Randstad - No turn in negative top line trends
• Q4-23 was in line with expectations on adjusted EBITA, while strong on FCF generation and cash returns. • However, January organic revenue trends are weaker than anticipated. We expect to lower our adj. EBITA estimates by mid to high single digits.• We stick to Reduce and our TP of EUR 45, as we see a mismatch between its share price performance and the ongoing negative revenue trends. Randstad is also on our Benelux ‘least favorites' list.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.
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