Randstad Adjusting model for a more subdued market
We have updated our estimates following a significant weaker macro environment than we had anticipated last quarter. While we were banking on a recovery of confidence, fuelled by lower interest rates, we have seen many indicators for the quarter take a significant hit. Adjusting our FY24-FY25 estimates, we come to a new DCF valuation of €47.5, down from €52 previously. We reiterate our Accumulate rating.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 a financial services provider for several types of professional clients, each with distinct needs.
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