Cognizant Tech

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Ticker: CTSH

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Aktien Stammtisch

@Aktien_Stammtisch

1Settimana·

𝐂𝐨𝐠𝐧𝐢𝐳𝐚𝐧𝐭: 𝐐𝟑 𝐄𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐚𝐧𝐝 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐁𝐞𝐚𝐭 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐬, 𝐁𝐮𝐭 𝐐𝐮𝐚𝐫𝐭𝐞𝐫𝐥𝐲 𝐁𝐨𝐨𝐤𝐢𝐧𝐠𝐬 𝐃𝐞

$CTSH (-2,06%)

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📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Adj. EPS: $1.49 (Est. $1.46) ✅, +7.2% YoY.

• Revenue: $5.664B (Est. $5.65B) ✅, +4.6% YoY.

• GAAP EPS: $1.39 (vs. $0.56 YoY).

• GAAP Operating Margin: 15.4%, -60 bps YoY.

• Adj. Operating Margin: 16.3%, +30 bps YoY.

• TTM Bookings: $28.7B, +4% YoY.

• Quarterly Bookings: -7% YoY.

• Book-to-Bill: ~1.3x (TTM).

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🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• Q4 2026 Revenue: $5.49B–$5.57B, midpoint $5.53B (Est. $5.65B) ❌.

• FY2026 Revenue: $22.05B–$22.14B, midpoint $22.10B (Est. $22.20B) ❌.

• FY2026 Adj. EPS: $5.72–$5.79, midpoint $5.76 (Est. $5.76) 🟰.

• FY2026 Adj. Operating Margin: ~16.1%, +30 bps YoY.

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Q3 Adj. EPS beat consensus by ~2.1%, while revenue exceeded estimates by ~0.2%.

• Financial Services revenue grew 12% YoY.

• Quarterly bookings declined 7%, despite TTM bookings increasing 4% to $28.7B.

• More than 50% of Cognizant's code is now AI-assisted, with over 95,000 AI badges and certifications earned by employees.

• Project Leap targets ~$200M in 2026 savings, with total expected costs of $180M–$250M.

• YTD free cash flow declined to $1.58B from $1.88B.

• Returned $2.3B to shareholders through buybacks and dividends during the first nine months.

• Signed agreement to acquire DyFlex Solutions, expanding SAP and AI capabilities in Australia and New Zealand.

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“The AI market is moving from capability to value realization, requiring enterprises to reimagine how work gets done, build AI into the fabric of the enterprise and create new sources of value.”

Tim

@timsnty

4Mes·

Nasdaq 100 Rebalancing

The rebalancing of the Nasdaq 100 Index was announced $NDX was announced.

Starting June 22, the following companies will be added:

The following companies will be removed:

Source: Nasdaq-100 Index® June 2026 Quarterly Changes | Nasdaq, Inc. https://share.google/wnk6Xt3oa7cqzGshd

ir.nasdaq.comAccess Denied

Novius

@Novius

11Mes·

Who benefits when AI increases productivity in the economy?

Goldman Sachs has looked into the issue and is convinced that it will be companies in particular that have extremely high personnel costs and, at the same time, great potential for automation.

The Goldman strategists use very specific figures. They take wage costs as a percentage of turnover and combine them with the proportion of jobs that can be automated using AI. The result is the so-called Phase 4 list of the AI revolution. AI hyperscalers, semiconductor values and data centers correspond to phase 1, phase 2 and phase 3 respectively.

Which sectors are phase 4 candidates? The answer is: software & services, professional services such as management consultancy, tax consultancy, insurance and IT services, because AI loves repetitive knowledge work.

The specific winners in the area of Banking & Finance include Bank of America $BAC (+0,11%)KeyCorp $KEY (+0,16%), PNC $PNC (+1%), US Bancorp $TBBK and Truist $TFC (-0,16%). Half of banking work is document processing - that's AI fodder.

For insurers Goldman Sachs calls Aon $AON (-1,6%)Marsh & McLennan $MMC (-1,53%), Willis Towers Watson $WTW (-1,6%). When AI checks insurance claims, it is a cost revolution.

In the area of IT service providers & consultants the list includes Accenture $ACN (-0,53%), Cognizant $CTSH (-2,06%)EPAM $EPAM (-2,67%)IBM $IBM (+0,36%), Twilio $TWLO (+1,24%), DXC $DXC (-1,18%) and SAIC $SAIC (+0,31%). These companies have consultants - and a large part of their activities can be automated with AI.

Among the software-specialists, Guidewire $GWRE (-2,87%), Manhattan Associates $MANH (-0,22%), Pegasystems $PEGA (-2,81%) and Tyler Technologies $TYL (-1,59%) are mentioned. These are companies that build software for the management of companies - and AI will allow them to deliver their products faster and more cheaply.

In the area of Healthcare Services & Life Science Tools Goldman names Labcorp $LH (+1,86%)IQVIA $IQV (+3,35%) and Certara $CERT (+1,29%)because AI is already involved in medical documentation, study evaluation and diagnostics.

What makes Phase 4 shares so exciting? Every working hour saved has a direct impact on the margin. High productivity stands for high profit leverage. The advantage: unlike hyperscalers or chip companies, they don't need huge investments, but can simply use AI. This means less risk, more leverage and a lower valuation.

Conclusion:

Currently everything revolves around Nvidia $NVDA (+3,8%) , AMD $AMD (+9,62%), TSMC $2330 - i.e. phase 2 stocks. But the next wave is not coming for companies that use AI.

Source text (excerpt) & graphic: Welt, 03.12.25

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