Teleperformance SE (TEP) Moat Analysis

Overview

Teleperformance SE, branded TP, is a France-based digital business-services and outsourced-CX provider. H1 2026 revenue was EUR 4.883bn, down 1.7% like-for-like and split 86.4% Core Services and 13.6% Specialized Services. IFRS operating profit was EUR 430m; TTM operating margin is 9.57% from FY2025 plus H1 2026 less H1 2025, while the issuer does not report a gross-profit subtotal comparable to the retained FMP gross-margin field. The defensible moat evidence is narrow: Core client tenure indicates weak procurement inertia, and TLScontact government tenders provide only contract-duration protection. LanguageLine leadership and certifications are scale or qualification evidence, not independently verified brand or compliance moats. At June 30, 59,874,365 ordinary shares were issued and 58,133,631 were outstanding after treasury shares. Euronext Paris TEP is the primary ordinary listing; TLPFF is the U.S. foreign-ordinary quotation, while TLPFY is an unsponsored OTC ADR where two ADRs represent one ordinary share (CUSIP 87946F100; US ISIN US87946F1003). Primary ISIN FR0000051807, ADR identifiers and their check digits are valid. LEI 9695004GI61FHFFNRG61 is issued and entity-active, with renewal due July 22, 2027. Risks include intense BPO competition, AI substitution, client insourcing or rebids, employee attrition, language-service pricing pressure and visa-contract losses. 2026 guidance remains 0-2% like-for-like revenue growth and about 14.6% recurring EBITA margin.