Randstad Strong cost control, but not enough to compensate weak gross margin
Randstad's 3Q24 results show a significantly weaker gross margin than expected. The company once again demonstrates its strong cost control, though not enough to fully compensate. We adjusted our numbers down last week on the back of weak economic environment, though todays numbers still represent a mis. We reiterate our rating & TP, though note further short-term downside risk if the environment doesn't improve.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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