Adecco : Challenges ahead, with margin guidance way out of reach
>Organic revenue growth about to turn negative - Adecco is set to report 4Q 2022 results on 28 February, and we forecast 1% organic top-line growth, a flat sequential gross margin of 21% and a 21% yoy decline in adjusted EBITA, taking it to € 206m. The company has yet to collect consensus forecasts, but for FY 2022 and FY 2023 we believe we are some 3-5% below Bloomberg consensus. Macroeconomic data no longer supportive for staffers - In recent month...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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