Teleperformance: Oddo BHF still a buyer

(CercleFinance.com) - Oddo BHF maintains its Outperform rating on Teleperformance shares, with an unchanged target price of E134.


Last night, the group announced several changes in its corporate governance, including the appointment of Moulay Hafid Elalamy as Chairman of the Board of Directors.

Daniel Julien has been confirmed as Group CEO, while Thomas Mackenbrock has been appointed Deputy CEO.

Ultimately, while these changes are major surprises, we note that 2024 targets have been confirmed, and the acceleration in momentum expected in 2025 is an additional confidence-booster, the analyst says.

Oddo BHF reports that valuation is very low (FCF yield >14%), and that management's ability to reassure on possible AI-related disruptions will be decisive in the group's medium-term revaluation.


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