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olivLaw · European equity research

Capgemini SE CAP.PA

France · Euronext Paris · ISIN FR0000125338 · Vertical: Listed companies from France

130.50EUR+0.77% · 1 dayClose 05 Nov 2026

Capgemini SE is a French group offering consulting, technology and outsourcing services, with a stable presence in more than 50 countries and a significant part of its production capacity concentrated in India. For investors, the group remains relevant through how it adapts its service portfolio to generative artificial intelligence and manages personnel costs.

At the close of 05 Nov 2026, Capgemini SE (CAP.PA) stock was 130.50 EUR (+0.77% on the day), with market capitalisation 22.2 bn EUR, P/E 13.8 on diluted EPS of 9.47 EUR over the last 12 months, dividend yield 2.63%, beta 0.64, 52-week range 86.06–151.85 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
22.2 bn EUR
shares as of 31 Dec 2024
P/E (TTM)
13.8
Diluted EPS TTM 9.47 · TTM to 31 Dec 2024
E/P (TTM)
7.26%
TTM to 31 Dec 2024
Dividend yield
2.63%
DPS 12m 3.43
Beta (2y)
0.64
Volatility (1y) 40%
52-week range
86.06151.85

Price history

Loading chart…

Technical reading

RSI (14)
70.4
overbought (≥ 70)
Bollinger (20, 2)
115.22 – 131.32
in the upper half of the band · %B 0.95 · band width 13.1%
SMA 50 / 200
113.20 / 105.43
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
4.50 / 4.32
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+18.7%−0.6%+19.3 pp—
3 months+19.5%−4.2%+23.6 pp—
6 months+24.4%+4.3%+20.1 pp—
Year to date−8.3%+7.5%−15.8 pp—
1 year+1.7%+9.9%−8.2 pp−6.8%
3 years−22.7%+49.8%−72.5 pp−15.9%
5 years−38.1%+42.8%−80.9 pp—
Max drawdown (1y)
−43.3%
11 Dec 2025 → 23 Jul 2026
Max drawdown (5y)
−62.1%
07 Mar 2024 → 23 Jul 2026
Compound annual growth (5y)
−9.1%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 25 percentile of its own 4-quarter history (min 0.0, median 18.4, max 32.4; quarters with earnings only).

Fiscal years

Fiscal year2021202220232024
Revenue18.2 bn22.0 bn22.5 bn22.1 bn
Revenue YoYunavailable+21.1%+2.4%−1.9%
Net income1.2 bn1.5 bn1.7 bn1.7 bn
Net income YoYunavailable+33.7%+7.5%+0.5%
Diluted EPS6.668,790,000.009.379.47
Diluted EPS YoYunavailable+131,981,882.0%−100.0%+1.1%
net %6.4%7.0%7.4%7.6%
Free cash flowunavailableunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2024 · 31 Dec 2024

Cash
2.8 bn EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
11.8 bn EUR
Total assets
25.7 bn EUR
Debt / equity
unavailable
Current ratio
1.21x
ROE
15.0%
ROA
6.6%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2022
22.0 bn
2023
22.5 bn
2024
22.1 bn

esef· 15 Apr 2025verified

Cost of revenue
2022
16.2 bn
2023
16.5 bn
2024
16.0 bn

esef· 15 Apr 2025verified

Gross profit
2022
5.8 bn ≈
2023
6.0 bn ≈
2024
6.1 bn ≈

esef· 15 Apr 2025derived

Operating income
2022
2.4 bn
2023
2.3 bn
2024
2.4 bn

esef· 15 Apr 2025verified

Income tax
2022
710.0 m
2023
626.0 m
2024
681.0 m

esef· 15 Apr 2025verified

Net income
2022
1.5 bn
2023
1.7 bn
2024
1.7 bn

esef· 15 Apr 2025verified

Diluted EPS
2022
8,790,000.00
2023
9.37
2024
9.47

esef· 15 Apr 2025verified

Weighted average diluted shares
2022
176,019.7 bn
2023
177.4 m
2024
176.4 m

esef· 15 Apr 2025verified

Dividend per share
2022
2.40
2023
3.26
2024
3.43

esef· 15 Apr 2025derived

Balance sheet · EUR

Cash
2022
3.8 bn
2023
3.5 bn
2024
2.8 bn

esef· 15 Apr 2025verified

Receivables
2022
—
2023
3.3 bn
2024
3.2 bn

esef· 15 Apr 2025verified

Current assets
2022
10.3 bn
2023
9.7 bn
2024
9.3 bn

esef· 15 Apr 2025verified

Property, plant & equipment, net
2022
876.0 m
2023
788.0 m
2024
755.0 m

esef· 15 Apr 2025verified

Goodwill
2022
11.1 bn
2023
11.2 bn
2024
12.3 bn

esef· 15 Apr 2025verified

Intangibles (excl. goodwill)
2022
906.0 m
2023
798.0 m
2024
837.0 m

esef· 15 Apr 2025verified

Total assets
2022
25.5 bn
2023
24.7 bn
2024
25.7 bn

esef· 15 Apr 2025verified

Current liabilities
2022
8.1 bn
2023
7.2 bn
2024
7.7 bn

esef· 15 Apr 2025verified

Equity
2022
9.7 bn
2023
10.5 bn
2024
11.8 bn

esef· 15 Apr 2025verified

Shares outstanding at year end
2022
170.2 m
2023
171.4 m
2024
170.2 m

esef· 15 Apr 2025derived

Cash flow · EUR

Operating cash flow
2022
2.5 bn
2023
2.5 bn
2024
2.5 bn

esef· 15 Apr 2025verified

Investing cash flow
2022
-659.0 m
2023
-383.0 m
2024
-1.3 bn

esef· 15 Apr 2025verified

Financing cash flow
2022
-1.1 bn
2023
-2.3 bn
2024
-2.0 bn

esef· 15 Apr 2025verified

Dividends paid
2022
409.0 m
2023
559.0 m
2024
584.0 m

esef· 15 Apr 2025verified

Share repurchases
2022
826.0 m
2023
876.0 m
2024
989.0 m

esef· 15 Apr 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-1.9%
computed by olivLawFY 2024
Revenue CAGR 3Y
6.8%
computed by olivLawFY 2021 → FY 2024
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
0.4%
computed by olivLawFY 2024
Net income growth (YoY)
0.5%
computed by olivLawFY 2024
Net income CAGR 3Y
13.0%
computed by olivLawFY 2021 → FY 2024
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
1.1%
computed by olivLawFY 2024
EPS CAGR 3Y
12.4%
computed by olivLawFY 2021 → FY 2024
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
27.4%
computed by olivLawFY 2024
EBITDA margin
unavailable
input data missing
EBIT margin
10.7%
computed by olivLawFY 2024
Net margin
7.6%
computed by olivLawFY 2024
FCF margin
unavailable
input data missing

Returns

ROE
15.0%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROA
6.6%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROIC
unavailable
input data missing
ROCE
13.1%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Payout ratio (EPS)
36.2%
computed by olivLawFY 2024
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.2x
computed by olivLawbalance sheet at 31 Dec 2024
Quick ratio
unavailable
input data missing
Cash ratio
0.4x
computed by olivLawbalance sheet at 31 Dec 2024

Cash

Operating cash flow
2.5 bn EUR
computed by olivLawFY 2024
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
54 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
22.2 bn EUR
computed by olivLawbalance sheet at 31 Dec 2024
Enterprise value
unavailable
input data missing
Market cap / net income TTM
13.3x
computed by olivLawFY 2024
P/E (TTM)
13.8x
computed by olivLawFY 2024
Earnings yield
7.3%
computed by olivLawFY 2024
P/B
1.9x
computed by olivLawbalance sheet at 31 Dec 2024
P/S
1.0x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
2.6%
computed by olivLawFY 2024
Shareholder yield (distributions)
7.1%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

130.50 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 22.2 bn EUR

Key indicators

Market capitalisation
22.2 bn EUR
computed by olivLawbalance sheet at 31 Dec 2024
P/E (TTM)
13.8x
computed by olivLawFY 2024
P/B
1.9x
computed by olivLawbalance sheet at 31 Dec 2024
EV/EBITDA
unavailable
input data missing
ROE
15.0%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Net margin
7.6%
computed by olivLawFY 2024
Revenue growth (YoY)
-1.9%
computed by olivLawFY 2024
Dividend yield
2.6%
computed by olivLawFY 2024

Coverage and freshness

24/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 31 Dec 2024
Latest balance sheet date: 31 Dec 2024
Share count (cover of the latest filing), as of: 31 Dec 2024
Source: esefpublished 15 Apr 2025
verified 91derived 8

The data is older than the freshness threshold.

Score by group

44% · Insufficient data

Estimated value range

Low
75.86
EUR per share
Mid
108.04
EUR per share
High
172.93
EUR per share
Price: 130.50 EUR
The price is within the range
Potential to the central value: -17.2% (value / price − 1)
Margin of safety: -20.8% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 46.68 – 282.21 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E105.04 – 282.21 (Mid 162.23)
    20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x
    74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
  • Dividend discount (DDM)46.68 – 63.65 (Mid 53.86)

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality7.6%82 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth6.8%56 (on a fixed band)19%
EPS CAGR 3Y · Growth12.4%83 (on a fixed band)19%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.2x34 (on a fixed band)10%
P/E (TTM) · Valuation13.8x65 (vs peers)24%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns7.1%100 (on a fixed band)14%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial34/100 · 1/3 factors with a value
  • Growth70/100 · 2/2 factors with a value
  • Quality· partial82/100 · 1/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partial65/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

CAPGEMINI (CAP.PA). Latest full fiscal year: 2024; data up to 2024-12-31.

Figures computed from the financial statements: revenue 22.1 bn EUR in 2024; YoY growth -1.9%; net margin 7.6%; ROE 15.0%.

The estimated value range is 75.86–172.93 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 108.04 EUR, the price of 130.50 EUR leaves a potential of -17.2% (value / price − 1) and a margin of safety of -20.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 7.6%
  • EPS CAGR 3Y: 12.4%
  • Shareholder yield (distributions): 7.1%

What contradicts it

  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Listed companies from France · same country · compared with 39 companies

Multiples and returns vs the median

P/E
13.8x
vertical median 18.3x
below median (−24.6%)
EV/EBITDA
—
vertical median 6.3x
P/S
1.0x
vertical median 0.5x
above median (+96.3%)
P/B
1.9x
vertical median 1.1x
above median (+78.7%)
ROE
15.0%
vertical median 4.2%
above median (+261.9%)
Net margin
7.6%
vertical median 1.1%
above median (+571.0%)
EBIT margin
10.7%
vertical median 3.2%
above median (+235.7%)
Revenue YoY
-1.9%
vertical median 0.6%
below median (−421.3%)
Net debt/EBITDA
—
vertical median -1.2x
Dividend yield
2.6%
vertical median 1.7%
above median (+54.5%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude109.3 bn33.212.9%12.2%−2.0%+26% / +32%
CAP.PACapgemini22.2 bn13.815.0%7.6%−1.9%−3% / −31%
AC.PAAccor13.8 bn30.79.6%8.0%+0.6%+6% / +56%
ADP.PAAeroports De Paris11.7 bn34.17.8%5.6%+12.1%−7% / +4%
AKE.PAArkema7.1 bn115.40.9%0.7%−5.0%+12% / −37%
ALO.PAAlstom5.8 bn18.33.1%1.7%+3.7%−51% / −4%
AF.PAAir France - Klm4.3 bn13.6—1.0%+4.8%+20% / +9%
ATE.PAAlten3.1 bn29.54.8%2.6%−1.1%+33% / −29%
BB.PASociete Bic2.7 bn31.35.0%4.1%−4.8%+32% / +5%
ANTIN.PAAntin Infrastructure Partners1.4 bn13.021.9%36.6%−8.1%−24% / −35%
74SW.PA74software792.7 m20.98.9%8.5%+44.8%−13% / +41%
AUB.PAAubay667.4 m17.813.6%6.3%+11.3%+3% / +45%
ASY.PAAssystem507.1 m69.92.5%1.1%+7.4%−19% / −18%
ATO.PAAtos Se483.0 m—-23,400.0%-17.5%−16.5%−45% / −94%
ARAMI.PAAramis Group298.8 m15.010.0%0.8%+6.3%−33% / −16%
ARVEN.PAArverne Group246.1 m—-14.0%-115.3%+27.0%+20% / −35%
BGO.PACompagnie Chargeurs Invest189.4 m—-8.6%-5.7%−2.9%unavailable / unavailable
ALCIS.PACatering International & Services145.0 m28.49.3%1.9%+5.8%+39% / +107%
ALCGM.PACegedim144.6 m—-2.6%-1.2%+10.9%−26% / −49%
ATEME.PAAteme144.0 m151.32.8%1.0%+2.2%+82% / +77%
ALHEX.PAHexaom144.0 m6.79.9%2.2%+13.1%−32% / +7%
ALBON.PACompagnie Lebon111.7 m16.54.2%8.8%−17.9%+6% / +8%
ALHYF.PALhyfe75.8 m—-33.4%-570.5%+287.2%unavailable / unavailable
ALFER.PASergeferrari Group61.5 m11.55.1%1.5%+7.4%−33% / −27%
ABEO.PAAbeo60.8 m7.36.9%3.0%+12.6%−13% / −54%

1- and 3-year price returns: for CAP.PA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
81.80
Total return -35% · Per year -35%
144.47
Total return 14% · Per year 14%
217.40
Total return 70% · Per year 70%
3 years
83.04
Total return -30% · Per year -11%
164.65
Total return 36% · Per year 11%
271.53
Total return 120% · Per year 30%
5 years
84.29
Total return -24% · Per year -5%
187.66
Total return 60% · Per year 10%
339.13
Total return 182% · Per year 23%
What moves the 3-year price the most
  • Exit P/E± 41.16
  • Net margin± 28.81
  • Annual revenue growth± 23.15
  • Annual dilution± 2.42

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Capgemini SE is a French group offering consulting, technology and outsourcing services, with a stable presence in more than 50 countries and a significant part of its production capacity concentrated in India 1. For investors, the group remains relevant through how it adapts its service portfolio to generative artificial intelligence and manages personnel costs 1.

SWOT

Strengths

  • A stable presence in more than 50 countries and a Rightshore model that distributes production across several centres 1.
  • The structure of strategic and national Business Units allows a rapid response to changes in the business environment 1.
  • A diversified portfolio and cross-cutting offers contributed to the group's resilience during the health crisis 1.

Weaknesses

  • A significant part of production capacity is concentrated in a single country, India, which increases exposure to local risks 1.
  • Dependence on scarce digital talent creates pressure on personnel costs and turnover 1.
  • Integrating acquisitions may prove more complex than expected and could lead to the loss of key staff 1.

Opportunities

  • The portfolio of offers dedicated to generative artificial intelligence could attract clients seeking higher productivity 1.
  • Clients' digital transformation demand across varied industries may support the expansion of offers 1.
  • Strategic acquisitions could strengthen geographic presence and the portfolio of industries if integration succeeds 1.

Threats

  • Postponed projects or reduced client budgets during an economic slowdown could weigh on demand 1.
  • Geopolitical tensions and new sanctions or embargoes could limit activity in certain regions 1.
  • Aggressive competition on prices and commitments could compress margins 1.

Risks

  • Concentration of production in Indiahigh

    Half of the group's workforce is located in India, and natural disasters, political tensions or telecom network disruption could affect activity 1.

  • Adapting the service portfoliomedium

    Adapting too slowly to new technologies and client demands could lead to lower sales and margin erosion 1.

  • Integration of acquisitionsmedium

    Integrating acquired companies may deliver only part of the expected synergies and affect financial results 1.

  • Personnel cost inflationhigh

    If wage inflation and staff turnover continue, the group could fail to control its cost base, affecting profitability 1.

  • Sanctions and export restrictionsmedium

    New sanctions, embargoes or restrictions on the location of resources could limit the cross-border delivery model 1.

Investment thesis

What would need to be true (bull case)

  • If offers dedicated to generative artificial intelligence turn into revenue, the group could benefit from new client demand 1.
  • A production model spread across several centres can support operational resilience in the face of crises 1.
  • A presence in economically and politically stable regions such as Europe and North America supports the revenue base 1.

What would break the thesis

  • Concentration of staff in a single country could amplify the impact of a local crisis on activity 1.
  • Wage pressure and high turnover could reduce margins if contract prices are not adjusted 1.
  • Acquisitions carry the risk that synergies do not materialise, which could affect results 1.

What to watch

  • Development of the portfolio of offers based on generative artificial intelligence2027
  • Trend in personnel costs and staff turnover ratenext 10-K
  • Impact of geopolitical tensions on the delivery model2027
  • Integration of acquired companies and delivery of synergiesnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Capgemini SE provides clients with technology, consulting and digital transformation services, organised into strategic Business Units by region and national Business Units close to their target markets 1. Its Rightshore industrial model distributes part of service production to centres located far from clients or in countries other than those of the clients served 1. The group aims to meet the business objectives of clients' CXOs through service portfolios renewed regularly 1.

Segments

Strategic and national Business Units

The group is structured into strategic Business Units covering different regions of the world, complemented by national Business Units, which allows a rapid understanding of market changes 1. This organisation supports a rapid response to a changing business environment 1.

Service lines and portfolio

Service lines define and steer the service portfolio, in coordination with the group's Chief Portfolio Officer, who ensures the methodology and coherence of offers 1. The group has already launched a portfolio of offers dedicated to generative artificial intelligence 1.

Production centres and Rightshore

Service production is spread across centres in India, Poland, Portugal, Romania, China, Guatemala, Morocco, Tunisia and other countries in Asia and Latin America 1. This distribution diversifies risks but also exposes the group to local risks such as natural disasters or political instability 1.

Market context

The group operates in a sector where spending on technology and consulting continues even in a context of economic slowdown, though projects may be postponed and budgets of external providers reduced 1. Most revenue is generated in Europe and North America, areas considered relatively stable economically and politically 1.

Client demand is influenced by central bank policies, the cost of debt and geopolitical tensions, which can change their investment strategies 1. Pricing and commitment pressure, generated by trade tensions, may affect margins across the industry 1.

Trends

  • Generative artificial intelligencemixed

    Generative artificial intelligence raises client expectations about productivity and may change how services are delivered, forcing the group to adapt its offers continuously 1. If the group turns these capabilities into portfolios clients request, this could support revenue growth 1.

  • Cost pressure on talentheadwind

    Demand for digital talent generates wage inflation and high staff turnover, raising production costs 1. This may limit the group's ability to control its cost base and maintain profitability 1.

  • Geopolitical tensions and export rulesheadwind

    Restrictions imposed by some countries, including the United States, on the location of resources and tensions between the United States and China could generate new sanctions and embargoes 1. These developments may limit the flexibility of the delivery model across several centres 1.

  • Consolidation through acquisitionsmixed

    The group regularly acquires companies of different sizes to strengthen its geographic presence or its portfolio of industries and services 1. Integrating these companies may prove more complex than expected and could affect results if expected synergies do not materialise 1.

Competitive position

The group operates in an intensely competitive environment, where pricing and commitment pressure, inflation and productivity expectations generated by generative artificial intelligence reinforce competition 1. To remain competitive, the group depends on its ability to quickly adapt production capacity to order volume 1.

The analysed sources do not name the group's direct competitors, so a comparison with other sector players cannot be supported from these documents 1. A full analysis would require additional sources on the IT services market 1.

  • Competitors in the analysed sources

    The analysed sources do not name the group's competitors, so no comparison based on them is possible.

  • Other global IT services providers

    They are not mentioned in the document, and identifying them would require additional sources.

  • Regional outsourcing providers

    The group operates in several regions, but local competition is not detailed in the analysed sources.

  • Consulting firms with technology services

    The sources do not identify them, but competitive pressure in the consulting segment is cited as a risk factor.

News & filings

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.