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
€116.00
To fair value
+68%
By · report dated 2026-09-05 · fair value derived independently of the market price.
The thesis, in brief
At 4.6x EV/EBITDA and a 20.9% 2026E free-cash-flow yield the market is discounting a perpetual ~4% decline in TP's cash flows; H1 2026 showed the group growing +1.7% like-for-like excluding Trust & Safety, which is 6% of revenue — so the decline is concentrated, not general, and the price is wrong
How we value it
We value Teleperformance using Equal-weight blend: probability-weighted DCF (35/45/20), 5.5x EV/2026E EBITDA, 8.5x 2026E statutory EPS.. 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.