Adecco : Convincing execution and an attractive valuation
>EBITA margin and shareholder returns beat forecasts - The group reported an organic decline, adjusted for number of working days, of -4% in Q4, in line with Q3 and forecasts (ODDO BHF -3.6% est., consensus -3.8%) and -3% for the full year. The gross margin improved by 20bp y-o-y to 19.3% (vs 19.4% forecast by ODDO BHF and the consensus) and the EBITA margin was up by +10bp y-o-y vs a deterioration of -10bp forecast by ODDO BHF and the consensus, leading to adjusted ...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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