London’s software sector has not been short of takeover interest — see the proposed buyout of Aveva and recent delisting of Avast. FTSE 250 constituent Computacenter supplies rather than creates the technology but it also has all the hallmarks of a takeover target.
The Hertfordshire-based group’s shares trade at a substantial discount to its own long-running average and international peers, the business is debt-free, highly cash-generative and has already made good inroads into the vast US corporate IT services market. Those attributes and a weak pound could make the group alluring for a larger international rival.
A 36 per cent fall in the shares this year marks the reversal of a stellar re-rating since the March 2020 stock market crash. An enterprise value of 5.6
