Capgemini: Q3 15 conference call feedback: business as usual during the integration of IgateBUY, Fair Value EUR97 vs. EUR96 (+17%)
We reiterate our Buy rating and increase our DCF-derived fair value to EUR97 from EUR96 on fx updates (adj. EPS ests.: +1%) following the conference held yesterday. The key messages of Q3 15 were as follows: 1). The integration of Igate is on track; 2). The next stage of Capgemini’s transformation is prepared; 3). Growth is driven by shorter-term Digital and Cloud projects.
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