000	923
Net margin	-	4.1%	-	-	-	-	7.56%	-	-	6.24%	-	-	7.78%	-	-	7.08%	-	-	7.7%	-	-	6.97%	-	-	7.9%	7.22%	8.25%	7.43%
EPS	-	1.860	-	2.630	-	-	4.030	-	-	3.780	-	-	5.010	-	-	4.540	-	-	4.830	-	-	4.410	-	-	5.190	4.800	5.660	5.220
Dividend per Share	-	-	-	-	-	-	2.400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/13/20	9/3/20	2/17/21	7/28/21	10/28/21	2/14/22	2/14/22	4/28/22	7/28/22	7/28/22	10/27/22	2/21/23	2/21/23	5/4/23	7/28/23	7/28/23	11/7/23	2/14/24	2/14/24	4/30/24	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	600	4,904	3,224	2,566	2,047	979	-	-
Net Cash position ¹	-	-	-	-	-	-	353	1,838
Leverage (Debt/EBITDA)	0.2625 x	1.941 x	1.07 x	0.8246 x	0.5546 x	0.2895 x	-	-
Free Cash Flow ¹	1,288	1,119	1,873	1,852	1,963	1,907	2,168	2,432
ROE (net income / shareholders' equity)	10.8%	13.2%	15.9%	17%	16.5%	18%	17.9%	17.5%
ROA (Net income/ Total Assets)	4.94%	4.77%	5.03%	6.25%	6.63%	7.48%	7.77%	7.88%
Assets ¹	17,317	20,044	22,993	24,756	25,089	23,629	25,391	27,495
Book Value Per Share ²	50.70	50.00	49.10	56.00	60.60	68.30	76.70	85.70
Cash Flow per Share ²	10.80	9.910	15.30	15.20	14.70	14.10	15.70	16.60
Capex ¹	219	204	262	283	254	274	300	327
Capex / Sales	1.55%	1.29%	1.44%	1.29%	1.13%	1.2%	1.23%	1.26%
Announcement Date	2/13/20	2/17/21	2/14/22	2/21/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Capgemini

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

207 EUR

Average target price

242.3 EUR

Spread / Average Target

+17.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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