IndexReady report
Computacenter plc
Computacenter plc Annual Report and Accounts 2025 · Source document
Indicative analysis based on public methodology documents and the uploaded disclosure. Index providers make final determinations using their own data. Not investment, legal or index advice.
Classification and valuation
| ICB subsector | Rule applied | |
|---|---|---|
| Likely | Computer Hardware 10102030 | Step 2: 50% or more of revenue from one subsector |
| Arguable alternative | Computer Services 10101010 | Step 2: 50% or more of revenue from one subsector |
| Official | Computer Services 10101010 | London Stock Exchange company page, Industry classification section, 2026-10-24 |
The official classification is the arguable alternative. On the disclosed revenue split the ICB rules point to Computer Hardware, but the company is classified as Computer Services. The classification rests on how FTSE Russell reads the business, not only on the segment split, which is why it is worth settling before listing.
Revenue by ICB subsector
Each bar is the share of revenue mapped to a subsector, against the 50% line used by the ICB rules.
| Activity | Revenue | Basis | ICB mapping |
|---|---|---|---|
| IT hardware and software value-added reselling (Technology Sourcing, incl. data center/AI infrastructure and workplace) | 81.6% | derived, p.175 | Computer Hardware (alt. Computer Services) |
| IT professional and consulting services (advisory, integration, deployment) | 9.2% | derived, p.175 | Computer Services |
| Managed IT services (service desk, infrastructure support, device lifecycle) | 9.2% | derived, p.175 | Computer Services |
Why the likely classification
Technology Sourcing, the resale of IT hardware and software, generates 81.6% of revenue (7,503.1 of 9,193.9), so the primary mapping is the hardware reseller subsector. Services (Professional and Managed, 18.4%) are computer services.
“Total Technology Sourcing revenue1 7,503.1 5,326.4” p.175
“Computacenter is one of the world’s six largest value-added resellers (VAR) of information technology (IT).” p.2
The arguable alternative
Computacenter could argue for Computer Services for the whole group because it describes itself as a major IT services company and sells integrated source/transform/manage solutions, including configuration and integration services around the products.
“We are also a major international IT services company.” p.2
Valuation by classification
| Classification | Benchmark | EV/EBITDA | Listed peer set |
|---|---|---|---|
| Computer Hardware Likely | ICB Computer Hardware covers both hardware manufacturers and distributors and resellers. Damodaran's Computers/Peripherals industry is manufacturers, and it has no IT distributor or reseller industry, so no benchmark is shown. | not set | Peer data not set |
| Computer Services Alternative · official (LSE) | Computer Services | 12.0x | Peer data not set |
Benchmark multiple under the official classification (Computer Services): 12.0x, against no sensible benchmark for the disclosure-implied Computer Hardware.
Illustrative only. Implied enterprise values are not shown for named companies. Multiples are industry benchmarks, not a valuation of this company.
FTSE index inclusion and passive demand
FTSE UK Index SeriesEligibleFTSE 250, fast entry after the fifth day of trading
- Listing venuePass
Main Market (Equity Shares, commercial companies) (p.137). Rule 4.1.1.
- NationalityPass
Incorporated in England and Wales. Rule 4.1.3, Section 5, Rule 8.4.4 footnote.
- Free floatPass
Free float scenario 35% against a minimum of 10%. Rules 4.1.1 and 6.4; market consultation update 26 March 2026.
- Trading volumes after listingNot assessable
Median liquidity test: turnover of at least 0.025% of shares in issue (after investability weightings) based on monthly medians in at least 10 of the prior 12 months; new issues need at least a 20-day trading record. Fast-entry IPOs are exempt from the liquidity screen. Rule 6.7; Guide to Calculation Methods for the Median Liquidity Test.
- Fast entry at IPOPass
Full market cap £3.11bn is at or above the FTSE 250 fast-entry level (£1.18bn, 2026-09-02) and IPO shares of £1.09bn meet the £1bn investable minimum. Rules 8.4.2 and 8.4.4.
Source: FTSE UK Index Series Ground Rules, v17.3, September 2026. Checked 2026-10-24.
Identified UK tracker demand (minimum)
Total passive ownership is higher than this figure. It counts only the named UK index funds below; other trackers, ETFs listed elsewhere, segregated index mandates and closet indexers are not included.
| Index membership assumed | FTSE 250 |
| Free float value (35% of £3.11bn) | £1.09bn |
| Share held by identified UK trackers | 2.35% |
| Identified UK tracker demand (minimum) | £25.6m 2.35% of free float |
Method: assets of the named UK index funds tracking each index, divided by the index's market value, applied to the free float value. This is a documented minimum, not an estimate of total passive demand.
| Index | Named trackers | Fund assets | Index value | Share |
|---|---|---|---|---|
| FTSE 250 trackers | Vanguard FTSE 250 UCITS ETF (all share classes); HSBC FTSE 250 Index Fund; iShares FTSE 250 UCITS ETF | £4.41bn | £315.03bn | 1.40% |
| FTSE All-Share trackers | Vanguard FTSE U.K. All Share Index Unit Trust (all share classes); Legal & General UK Index Trust; HSBC FTSE All-Share Index Fund | £27.36bn | £2,869.2bn | 0.95% |
Float scenarios
At an indicative market capitalisation of £3.11bn.
| Free float | Likely FTSE index | Free float value | Identified tracker demand (min.) | % of free float |
|---|---|---|---|---|
| 25% | FTSE SmallCap | £778.3m | £7.4m | 0.95% |
| 35% | FTSE 250 | £1.09bn | £25.6m | 2.35% |
| 50% | FTSE 250 | £1.56bn | £36.6m | 2.35% |
Fast entry needs at least £1bn of IPO shares, so the float can change the index as well as the demand.
Readiness actions
For the IPO simulation. The most material actions, at most three, for the indices within reach.
- Present the business as services-led and agree it with FTSE Russell · Classification
In the prospectus and segment reporting, describe resale as delivered within integrated source, transform and manage customer relationships, and report services revenue and gross profit clearly by line. ICB looks first at revenue and resale is about 82% of it, so the Computer Services case rests on how FTSE Russell reads the business; settle the subsector with FTSE Russell before listing.
- Publish ESG data for FTSE Russell coverage · FTSE4Good UK
Disclose the datasets FTSE Russell needs, including climate data and the Scope 3 emissions work the company says it is progressing, so a FTSE ESG Score can be assessed. Aim to show a Climate Change Theme Score of 2 and an overall score at the 3.3 entry threshold.
- Plan for fast entry to the FTSE 250 · FTSE UK (All-Share)
Agree the timetable with advisers so the listing meets the fast-entry conditions, with inclusion after the fifth day of trading. Size the free float and investor allocation so that early trading supports the index weighting.
Thematic and ESG indices
FTSE4Good UK IndexNot assessableFTSE ESG Score (FTSE Russell's own assessment) cannot be assessed from the document
- Underlying index: FTSE All-SharePass
Depends on FTSE All-Share membership (FTSE 250, fast entry after the fifth day of trading). Rule 4.2.1.
- SeasoningNote
New entrants to the underlying index (fast entries or normal review entries) are eligible to join at the semi-annual review only after at least six months in the index universe, subject to ESG data being available. For an IPO this sets the earliest date, not eligibility. Rule 9.2.1.
- FTSE Russell ESG data coverageNot assessable
Companies without FTSE Russell data coverage for the required ESG datasets are not included. Rule 6.1.6.
- FTSE ESG Score (FTSE Russell's own assessment)Not assessable
Developed market companies need a FTSE ESG Score of 3.3 or above to be added (2.9 or above to remain). Rules 6.3.2 and 6.3.7.
- FTSE ESG Theme ScoresNot assessable
Not added with a Theme Score of 0 or 1 in any applicable High Exposure Theme; constituents must keep 1 or more. Rules 6.3.3 and 6.3.8.
- Climate theme group (Appendix D)Not assessable
Computer Hardware is a Secondary impact subsector: Climate Change Theme Score of 2 required. Under the alternative (Computer Services) it is Secondary, the same requirement. Rule 6.3.4 and Appendix D.
- Sustainalytics Global Standards Screening and RepRisk scoresNot assessable
Ineligible if assigned Non-compliant status in the Sustainalytics Global Standards Screening; non-constituents with significant controversies (RepRisk) are not added. Rules 6.2.2 and 6.2.3.
The ESG Score is FTSE Russell's own assessment from public disclosure. Disclosure that supports a higher score: Scope 1 and 2 (and where material Scope 3) emissions, TCFD or ISSB-aligned climate reporting, and clear policies with targets on the themes that apply to the company's subsector.
Source: FTSE4Good Index Series Ground Rules, v6.2, October 2026. Checked 2026-10-24.
STOXX Global Digital Security IndexExcludedRevenue in theme activities: 0% of revenue shown to be in the named sub-industries against more than 50%
- Free-float market capitalisationPass
£1.09bn is about EUR 1,301m against a minimum of EUR 200m (ECB rate 2026-10-23). 17.2.2.
- Trading volumes after listingNot assessable
3-month median daily traded value greater than EUR 1 million. 17.2.2.
- Revenue in theme activitiesFail
0% of revenue shown to be in the named sub-industries against more than 50%. No revenue is shown to fall in this theme's named sub-industries. Basis: Nothing counted. Resale and services revenue is not quantified by any named sub-industry, such as networking or security consulting, so no share can be attributed. 17.2.2.
- Sustainalytics coverage and ratingsNot assessable
Sustainalytics Global Standards Screening non-compliant, or Controversy Rating Category 5; missing data means exclusion. 17.2.2.
Source: STOXX Index Methodology Guide (Portfolio Based Indices), section 17.2, October 2026. Checked 2026-10-24.
STOXX Global Automation & Robotics IndexExcludedRevenue in theme activities: 0% of revenue shown to be in the named sub-industries against more than 50%
- Free-float market capitalisationPass
£1.09bn is about EUR 1,301m against a minimum of EUR 200m (ECB rate 2026-10-23). 17.11.2.
- Trading volumes after listingNot assessable
3-month median daily trading value greater than EUR 1 million. 17.11.2.
- Revenue in theme activitiesFail
0% of revenue shown to be in the named sub-industries against more than 50%. No revenue is shown to fall in this theme's named sub-industries. Basis: Nothing counted. AI/data center hardware resale is not disclosed as GPU revenue, and the company is a reseller, not a maker of those products. 17.11.2.
- Sustainalytics coverage and ratingsNot assessable
Sustainalytics Global Standards Screening non-compliant, or Controversy Rating Category 5; missing data means exclusion. 17.11.2.
Source: STOXX Index Methodology Guide (Portfolio Based Indices), section 17.11 (STOXX Global Thematic indices), October 2026. Checked 2026-10-24.
ISE Cyber Security UCITS IndexExcludedCyber security a key driver (committee): No cyber security activity is disclosed, so the company would not be considered.
- Free-float market capitalisationPass
£1.09bn is about USD 1,457m against a minimum of USD 100m (ECB rate 2026-10-23). HXR Market capitalization eligibility.
- SeasoningNote
The security must have seasoned for at least three calendar months on an index-eligible exchange before the reference date. For an IPO this sets the earliest date, not eligibility. HXR Seasoning eligibility.
- Trading volumes after listingNot assessable
HUR requires three-month average daily value traded of at least USD 1 million (new entrants also USD 750k five-day ADVT on each of 60 days); HXR requires USD 1 million ADDTV. HUR Liquidity; HXR Liquidity eligibility.
- Cyber security a key driver (committee)Fail
No cyber security activity is disclosed, so the company would not be considered. HXR Industry or sector eligibility.
- Revenue test (secondary line)Fail
0% of revenue shown to be in the named sub-industries against at least 90%. No revenue is shown to fall in this theme's named sub-industries. Basis: Nothing counted. Cyber services are mentioned as demand drivers but their revenue is not quantified. HXRXL Other eligibility.
- Sustainalytics coverage and ratingsNot assessable
Sustainalytics Controversy Rating of 5 or UNGC non-compliance; missing Sustainalytics data makes a security ineligible. HUR ESG Eligibility.
Source: ISE Cyber Security UCITS Index (HUR) methodology, Nasdaq 2026. Checked 2026-10-24.
S&P Global Clean Energy Transition IndexExcludedClean energy exposure score: Clean revenue 0% gives an exposure score of 0 (minimum 0.5 needs 25%).
- Total market capitalisationPass
£3.11bn is about USD 4,162m against a minimum of USD 300m (ECB rate 2026-10-23). Eligibility Factors.
- Free-float market capitalisationPass
£1.09bn is about USD 1,457m against a minimum of USD 100m (ECB rate 2026-10-23). Eligibility Factors.
- Trading volumes after listingNot assessable
Six-month median daily value traded of USD 3 million (USD 2 million for current constituents). Eligibility Factors.
- Clean energy exposure scoreFail
Clean revenue 0% gives an exposure score of 0 (minimum 0.5 needs 25%). Exposure Score Calculations, Step 3.
- Trucost carbon-to-revenue footprintNot assessable
Companies with a Trucost carbon-to-revenue footprint standard score greater than three are excluded (companies without Trucost coverage remain eligible). Index Construction step 2.
- Sustainalytics coverage and statusNot assessable
Companies without S&P Global business involvement or Sustainalytics coverage, and Sustainalytics non-compliant companies, are excluded. Exclusions based on Business Activities; Global Standards Screening.
Source: S&P Thematic Indices Methodology (S&P Global Clean Energy Transition Index, Appendix B), September 2026 (read via the Internet Archive copy of 1 October 2026; spglobal.com blocks automated download). Checked 2026-10-24.
Footnotes and sources
From the document
Page references are to the page numbers of the PDF file, which can differ from the numbers printed on the pages.
- Revenue: GBP 9,193.9m (Year ended 31 December 2025) p.175
Total revenue 9,193.9 6,964.8
- EBITDA: not stated in the document
- Listing: Main Market (ESCC) p.137
The Company has a listing on the London Stock Exchange.
- Incorporation: England and Wales p.137
- IT hardware and software value-added reselling (Technology Sourcing, incl. data center/AI infrastructure and workplace): 81.6% (derived). 7,503.1 / 9,193.9 = 81.6% p.175
Total Technology Sourcing revenue1 7,503.1 5,326.4
- IT professional and consulting services (advisory, integration, deployment): 9.2% (derived). 847.2 / 9,193.9 = 9.2% p.175
Professional Services 847.2 778.3
- Managed IT services (service desk, infrastructure support, device lifecycle): 9.2% (derived). 843.6 / 9,193.9 = 9.2% p.175
Managed Services 843.6 860.1
- Market capitalisation: Illustrative: closing share price of £29.30 at 31 December 2025 (p.131) × 106,243,931 voting shares (p.139).
- Pages read: 40 of 228. Annual report excerpt with selected pages. EBITDA is not stated for the Group (only AgreeYa adjusted EBITDA of ~$14m, an acquiree), so null. Group adjusted operating profit is £274.7m. Segment percentages are derived from revenue. Scope 3 emissions are not yet disclosed (the company says it is working towards it). Weapons flag is false: a defence-sector IT services contract is mentioned, but this is not weapons manufacture. Listing status is inferred from the London Stock Exchange listing and UK Corporate Governance Code compliance; the exact Official List category is not quoted in the excerpt.
Checked against the source
- Page references: 8 quotes (revenue and its split by segment) were cited on p.174 but are on p.175, and have been corrected after checking the source text.
Index rules
- FTSE UK Index Series: FTSE UK Index Series Ground Rules, v17.3, September 2026. Checked 2026-10-24.
- FTSE AIM Index Series: FTSE AIM Index Series Ground Rules, v4.5, July 2026. Checked 2026-10-24.
- FTSE4Good UK Index: FTSE4Good Index Series Ground Rules, v6.2, October 2026. Checked 2026-10-24.
- STOXX Global Digital Security Index: STOXX Index Methodology Guide (Portfolio Based Indices), section 17.2, October 2026. Checked 2026-10-24.
- STOXX Global Automation & Robotics Index: STOXX Index Methodology Guide (Portfolio Based Indices), section 17.11 (STOXX Global Thematic indices), October 2026. Checked 2026-10-24.
- ISE Cyber Security UCITS Index: ISE Cyber Security UCITS Index (HUR) methodology, Nasdaq 2026. Checked 2026-10-24.
- S&P Global Clean Energy Transition Index: S&P Thematic Indices Methodology (S&P Global Clean Energy Transition Index, Appendix B), September 2026 (read via the Internet Archive copy of 1 October 2026; spglobal.com blocks automated download). Checked 2026-10-24.
Assumptions
- FTSE 100 fast-entry level (full market capitalisation): £4.5bn (FTSE Russell notice "FTSE UK Index Series - Quarterly Fast Entry Level - September 2026", 2 September 2026, 2026-09-02). Reset at each quarterly review (March, June, September, December).
- FTSE 250 fast-entry level (full market capitalisation): £1.18bn (FTSE Russell notice "FTSE UK Index Series - Quarterly Fast Entry Level - September 2026", 2 September 2026, 2026-09-02). Reset at each quarterly review.
- Full market capitalisation of the 325th-ranked company (FTSE 250 periodic-review entry): not set. FTSE Russell does not publish this as a GBP figure. Needs the FTSE UK Monitored List ranking at a review cut-off date.
- Full market capitalisation of the 80th-ranked FTSE AIM All-Share company (FTSE AIM 100 entry): not set. FTSE Russell does not publish this as a GBP figure; entry depends on rank at the quarterly review.
- FTSE SmallCap Index net (investable) market capitalisation: £37.19bn (FTSE Russell, FTSE SmallCap Index factsheet, data as at 30 September 2026, 2026-09-30). Rule 8.3.5 uses the SmallCap's full market capitalisation, which the factsheet does not publish. Full cap is at least the net cap, so 0.15% of this figure is a lower bound for the true inclusion threshold.
- FTSE 250 Index net (investable) market capitalisation: £315.03bn (FTSE Russell, FTSE 250 Index factsheet, data as at 30 September 2026, 2026-09-30)
- Exchange rates: European Central Bank euro foreign exchange reference rates, 2026-10-23.
- FTSE 100 trackers: index value £2,516.98bn (FTSE Russell, FTSE 100 Index factsheet, data as at 30 September 2026). iShares Core FTSE 100 UCITS ETF £16.39bn (2026-09-30); Vanguard FTSE 100 UCITS ETF (all share classes) £6.49bn (2026-09-30); HSBC FTSE 100 Index Fund £2.41bn (2026-09-30)
- FTSE 250 trackers: index value £315.03bn (FTSE Russell, FTSE 250 Index factsheet, data as at 30 September 2026). Vanguard FTSE 250 UCITS ETF (all share classes) £2.2bn (2026-09-30); HSBC FTSE 250 Index Fund £1.57bn (2026-09-30); iShares FTSE 250 UCITS ETF £644.5m (2026-07-31)
- FTSE All-Share trackers: index value £2,869.2bn (FTSE Russell, FTSE All-Share Index factsheet, data as at 30 September 2026). Vanguard FTSE U.K. All Share Index Unit Trust (all share classes) £17.43bn (2026-09-30); Legal & General UK Index Trust £7.69bn (2026-10-24); HSBC FTSE All-Share Index Fund £2.23bn (2026-09-30)
- FTSE AIM trackers: index value not set. No named FTSE AIM index tracker fund was found and sourced. Not set.
- Benchmark multiples: Aswath Damodaran, Enterprise value multiples by industry, Europe (vebitdaEurope.xls), 2026-01. Europe-wide industry aggregate, not a UK peer set. Mapping from ICB subsector to Damodaran industry drafted by Claude for review.
ICB classifications here are indicative estimates made from the disclosure, not official ICB assignments. Generated 2026-10-24 with claude-sonnet-5-5.
Indicative analysis based on public methodology documents and the uploaded disclosure. Index providers make final determinations using their own data. Not investment, legal or index advice.