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Prices & Quotes - UK Markets - Capita (CPI)

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Share Price:
Up 46.01p
Change Today:
1.96p
Market Cap:
774.93m
Sector:
Support Services

Barclays reinstates coverage of Capita at 'overweight'

By Michele Maatouk

Date: Wednesday 04 Aug 2021

LONDON (ShareCast) - (Sharecast News) - Barclays reinstated coverage of Capita on Wednesday at 'overweight' with an 80p price target following completion of the Axelos disposal.
The bank said that in isolation, the sale removes around 30m from EBITA and pre-tax profit, but much less from net profit, as Capita owned only 51%.

Cash proceeds of 183m reduce FY21 net debt to an estimated 430m, it said, or 1.7x EBITDA.

"Disposal proceeds (including ESS) now stand at just shy of 500m, well on the way to management's target of 700m by the end of next year.

"Reflecting this, we lower FY21e profit before tax by 19% to circa 125m and FY22e by 13% to circa 177m, with earnings per share falling 11% and 8% respectively; our underlying forecasts are largely unchanged," Barclays said.

It noted that Capita now trades on a FY21/22e price-to-earnings of 6x/4x (and EV/EBITA of 9x/7x). This more than factors in further dilutive disposals and fails to give credit to deleveraging and operational improvement, it said.

Barclays said there is "considerable" potential upside to its price target if management delivers on its transformation programme.

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Capita Market Data

Currency UK Pounds
Price 46.01p
Change Today 1.96p
52 Week High 52.80p
52 Week Low 32.24p
Volume 3,258,727
Shares Issued 1,684.27m
Market Cap 774.93m
Beta 1.44

Performance Indicators

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What The Brokers Say

Strong Buy 2
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 3
buy
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Capita Dividends

  Latest Previous
  Interim Final
Ex-Div 19-Oct-17 25-May-17
Paid 30-Nov-17 03-Jul-17
Amount 11.10p 20.60p

Trades for 01-Dec-2021

Time Volume / Share Price
15:01 2,490 @ 46.01p
15:01 364 @ 46.00p
15:01 3,043 @ 46.00p
15:01 200 @ 45.99p
14:56 11,407 @ 45.86p

Capita Key Personnel

Chair Ian Powell
CEO Jonathan (Jon) Lewis
CFO Tim Weller