This morning Capgemini reported Q1 16 sales globally in line with both our ests. and the consensus average, with slightly more fx headwinds than we anticipated however. Management has reiterated FY16 guidance (revenue growth of 7.5-9.5% at cc or up 2.5-4.5% lfl, operating margin of 11.1-11.3%, free cash flow above EUR850m), with the delivery of synergies with Igate ahead of schedule. We expect the share price to react positively near term.
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