(Boursier.com) — Teleperformance rose 1% on Thursday to 152.75 euros, while Berenberg began monitoring the file with a recommendation to “buy” and a target of 232 euros. Oddo BHF had previously adjusted its target to 270 euros, while maintaining its ‘outperform’ opinion on the file… During a webinar and an investor conference in London, management returned to the various subjects topical. The discourse of management remains pragmatic and oriented towards the pursuit of growth in order to reassure on the deflationary impact on the turnover of AI.
Still, uncertainties remain (few figures given by management on the impact of AI in the medium term; evolution of the outsourcing rate, sharing of productivity gains with the client, etc.). The momentum for Q2 should remain limited before returning to more sustained organic growth in the second half. In conclusion, the valuation remains very reasonable (EV/EBIT 8.2x, i.e. a discount of more than 40% vs historical 10 years; a level at its lowest level since 2013; FCF yield of more than 9% in 2023e) even before the accretive impact of Majorel.
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