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Capgemini: Oddo raises target price

(CercleFinance.com) - Broker Oddo has said that applying its valuation methods to 2018/19e has brought it to raise its target price for the Capgemini share to 118 euros.
Analysts confirm their buy rating on the share.

Capgemini will publish its FY results before the market opens on 15 February. Oddo says that it is confident in the quality of the results published by the group, and in its ability to achieve annual guidance as well as the consensus' expectations at constant exchange rates.

Updating Forex assumptions (impact on sales and margin rate) has led the broker to reduce its 2017 and 2018 EPS estimates by -1% and -5% respectively.

Oddo anticipates an underlying operating margin of 11.7% - at the bottom of the guidance range provided (11.7%-11.9%). It also expects organic growth of 4.58% in 2018 (vs. consensus +4.3%), above its level in 2017 (+3.2%) and, above all, exceeding growth of Q4 2017.

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