Teleperformance: Credit Suisse raises target price

(CercleFinance.com) - Credit Suisse maintains its Outperform rating on Teleperformance share, having increased its corresponding target price from to 350 euros (from 310 euros), after it increased its EPS estimates by 6%-8% over 2021-2023.


Its increased earnings estimates reflect strong revenue growth in the first quarter of 2021, with an EBITA margin that exceeds expectations, "as Teleperformance benefits from lower overheads as it structurally increases working from home".

The broker expects mid-single-digit annual organic growth over the next five years, with increasing margins and an "ability to re-cycle excess cash into strategically and economically attractive M&A".


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