Randstad CMD 2023: Growth through specialization
Yesterday we joined the Randstad CMD in London. No major changes to the overall strategy, with margin ambitionas and capital distribution policy largely unchanged. A new segmentation should support the "growth through specialization"focus, and additional colour on the business provided for some interesting presentations.In the short term we don't see any major impacts coming from this CMD, leading us to stick with our €52 TP. Given limited upside and continued headwind from the current downward economic cycle, we stick to our Hold recommendation.
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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