Independent equity research
Is Teleperformance (TEP) a Buy, Hold or Sell?
Teleperformance — our independent, AI-built valuation and rating, in brief.
BUY (accumulate)
12-mo fair value
€136.33
To fair value
+91%
By · report dated 2026-09-13 · fair value derived independently of the market price.
The thesis, in brief
We think the market prices Teleperformance for perpetual decline, while our base case needs only flat nominal revenue at a 14.4% terminal EBITA margin; we are wrong if group like-for-like growth fails to turn positive by the Q3 2026 release in November or recurring EBITA margin breaks below 14%
How we value it
We value Teleperformance using Probability-weighted DCF on unlevered FCF (35/45/20), WACC solved to a fixed point; peer forward multiples cross-check. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Teleperformance report
The complete model, the scenarios, and every number behind the call — plus other names across the coverage. One subscription, cancel anytime.