olivLaw · European equity research
Computacenter plc CCC.L
United Kingdom · London Stock Exchange · ISIN GB00BV9FP302 · Vertical: Listed companies from United Kingdom
Computacenter plc is an IT services provider working with corporate and public sector customers to modernise their infrastructure and manage their technology services. Its 2025 annual report shows the group continuing to compete for talent in critical areas such as AI and cyber security, while managing succession risk and a volatile macroeconomic backdrop.
At the close of 05 Nov 2026, Computacenter plc (CCC.L) stock was 45.98 GBP (−4.68% on the day), with market capitalisation 4.8 bn GBP, P/E 31.6 on diluted EPS of 1.46 GBP over the last 12 months, dividend yield 1.54%, beta 0.78, 52-week range 27.94–56.95 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 36.2
- weak (30–45)
- Bollinger (20, 2)
- 45.30 – 57.13
- in the lower half of the band · %B 0.06 · band width 23.1%
- SMA 50 / 200
- 52.86 / 42.22
- mixed trend
- MACD (12, 26, 9)
- -1.22 / -0.81
- MACD below 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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.3% | +0.4% | −15.7 pp | — |
| 3 months | −5.9% | −3.3% | −2.6 pp | — |
| 6 months | +18.4% | +4.0% | +14.4 pp | — |
| Year to date | +56.9% | +8.1% | +48.8 pp | — |
| 1 year | +58.6% | +10.7% | +47.9 pp | +5.8% |
| 3 years | +77.3% | +50.1% | +27.2 pp | +26.3% |
| 5 years | +70.9% | +43.6% | +27.3 pp | — |
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 100 percentile of its own 3-quarter history (min 13.9, median 16.1, max 20.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 6.9 bn | 7.0 bn | 9.2 bn |
| Revenue YoY | unavailable | +0.6% | +32.0% |
| Net income | 197.6 m | 170.8 m | 153.7 m |
| Net income YoY | unavailable | −13.6% | −10.0% |
| Diluted EPS | 1.73 | 1.53 | 1.46 |
| Diluted EPS YoY | unavailable | −11.7% | −4.8% |
| net % | 2.9% | 2.5% | 1.7% |
| Free cash flow | 388.7 m | 398.1 m | 271.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 628.5 m GBP
- Financial debt
- 22.5 m GBP
- Net debt
- -606.0 m GBP
- Equity
- 897.9 m GBP
- Total assets
- 4.1 bn GBP
- Debt / equity
- 0.03x
- Current ratio
- 1.17x
- ROE
- 17.9%
- ROA
- 4.1%
- FCF margin
- 3.0%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.9 bn | 7.0 bn | 9.2 bn | esef· 09 Apr 2026verified |
| Cost of revenue | 5.9 bn | 5.9 bn | 8.0 bn | esef· 09 Apr 2026verified |
| Gross profit | 1.0 bn | 1.0 bn | 1.1 bn | esef· 09 Apr 2026verified |
| Operating income | 268.8 m | 237.9 m | 241.2 m | esef· 09 Apr 2026verified |
| Interest expense | 10.5 m | 7.8 m | 15.1 m | esef· 09 Apr 2026verified |
| Pre-tax income | 272.1 m | 244.6 m | 238.5 m | esef· 09 Apr 2026verified |
| Income tax | 72.7 m | 72.7 m | 81.4 m | esef· 09 Apr 2026verified |
| Net income | 197.6 m | 170.8 m | 153.7 m | esef· 09 Apr 2026verified |
| Diluted EPS | 1.73 | 1.53 | 1.46 | esef· 09 Apr 2026verified |
| Dividend per share | 0.68 | 0.71 | 0.71 | esef· 09 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 471.2 m | 489.6 m | 628.5 m | esef· 09 Apr 2026verified |
| Receivables | 1.5 bn | 1.7 bn | 1.9 bn | esef· 09 Apr 2026verified |
| Inventories | 216.0 m | 307.2 m | 482.8 m | esef· 09 Apr 2026verified |
| Current assets | 2.5 bn | 2.8 bn | 3.5 bn | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 96.1 m | 90.7 m | 86.0 m | esef· 09 Apr 2026verified |
| Total assets | 3.1 bn | 3.4 bn | 4.1 bn | esef· 09 Apr 2026verified |
| Short-term debt | — | 4.1 m | 5.7 m | esef· 09 Apr 2026verified |
| Long-term debt | — | 3.3 m | 16.8 m | esef· 09 Apr 2026verified |
| Current liabilities | 2.0 bn | 2.4 bn | 3.0 bn | esef· 09 Apr 2026verified |
| Total liabilities | 2.1 bn | 2.5 bn | 3.2 bn | esef· 09 Apr 2026verified |
| Equity | 949.4 m | 819.0 m | 897.9 m | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 112.9 m | 110.6 m | 104.9 m | esef· 09 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 410.6 m | 417.1 m | 293.6 m | esef· 09 Apr 2026verified |
| Capex | 21.9 m | 19.0 m | 21.8 m | esef· 09 Apr 2026verified |
| Free cash flow | 388.7 m ≈ | 398.1 m ≈ | 271.8 m ≈ | esef· 09 Apr 2026derived |
| Investing cash flow | -39.4 m | -38.2 m | -28.1 m | esef· 09 Apr 2026verified |
| Financing cash flow | -163.6 m | -349.4 m | -129.7 m | esef· 09 Apr 2026verified |
| Share repurchases | 38.0 m | 23.1 m | 21.9 m | esef· 09 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.8 bn GBP
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 50.5% | 92 (vs peers) | 18% |
| Net margin · Quality | 1.7% | 26 (vs peers) | 11% |
| FCF conversion · Quality | 176.8% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 16.0x | 100 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.2x | 31 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 31.6x | 6 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.6% | 70 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.5% | 6 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet72/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality76/100 · 3/3 factors with a value
- Returns· partial6/100 · 1/2 factors with a value
- Valuation34/100 · 2/3 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
COMPUTACENTER PLC (CCC.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 9.2 bn GBP in 2025; YoY growth 32.0%; net margin 1.7%; ROE 18.0%.
The estimated value range is 16.43–25.33 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 20.99 GBP, the price of 45.98 GBP leaves a potential of -54.4% (value / price − 1) and a margin of safety of -119.1% (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: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 50.5%
- FCF conversion: 176.8%
- Interest coverage: 16.0x
- FCF yield: 5.6%
What contradicts it
- Net margin: 1.7%
- P/E (TTM): 31.6x
- Shareholder yield (distributions): 0.5%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| CCC.LComputacenter PLC | 4.8 bn | 31.6 | 18.0% | 1.7% | +32.0% | +55% / +70% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for CCC.L 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.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 30.25 Total return -33% · Per year -33% | 53.24 Total return 18% · Per year 18% | 79.86 Total return 76% · Per year 76% |
| 3 years | 35.88 Total return -18% · Per year -6% | 70.41 Total return 59% · Per year 17% | 115.00 Total return 158% · Per year 37% |
| 5 years | 42.56 Total return 1% · Per year 0% | 93.12 Total return 115% · Per year 16% | 165.60 Total return 276% · Per year 30% |
- Exit P/E± 17.60
- Net margin± 12.32
- Annual revenue growth± 9.19
- Annual dilution± 1.04
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
Computacenter plc is an IT services provider working with corporate and public sector customers to modernise their infrastructure and manage their technology services. Its 2025 annual report shows the group continuing to compete for talent in critical areas such as AI and cyber security, while managing succession risk and a volatile macroeconomic backdrop 1.
SWOT
Strengths
- A geographically diversified operating model with offshore, nearshore and onshore locations that supports adaptation to customers.
- A focus on long-term customer relationships and on a culture oriented toward employee engagement.
- Ongoing investment in defensive systems and people for cyber security.
Weaknesses
- Dependence on the performance of managed services, where errors can generate financial losses.
- The need to modernise core systems, which may cause temporary service disruption.
- Exposure to succession risk for critical executive positions, still treated as a material risk.
Opportunities
- Demand for artificial intelligence infrastructure and large-scale computing services.
- Rising defence sector spending, an area where the company is adapting its strategy.
- Expansion of services that add value for customers, if acquisition integration succeeds.
Threats
- A prolonged recession could reduce customers' IT programmes and intensify pricing pressure.
- Increasingly sophisticated cyber-attacks against IT infrastructure.
- Tariff restrictions and geopolitical tensions that could affect cross-border operations.
Risks
- Executive succession riskmedium
The loss of critical executive positions could affect leadership continuity, although the company has appointed a new finance director.
- Macroeconomic and financial riskhigh
A prolonged economic downturn could affect revenue and margins, and deferred IT programmes could reduce profitability.
- Cyber security riskhigh
Sophisticated attacks on infrastructure could lead to data breaches or interruption of critical services.
- Working capital riskmedium
Rapid growth of hyperscale customers could create fluctuations in working capital and credit exposure.
- Contractual and operational riskmedium
Weak managed services performance or a breakdown of vendor alliances could reduce margins.
Investment thesis
What would need to be true (bull case)
- A base of large customers and long-term relationships could support revenue if demand for AI and infrastructure continues.
- Geographic diversification of locations could support cost efficiency and operational continuity.
- Investment in cyber security and in modernising systems could strengthen customer confidence.
What would break the thesis
- A recession or a cut in IT budgets could quickly affect revenue and margins.
- Dependence on managed services and vendors could generate losses if performance declines.
- Succession risks and rising exposure to hyperscale customers could complicate strategy execution.
What to watch
- Evolution of working capital linked to hyperscale and neo-cloud customers2026
- Replacement of core systems and its effects on services2026
- Re-baselining of science-based emissions targets2026
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
Computacenter plc is a group aiming to help customers achieve their goals, backed by a model of long-term trust with customers, partners, employees and communities 1. Its operations rest on a structure with offshore, nearshore and onshore locations, selected on the basis of detailed data, balancing proximity to target markets with cost efficiency 1. The company focuses on operational efficiency and on maintaining long-term relationships with large customers 1.
Segments
Managed Services
Managed Services performance is a central focus of the company's monitoring, and related contractual risks are treated as principal risks 1. The company aims to increase the value it delivers to customers through services, which makes this segment important to its strategy 1.
Integration Centers
The Integration Centers include liquid-cooled configuration labs intended for AI and large-scale computing infrastructure, indicating the company's investment direction for 2026 1.
Market context
The market in which the company operates is shaped by rising defence sector spending and the adoption of artificial intelligence, both of which management explicitly cites in its risk analysis 1. At the same time, macroeconomic uncertainty, high interest rates and persistent inflation could reduce customers' IT programmes, which could affect revenue and margins 1.
Trends
- Rising demand for artificial intelligencetailwind
Management links the development of its offer to customers' AI needs and the infrastructure they require, which could support demand over the medium term 1.
- Higher spending in the defence sectortailwind
The company cites increased defence sector spending as an area to which it is adapting its commercial strategy 1.
- Volatile macroeconomic environmentheadwind
A prolonged economic downturn, high interest rates and persistent inflation could reduce customers' IT programmes and put pressure on prices at renewals 1.
- Growth of hyperscale and neo-cloud customersmixed
The rapid pace of these customers may create pressure on cash flows and higher credit default exposure, which could change working capital 1.
Competitive position
The available sources do not explicitly name the company's competitors. The company says it adapts its offer in a competitive market, where it competes alongside other participants, relying on flexibility, customer focus and rapid execution 1.
- Other market participants
The sources do not name competitors; the company only refers to the other participants in the competitive market in which it operates.
- Strategic vendor partners
Vendor relationships are treated as a principal risk, since a breakdown of these alliances could reduce margins.
- Cloud service providers
The sources do not identify competing firms; hyperscale customers appear in the analysis as a focus area.
- IT integrators of similar size
The company mentions other companies of similar size and profile in its sector that have been targeted by cyber-attacks.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Computacenter plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.