Oddo BHF - Adecco Group AG (ADEN) ... ODDO : Lâ€™amÃ©lioration de la marge sera la clÃ© du rerating. Achat (vs AllÃ©ger) sur Adecco

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Oddo BHF

Emira Sagaama

ODDO : Lâ€™amÃ©lioration de la marge sera la clÃ© du rerating. Achat (vs AllÃ©ger) sur Adecco

Les titres sont proches du dernier pic de valorisation en 2017 alors que lâ€™amÃ©lioration de la croissance est tout juste entamÃ©e. Nous pensons que le catalyseur pour dÃ©passer le cap des 14x le PE 12m fwd de 2017 viendra de lâ€™amÃ©lioration de la marge. Adecco est le plus Ã mÃªme d'y parvenir, nous passons Ã lâ€™Achat (71 CHF vs 50 CHF) et conservons notre opinion AllÃ©ger sur Randstad (53Â â‚¬ vs 42Â â‚¬). - >Des perspectives de croissance fragiles, mais moins sombres - Si lâ€™Ã©volut...

14/01/2020 27 FR

Underlyings

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.

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CH0012138605 Six Swiss Exchange Switzerland

Randstad NV

Randstad is a global staffing and recruitment company, providing various solutions in the human resources (HR) services space. Co.'s services include regular temporary staffing and permanent placement of candidates. In addition, Co. provides several other HR solutions, such as Recruitment Process Outsourcing (RPO), Managed Services Programs (MSP), payroll services, and outplacement. Co. provides four distinct service concepts: Staffing, Inhouse Services, Professionals and HR Solutions.

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NL0000379121 Euronext Amsterdam Netherlands

Provider

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.

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Analysts

Emira Sagaama

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NEXT plc : Strong in the UK but limited prospects for growth and margins

NEXT can claim the leading position in the UK fashion category. Moreover, the company managed the transition from offline to online comparatively well. However, top-line growth should remain at 4% a year until 2026 as the business outside the UK is too small. The operating margin should decrease 40bp to 17.6% on higher wages and general Opex inflation. We initiate coverage with a Neutral rating and a TP of 8,900p (based on a peer group and DCF). - >Leading fashion retail...

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Sidetrade : Début d’année prometteur : T1 solide et annonce d’une acquisition structurante en Allemagne avec le rachat de SHS Viveon AG

>Excellent T1 à tous les niveaux, au-dessus de nos attentes en topline et bookings - Sidetrade publie ce matin (par anticipation) un CA T1 2024 de très bonne facture, légèrement supérieur à nos attentes. Le niveau d’activité trimestriel ressort à 11.8 M€ (vs ODDO BHF 11.4 M€), en croissance de 20% y-o-y et de 15.5% en organique (hors CreditPoint Software). Cette performance reste évidemment tirée par les abonnements SaaS (82% des ventes), avec, en substance, une nouve...

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Sidetrade : Promising start to the year Solid Q1 and a transformative acquisition in Germany with the acquisition of SHS Viveon AG

>Excellent Q1 at all levels, ahead of our expectations on the top line and bookings - Sidetrade this morning reported (ahead of schedule) very good Q1 2024 sales, a shade ahead of our expectations. Quarterly business totalled € 11.8m (vs ODDO BHF € 11.4m), up 20% y-o-y and 15.5% organically (excl. CreditPoint Software). This performance is obviously still driven by SaaS subscriptions (82% of sales), with, essentially, another marked increase in the US (+40%), and in c...

12h / 42m 12h / 42m 1 EN

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ODDO : Lâ€™amÃ©lioration de la marge sera la clÃ© du rerating. Achat (vs AllÃ©ger) sur Adecco

Benelux Morning Notes

Benelux Morning Notes

Benelux Morning Notes

NEXT plc : Strong in the UK but limited prospects for growth and margins

Sidetrade : Début d’année prometteur : T1 solide et annonce d’une acquisition structurante en Allemagne avec le rachat de SHS Viveon AG

Sidetrade : Promising start to the year Solid Q1 and a transformative acquisition in Germany with the acquisition of SHS Viveon AG

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