A victim of the rotation in favor of more cyclical stocks and demanding valuation levels, the title of this world leader in services to digital solutions companies does not remain a quality record. A capped bonus allows you to position yourself without too much risk and hope to earn 13% in six months.
In a “stock market drift advice” of October 16, we had already proposed to bet on Teleperformance with leverage by means of a turbo call issued by Société Générale (code: DE000SB1SWR4) recommended for purchase at 4.06 euros. It is now worth 3.75 euros and therefore loses 7.6%. We advise our subscribers to keep it in view of the medium-term potential of this global player in integrated digital solutions services to businesses (customer relationship management, back-office services or business process consulting). The fact remains that for the time being, with a 25% increase in its share price since the start of the year and tight valuation multiples of 36.3 and 28.4 times the estimated profits for this year and 2021, the Teleperformance action marks a legitimate pause and quite logically suffers the arbitrage of investors in favor of more cyclical stocks and until then massacred by the health crisis. However, the file remains of rare quality, both low in debt, with high visibility resulting from its leadership in promising markets for the outsourcing of digital services and generating high net cash flows. One sign is clear: Teleperformance resumed in the third quarter with strong organic growth of 12.3% to 1.43 billion and did not hesitate to raise its ambitions for the year. It is thus aiming for an internal dynamic of 8% of its activity with a current operating margin of at least 12.5%. In the longer term (2022), a turnover of 7 billion is expected and corresponds to an average growth rate of 6% per year with an expected profitability of 14.5%.
Reimbursed at 310 euros under conditions
Less risky than a turbo call, a capped bonus allows you to take a position on Teleperformance with the assurance of being at least reimbursed at least at the price of the share. The selected certificate is issued by BNP-Paribas (code: FRBNPP022J98) with a deadline of June 18, 2021 and two terminals located at 240 euros for the lowest and 310 euros for the highest. Remember the principle of the product: it will be reimbursed at maturity at its bonus level of 310 euros provided that the Teleperformance share does not fall below the low limit of 240 euros. Given its buy price, it is likely to deliver a gain of 13.5% within six months. For a controlled risk, since in the worst-case scenario where the title actually ebbs back to less than 240 euros, the certificate will still be reimbursed on the June 18, 2021 maturity at the price of the share. Except that the product does not give the right to the dividend paid in the meantime by the company and does not allow either to remain exposed to the increase in value above the bonus level of 310 euros which constitutes the redemption price. maximum.
Our advice: buy a Teleperformance capped bonus issued by BNP-Paribas (code: FRBNPP022J98); deadline: June 18, 2021; terminals: 240/310 euros; parity: 1 share for 10 certificates: price: 27.33 euros; portion: 1.