Randstad NV

Randstad is a global staffing and recruitment company, providing various solutions in the human resources (HR) services space. Co.'s services include regular temporary staffing and permanent placement of candidates. In addition, Co. provides several other HR solutions, such as Recruitment Process Outsourcing (RPO), Managed Services Programs (MSP), payroll services, and outplacement. Co. provides four distinct service concepts: Staffing, Inhouse Services, Professionals and HR Solutions.
  • TickerRAND
  • ISINNL0000379121
  • ExchangeEuronext Amsterdam
  • SectorSupport Services
  • CountryNetherlands

RANDSTAD NV sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of RANDSTAD NV (NL), a company active in the Business Training & Employment Agencies industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date May 22, 2020, the closing price was EUR 36.71 and its potential was estimated at EUR 43.16.

ING
ING Helpdesk

Benelux Morning Notes

ABN AMRO: Impairment outlook worse than expected. Ageas: Withdrawing 2020 guidance should not be a surprise. Agfa-Gevaert: AGM and EGM feedback. Bekaert: 1Q20 sales -11%, limited visibility on depth and duration through. Boskalis: Qualitative trading update just after Covid-19 update. Colruyt: Matching lowest prices with home delivery. IBA: Reassuring 1Q20 qualitative update on operations, cash. Kinepolis: 1Q20 visitors down 9% on lockdowns, client caution. Belgium better. PostNL: virtual management roadshow - feedback and highlights. SBM Offshore: MODEC's pain is not SBM's....

ING
ING Helpdesk

Benelux Morning Notes

AEGON: Helpful disclosures but questions remain. Agfa-Gevaert: Beat in Adj. EBIT and lower restructuring expenses. Belgian telecoms: EU approves wholesale cable rates, flags overcompensation risks. Kinepolis: 1Q20 preview. SBM Offshore: Trading update including Covid-19 effects. Staffing sector: French data - March trend and outlook for April unprecedented

ING
ING Helpdesk

Benelux Morning Notes

Staffing sector: US April Temp data and job report weakened with the effects of Covid-19

ING
ING Helpdesk

Benelux Morning Notes

Adecco: 1Q20 results review; more of the same. Agfa-Gevaert: Closing of the partial sale of Agfa Healthcare. Balta: Negative Covid-19 impact on 1Q20. bpost: 1Q20 results in line - no outlook but FY20 likely well below consensus. D'Ieteren: Car registrations drop 90% in April, VW 91% GrandVision: 80% April sales decline, net debt hardly moved Kendrion: It is all about 2Q, net debt stable for now

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish HR & Staffing Stocks

Int'l Human Resources & Employment Services Groups are bottoming -- add exposure Our international Human Resources & Employment Services Groups (SV-10, -11, and -12) are showing signs of price and RS bottoms throughout Japan, Europe, and the UK... see charts below. We believe short-term pullbacks in the names highlighted today should be bought, particularly in light of the Fed hinting at increased flexibility and the potential for improving trade headlines. Today we highlight our favorite setups within our int'l HR & Employment Services Groups: Recruit Holdings Co., Ltd. (6098-JP), PERSOL ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Opportunities in Europe, Japan As markets pull back amid the tariff saga we continue to believe this is an attractive time to add exposure. This view is supported by the technicals with all major global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) pulling back to their respective 200-day moving averages... see charts below. • Actionable Sectors: Services and Consumer Staples in Europe and Japan. We often view the Services Sector as a defensive way to invest in Technology. We also highlight several Consumer Staples stocks within Europe (the STOXX 600 Food & Beverage index remains leadersh...

Jérôme VINERIER

Analyse court terme - RANDSTAD : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 44,80 € prochainement. Le prochain objectif est à 40,84 €, puis 39,01 €. Le franchissement de 46,70 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - RANDSTAD : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €44.80. The next target is at €40.84, then €39.01. Passing €46.70 would question the continuation of the fall.

Randstad Holding N.V.: 1 director sold

A director at Randstad Holding N.V. sold 10,000 shares at 51.210EUR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names o...

ING
ING Helpdesk

Benelux Morning Notes

ABN AMRO: Impairment outlook worse than expected. Ageas: Withdrawing 2020 guidance should not be a surprise. Agfa-Gevaert: AGM and EGM feedback. Bekaert: 1Q20 sales -11%, limited visibility on depth and duration through. Boskalis: Qualitative trading update just after Covid-19 update. Colruyt: Matching lowest prices with home delivery. IBA: Reassuring 1Q20 qualitative update on operations, cash. Kinepolis: 1Q20 visitors down 9% on lockdowns, client caution. Belgium better. PostNL: virtual management roadshow - feedback and highlights. SBM Offshore: MODEC's pain is not SBM's....

ING
ING Helpdesk

Benelux Morning Notes

AEGON: Helpful disclosures but questions remain. Agfa-Gevaert: Beat in Adj. EBIT and lower restructuring expenses. Belgian telecoms: EU approves wholesale cable rates, flags overcompensation risks. Kinepolis: 1Q20 preview. SBM Offshore: Trading update including Covid-19 effects. Staffing sector: French data - March trend and outlook for April unprecedented

ING
ING Helpdesk

Benelux Morning Notes

Staffing sector: US April Temp data and job report weakened with the effects of Covid-19

ING
ING Helpdesk

Benelux Morning Notes

Adecco: 1Q20 results review; more of the same. Agfa-Gevaert: Closing of the partial sale of Agfa Healthcare. Balta: Negative Covid-19 impact on 1Q20. bpost: 1Q20 results in line - no outlook but FY20 likely well below consensus. D'Ieteren: Car registrations drop 90% in April, VW 91% GrandVision: 80% April sales decline, net debt hardly moved Kendrion: It is all about 2Q, net debt stable for now

Emira Sagaama ...
  • Matthias Desmarais

Randstad : Short-term set to be lacklustre but factored into estimates, moderate re-rating so far, we upgrade to Buy

>Q1 earnings beat expectations - - Revenues were down -7.4% organic and adjusted for the number of working days (TDA) in Q1, which is much less pessimistic than the forecasts (ODDO BHF -15.3%, consensus -12.3%) and is in line with the performance reported by Manpower two days ago (-7%). The gross margin was down -30bp y-o-y to 19.4% (in line with the consensus, ODDO BHF 19.5%e) and the EBITA margin declined 100bp y-o-y to 3%, well above expectations (consensus 2.3%, O...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2020

We estimate that net current cash flow per share for the property companies we cover will be reduced on average by -11.3% in 2020e and -6.0% in 2021e. Retail property companies are likely to be hit the hardest while office and healthcare property groups should prove more resilient. Our Top Picks against this backdrop are Gecina and Colonial in office property, Cofinimmo in healthcare property and Klépierre in retail property. We downgrade Merlin Properties from Buy to Neutral. - ...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2020

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Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert

ODDO BHF Small & MIDCAP MORNING NEWS - 04/08/2020

While the collapse in our groups' activity is fairly uniform (-70% to -90%), we believe that the pace of recovery will be much faster for motorway concessions and construction than for airports. This is not reflected in share price performances. We are downgrading Fraport to Reduce (target price € 41) and we remain on Reduce for ADP (target price € 100). We prefer Vinci (€ 85) and Eiffage (€ 86). - Cf. report published today. - ...

Alfred Glaser ...
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Laurence Hofmann
  • Samantha Jeary

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/08/2020

A state of rational panic has overtaken the world and the real economy. Investors are envisaging a worst-case scenario, whereby businesses very survival is under threat. We have set this scenario to music. Over and above the temporary effect of the shutdown of the construction industry, the stimulus plans announced in many countries are unlikely to enable a return to the 2019 level in 2021. We prefer the groups with the most solid balance sheets. We have upgraded our recommendations f...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert

ODDO BHF Small & MIDCAP MORNING NEWS - 08/04/2020

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RANDSTAD NV sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of RANDSTAD NV (NL), a company active in the Business Training & Employment Agencies industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date May 22, 2020, the closing price was EUR 36.71 and its potential was estimated at EUR 43.16.

Expert Corporate Governance Service (ECGS)

Randstad, March 26 2019

In general, Randstad is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 5b, it is proposed to re-appoint Ms. Barbara Borra as Member of the supervisory board. Although Ms. Borra is considered independent, ECGS has concerns  over her aggregate time commitments. Ms. Borra is serving as CEO of Franke Kitchen  Systems (substantial non-listed company) and non-executive director of Brembo S.p.A. and Randstad N.V. (both listed), which exceeds ECGS' guidelines. Accordingly, ECGS recommends to vote OPPOSE. There are no fur...

Randstad – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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