Oddo BHF reiterates its Outperform rating on the stock, with a price target of 180 €, following the announcement of the sale of its American subsidiary Capgemini Government Solutions, an entity representing approximately 0.4% of the Group's 2025 revenue (less than 2% of its revenue in the United States).
"This decision follows the controversy related to the fact that CGS works with the federal entity ICE (Immigration And Customs Enforcement) and was made because, according to Capgemini, the legal constraints imposed in the United States for contracting with federal entities conducting classified activities did not allow the Group to exercise appropriate control over certain aspects of this subsidiary's operations, in order to ensure alignment with the Group's objectives," explains Oddo BHF in its daily report.
At the current price, the stock is trading at a 2025 P/E of 14 times and offers a yield of nearly 2%.
Capgemini SE is one of the world leaders in providing IT services. The group's activity is organized around 4 sectors:
- system design, development and integration;
- outsourcing services: management of applications and infrastructures;
- technology and engineering services: assistance and support services for internal IT teams;
- consulting services.
Net sales are distributed geographically as follows: France (18.7%), the United Kingdom and Ireland (13.4%), Europe (30.4%), North America (28.4%), Asia/ Pacific and Latin America (9.1%).
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