UK's Capita likely to 発表する painful 精密検査する as Brexit bites
By Elisabeth O'Leary
EDINBURGH, Dec 6 (Reuters) - Britain's biggest outsourcing 会社／堅い Capita may need to raise 資本／首都, sell 資産s or 削減（する） its （株主への）配当 to 保護する itself from Brexit-関係のある （軽い）地震s 激しく揺するing the 部門 that have sent its 在庫／株 急落（する），激減（する）ing to 10-year lows.
Capita has 大部分は 避けるd the スキャンダルs that have 攻撃する，衝突する 競争相手s G4S and Serco in 最近の years.
But years of 取得／買収s have left it looking weak at a time when 競争 is growing and （弁護士の）依頼人s are 気が進まない to agree 取引，協定s because of 不確定 created by Britain's June 投票（する） to leave the European Union.
Its 近づく-total 焦点（を合わせる） on Britain means that unlike some 競争相手s it cannot 利益 from the translation of foreign 通貨s 支援する into a weak 続けざまに猛撃する.
Capita 警告するd in September that 延期するs in 決定／判定勝ち（する）-making by 顧客s after the Brexit 投票（する） would 攻撃する，衝突する its 2016 利益（をあげる）, sending its 株 宙返り／暴落するing and halving its market value to 3.6 billion 続けざまに猛撃するs ($4.59 billion).
投資家s will be looking for answers when the company gives a 貿易（する）ing update on Thursday.
"Capita needs to look at pre-emptive steps 含むing 処分s, （株主への）配当 削減（する）s and/or a 資本／首都 増加する," said HSBC, which 推定する／予想するs the 会社／堅い's （株主への）配当 per 株 to 落ちる to 16 pence in 2017 from 31.70 pence this year.
British 政府s and companies have outsourced large p arts of their basic needs -- such as 行政, 安全 and きれいにする -- over the last 30 years to try to 削減（する） costs.
But the practice drew 解雇する／砲火／射撃 in 2012 and 2013 when G4S and Serco were 設立する to have overcharged the 政府 on some 契約s and failed on others.
Capita 供給するs basic 施設s over a diverse 範囲 of 部門s from banking to 輸送（する）, 小売 and health. But that approach has 誘発するd 恐れるs from the 投資 community that the group may now be unwieldy.
In a nod to this, Capita said last month it would 簡単にする its structure, 減ずるing the number of 商売／仕事 部隊s and their 報告（する）／憶測ing lines to 上げる oversight and transparency.
It did nothing to help its 在庫／株, now 貿易（する）ing at around 542 pence, around a 10-year low. 分析家s 旗 a rise in one-off items on its accounts, たびたび（訪れる） reorganisations and a larger number of accruals - where 未来 歳入s are accounted as cash.
After years of small 購入（する）s, it has to service almost 2 billion 続けざまに猛撃するs of 負債 on 普通の／平均（する） 予測（する） 歳入s of around 4.87 billion 続けざまに猛撃するs this year.
利ざやs are under 圧力 but some 分析家s complain that it is hard to see where the group is doing 井戸／弁護士席 or 不正に.
It is not the only outsourcer struggling.
競争相手 Mitie 問題／発行するd its second 利益（をあげる）-警告 in as many months in November, 特記する／引用するing より小数の new orders because of Brexit, rising costs such as Britain's 最小限 行う and tougher 地元の 政府 予算s.
That 背景 means 利益（をあげる） 利ざやs are likely to 強化する その上の when 契約s come up for 再交渉.
Capita got some 一時的休止，執行延期 on Oct. 19 when one of its biggest 株主s Woodford 表明するd 約束 in its （株主への）配当 and 資本／首都, 説 the 在庫／株 拒絶する／低下する looked "disproportionate".
But since then the 株 have 傾向d lower.
In September Capita said its underlying pre-税金 利益（をあげる） would 落ちる by 10 パーセント to 13 パーセント in 2016, and that it now saw 逮捕する 負債 to 核心 収入s (EBITDA) at around 2.7 times at year-end versus 2.5 times at end-June 2016.
"We think 最近の events will 結局 mean 管理／経営 change and a review of 契約s and 戦略," said RBC 分析家 Andrew Brooke. "We continue to see too many 危険s にもかかわらず the 株 price 落ちる". ($1 = 0.7843 続けざまに猛撃するs) (Editing by Kate Holton and Adrian Croft)
