Randstad - Top line momentum is not improving
• Despite a slight miss on top line (-5% vs our -4%) and gross margin, Q2-23 EBITA was 4-5% ahead of expectations due to strong cost control. • Top line momentum remains negative in Q3-23 and is not improving.• We will fine-tune our estimates. We stick to Reduce and TP of EUR 49 p/s.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.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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