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Investing.com - Berenberg initiated coverage on Capita Plc. (LON:CPI) (OTC:CTAGF) with a Hold rating and a price target of GBP3.50.
The European outsourcing company employs 34,000 people across eight countries, primarily serving clients in the UK and Europe with services including customer management, digital transformation, learning and development, and complex business process outsourcing.
Berenberg notes that Capita has experienced a "chequered past" with a prolonged turnaround over the last decade that included "multiple false dawns, business disposals and cash outflows."
The research firm observes that under new management, Capita has been "revitalised," with analysts seeing "an inflection point to positive FCF at the end of this year and a route to sustainable long-term growth."
Berenberg highlights that Capita is currently implementing a significant £250m cost-savings programme expected to be fully realized next year, alongside a major culture change and improvements in risk management that are "ultimately improving the quality of the business."
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