Report
Michael Field
EUR 100.00 For Business Accounts Only

Adecco Company Report

On the face of it, no-moat recruitment giant Adecco’s full-year results look like a confirmation that the European growth engine is in trouble. Scratch below the surface, however, and it is a different story. The company reported organic revenue growth of 3% for the full year, EBITA margins dipped over the period but picked up again in the fourth quarter, rising to 4.8%, and while excluding goodwill impairments, net income came in broadly in line with our estimates. That is not to say we are out...
Underlying
Adecco Group AG

Adecco Group provides human resource services, including temporary staffing, permanent placement, outsourcing, consulting and outplacement. Co. has more than 5,500 branches in over 60 countries and territories. Co.'s Office and Industrial businesses offer a range of general staffing services, including temporary staffing, permanent placement, assessment, training and integrated human resources applications. In addition, Co. operates professional business lines, which include Adecco Finance & Legal, Adecco Engineering & Technical, Adecco Information Technology, Adecco Medical & Science, Adecco Sales, Marketing & Events and Adecco Human Capital Solutions.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Michael Field

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