Report
Konrad Zomer

Adecco : US perm fee income in rapid decline

>US permanent placement fees coming down fast - After a recent conversation with the company, we believe the permanent placement revenues for Adecco in the US have come down significantly in 4Q 2022. Permanent placement only represents about 3% of Adecco’s group revenues, but some 15% of group gross profit. We estimate these US perm fees might have come down 8-10% in 4Q, or maybe even more than that. Perm fee income in countries like France, the UK and Germany seems t...
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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