UBS maintains its buy recommendation with a target price of €173 following the announcement of the acquisition of WNS for a cash consideration of $76.50 per share.

Despite the announcement, the market reacted moderately to the agreement with WNS. We believe the revenue synergy targets are ambitious, UBS said.

The transaction, totaling $3.3bn (before taking into account WNS' net financial debt), will have an accretive impact on Capgemini's normalized EPS of 4% before synergies in 2026 and 7% after synergies in 2027.


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