
Thursday, August 07, 2025
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid Q2 results. Conduent reported second-quarter revenue of $754 million, in line with our estimate. Adj. EBITDA of $37 million exceeded our $33 million forecast. Importantly, all three business segments posted sequential growth in new business annual contract value, signaling building commercial momentum and suggesting that execution is improving across the platform.
Portfolio rationalization in the works. The company collected the remaining $50 million from its Curbside Management divestiture, completing phase one of its portfolio rationalization strategy. Management indicated additional transactions are in progress, aimed at boosting profitability. We believe updates are likely by year-end, as the team continues to reshape the business with a focus on higher-margin opportunities.
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