Report
Konrad Zomer

Adecco : Limited growth in Q4; momentum to benefit from AKKA in 2022

>Top-line growth impacted by weak US performance - In our most recent report on Adecco (Adecco: Near-term challenges but AKKA seems a good fit, 12 October 2021), we upgraded to Outperform. We talked about near-term challenges (market share losses in the US and France, tough comparables in the UK, and a few other items) and expected weak Q3 2021 results. This proved to be the case. Organic revenue growth came in at 9% (consensus: 10%) and a positive reassessment of soc...
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
Oddo BHF
Oddo BHF

​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.

Analysts
Konrad Zomer

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