Computacenter (CCC)

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Share Price:
5,010.00p
Market Cap:
£5,896m
Change Today:
72.00p
Sector:
IT Services

Berenberg upgrades Computacenter to 'buy'

By Iain Gilbert

Date: Monday 20 Jul 2026

LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg lifted their target price for Computacenter from 3,450p to 5,300p and upgraded the stock to 'buy' on Monday, arguing that the group was now well positioned to beat current profit expectations after a stronger‑than‑expected first half.
Berenberg said its revised stance followed Computacenter's H126 trading update, which pointed to a "strong" second quarter and adjusted pre-tax profits of around £163m - roughly double the £81.5m delivered in H125 and ahead of the £155m consensus.

Growth with hyperscale customers in North America remained a key driver across both technology sourcing and professional services, while the UK also delivered "excellent" momentum. Germany saw solid technology sourcing growth, though professional services remained subdued.

The German bank now expects a materially higher proportion of gross profits to drop through to operating profit, raising its gross profits forecasts by 4%, 5% and 6% for FY26-FY28, and liftinh adjusted operating profit estimates by 17%, 15% and 17%, respectively. For FY26, Berenberg now forecasts adjusted operating profits of £349m, implying 27.1% OP/GP conversion, compared with the 24.7% implied by prior consensus.

Berenberg added that management's long‑term aim of achieving 30% OP/GP conversion supports its view that margins can continue to improve as North America and the UK maintain strong momentum and Germany gradually recovers.

Berenberg also flagged hyperscaler data‑centre build‑out as a key risk, though it noted that strength in non‑hyperscale business lines in North America and the UK, alongside improving trends in Germany, provided some offset.

Computacenter currently trades on 18.2x FY26 P/E, added Berenberg.







Reporting by Iain Gilbert at Sharecast.com

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Computacenter Market Data

Currency UK Pounds
Price 5,010.00p
Change Today 72.00p
52 Week High 5,090.00p
52 Week Low 2,278.00p
Volume 223,480
Shares Issued 117.69m
Market Cap £5,896m

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