Capgemini CAP reported first-quarter results that were largely in line with our expectations, and we are maintaining our EUR 39 fair value estimate and narrow moat rating for the company. Capgemini’s first-quarter revenue fell 1.7% to EUR 2.5 billion as the company’s cyclical businesses reported weak numbers amid sluggish economic conditions in Europe. The company’s results would have been worse if not for a stable … Continue reading Weak Discretionary Spending in Europe Keeps Capgemini’s Growth in Check