Solid 2017 for Recruitment Giant Adecco
Recruitment leader Adecco benefited from strong market growth, particularly in the fourth quarter, to deliver a strong set of full-year results, in line with our expectations. Organic revenue growth averaged 6% over the course of 2017, while EBITA margins ticked up by just 10 basis points to 4.9%. We expect to make only minor adjustments (stemming from the time value of money)Â to our CHF 75 fair value estimate. We retain our no-moat rating for the company and believe the shares are currently fai...
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.
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