Owner and CEO, GR20 Research

Gregory Ramirez

Owner and CEO

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

<ul>
<li>Capgemini delivered stronger-than-expected H1 2026 results, upgraded FY 2026 guidance and outperformed global IT services peers, while the share price weakness reflected macroeconomic and sector sentiment.</li>
<li>Early AI investments, the Fit-for-Growth programme, WNS integration, and exposure to defence and digital sovereignty continue to drive market share gains and strengthen competitive positioning.</li>
<li>We believe Capgemini is well positioned to benefit from enterprise AI adoption, while the shares remain attractively valued relative to their medium-term growth and margin potential.</li>
</ul>


Capgemini delivered stronger-than-expected H1 2026 results, upgraded FY 2026 guidance and outperformed global IT services peers, while the share price weakness reflected macroeconomic and sector sentiment.
Early AI investments, the Fit-for-Growth programme, WNS integration, and exposure to defence and digital sovereignty continue to drive market share gains and strengthen competitive positioning.
We believe Capgemini is well positioned to benefit from enterprise AI adoption, while the shares remain attractively valued relative to their medium-term growth and margin potential.


Capgemini (CAP PA): AI, Sovereignty and Defence Powering Outperformance

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ Insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we review the global focus on critical minerals, how ASEAN's digital economy can grow amidst political uncertainty, and how IT services have fared with AI</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ Insights published over the past two weeks on Smartkarma
In this cut, we review the global focus on critical minerals, how ASEAN's digital economy can grow amidst political uncertainty, and how IT services have fared with AI
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Critical Minerals' Rise, SEA's Digital Promise & IT Services in Flux

<ul>
<li>Capgemini presented a credible agentic AI strategy, positioning itself as a leading enterprise transformation partner and targeting long-term growth through AI-enabled modernisation, automation and intelligent operations.</li>
<li>Management targets 5.5–7.5% revenue CAGR for 2025–2028, but investors reacted cautiously to prudent free cash flow ambitions and the introduction of a new profit metric.</li>
<li>Capgemini is transforming its delivery model through AI investment, workforce reskilling and partnerships with OpenAI, Microsoft and Google Cloud, positioning itself for structural industry transformation.</li>
</ul>


Capgemini presented a credible agentic AI strategy, positioning itself as a leading enterprise transformation partner and targeting long-term growth through AI-enabled modernisation, automation and intelligent operations.
Management targets 5.5–7.5% revenue CAGR for 2025–2028, but investors reacted cautiously to prudent free cash flow ambitions and the introduction of a new profit metric.
Capgemini is transforming its delivery model through AI investment, workforce reskilling and partnerships with OpenAI, Microsoft and Google Cloud, positioning itself for structural industry transformation.


Capgemini (CAP FP): Convincing Agentic AI Roadmap for 2030 and Beyond

<ul>
<li>Capgemini’s investment in the OpenAI Deployment Company strengthens its OpenAI partnership and supports enterprise AI adoption by combining AI models, consulting expertise and operational transformation capabilities for large-scale deployment. </li>
<li>The initiative does not threaten IT services firms, as OpenAI still relies on partners such as Capgemini for industry expertise, systems integration, regulatory knowledge and enterprise-scale AI implementation capabilities. </li>
<li>Like ERP and cloud transformation cycles, the OpenAI Deployment Company is expected to accelerate enterprise AI adoption while creating new growth opportunities for consulting and IT services firms.</li>
</ul>


Capgemini’s investment in the OpenAI Deployment Company strengthens its OpenAI partnership and supports enterprise AI adoption by combining AI models, consulting expertise and operational transformation capabilities for large-scale deployment. 
The initiative does not threaten IT services firms, as OpenAI still relies on partners such as Capgemini for industry expertise, systems integration, regulatory knowledge and enterprise-scale AI implementation capabilities. 
Like ERP and cloud transformation cycles, the OpenAI Deployment Company is expected to accelerate enterprise AI adoption while creating new growth opportunities for consulting and IT services firms.


Capgemini (CAP FP): The OpenAI Deployment Company Is a False Problem for IT Services Firms

<ul>
<li>Capgemini delivered solid Q1 growth and outperformed peers, driven by disciplined execution and a focus on turning AI into tangible business value, which is helping win larger, strategic transformation deals. </li>
<li>Capgemini is positioned to benefit from the AI wave, as demand shifts towards large-scale AI deployments; partnerships with major AI providers make it a key player in the evolving ecosystem. </li>
<li>Capgemini sees AI-driven business transformation as an opportunity for margin expansion, as delivering visible and measurable value should support higher profitability, even as clients expect greater efficiency at stable pricing.</li>
</ul>


Capgemini delivered solid Q1 growth and outperformed peers, driven by disciplined execution and a focus on turning AI into tangible business value, which is helping win larger, strategic transformation deals. 
Capgemini is positioned to benefit from the AI wave, as demand shifts towards large-scale AI deployments; partnerships with major AI providers make it a key player in the evolving ecosystem. 
Capgemini sees AI-driven business transformation as an opportunity for margin expansion, as delivering visible and measurable value should support higher profitability, even as clients expect greater efficiency at stable pricing.


Capgemini (CAP FP): Emerging as a Potential Winner of the AI Wave

France

Capgemini offers information technology services. The Company provides mobile software solutions, business process management, outsourcing, cloud computing, finance, consulting, supply chain management, engineering, and other services. Capgemini serves aerospace, defense, automotive, health care, life science, telecom, media, and entertainment industries worldwide.

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Capgemini (CAP FP)

Capgemini (CAP PA): AI, Sovereignty and Defence Powering Outperformance

Capgemini outperforms global IT services peers in H1 2026, driven by AI investments and market share gains, poised for growth in enterprise AI...

Gregory Ramirez

Curator's Cut: Critical Minerals' Rise, SEA's Digital Promise & IT Services in Flux

In this cut, we review the global focus on critical minerals, how ASEAN's digital economy can grow amidst political uncertainty, and how IT...

Pranav Rao

Capgemini (CAP FP): Convincing Agentic AI Roadmap for 2030 and Beyond

Capgemini unveils AI strategy for enterprise transformation, targeting long-term growth through modernization and partnerships, but investors...

Gregory Ramirez

Capgemini (CAP FP): The OpenAI Deployment Company Is a False Problem for IT Services Firms

Capgemini's investment in OpenAI Deployment Company boosts enterprise AI adoption by combining AI models and consulting expertise for large-scale...

Gregory Ramirez

Capgemini (CAP FP): Emerging as a Potential Winner of the AI Wave

Capgemini excels in Q1 with strong growth fueled by AI focus, positioning itself as a key player in large-scale AI deployments and driving margin...

Gregory Ramirez

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Capgemini (CAP PA): AI, Sovereignty and Defence Powering Outperformance

​Capgemini outperforms global IT services peers in H1 2026, driven by AI investments and market share gains, poised for growth in enterprise AI...

Gregory Ramirez

Curator's Cut: Critical Minerals' Rise, SEA's Digital Promise & IT Services in Flux

In this cut, we review the global focus on critical minerals, how ASEAN's digital economy can grow amidst political uncertainty, and how IT...

Pranav Rao

Capgemini (CAP FP): Convincing Agentic AI Roadmap for 2030 and Beyond

​Capgemini unveils AI strategy for enterprise transformation, targeting long-term growth through modernization and partnerships, but investors...

Gregory Ramirez

Capgemini (CAP FP): The OpenAI Deployment Company Is a False Problem for IT Services Firms

​Capgemini's investment in OpenAI Deployment Company boosts enterprise AI adoption by combining AI models and consulting expertise for large-scale...

Gregory Ramirez

Capgemini (CAP FP): Emerging as a Potential Winner of the AI Wave

​Capgemini excels in Q1 with strong growth fueled by AI focus, positioning itself as a key player in large-scale AI deployments and driving margin...

Gregory Ramirez

Capgemini outperforms global IT services peers in H1 2026, driven by AI investments and market share gains, poised for growth in enterprise AI...

Capgemini unveils AI strategy for enterprise transformation, targeting long-term growth through modernization and partnerships, but investors...

Capgemini's investment in OpenAI Deployment Company boosts enterprise AI adoption by combining AI models and consulting expertise for large-scale...

Capgemini excels in Q1 with strong growth fueled by AI focus, positioning itself as a key player in large-scale AI deployments and driving margin...