Randstad - Top line trends remain negative,
• Despite -7.3% organically on top line, the Q3-23 profits were better than expected thanks to strong cost control.• However, there are no signs of top line improvement yet and the late-cyclical and high-margin perm and RPO businesses are slowing down further.• We stick to Reduce. To reflect the deteriorating top line and uncertain outlook we lower our TP from EUR 49 to EUR 45.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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