Balanced View on Computacenter: Solid Momentum and Backlog Strength Offset by Mixed Services Growth Justifies Hold Rating

In a report released today, Adam Wood from Morgan Stanley maintained a Hold rating on Computacenter, with a price target of p3,425.00.

Adam Wood has given his Hold rating due to a combination of factors that balance solid operational momentum with a largely reflected valuation. Computacenter’s 2025 results were broadly consistent with prior guidance, and the company slightly exceeded its adjusted profit target while confirming its 2026 outlook, which should support confidence but is unlikely to trigger meaningful earnings upgrades in the near term.

He also highlights strong growth in Technology Sourcing, particularly in North America, and a sharply higher product order backlog that underpins expectations for continued expansion into 2026. However, slower progress in Services, including a modest revenue decline in Managed Services following exits from non-core hosting contracts, suggests a mixed growth profile that, together with current market expectations, supports maintaining a neutral stance rather than moving to a more bullish recommendation.