Randstad : Resilient margin and solid FCF generation despite lacklustre growth
>Sequential slowdown in Q2 sharper than expected - Organic growth adjusted for the number of trading days was -1.7% in Q2, reflecting a sharper-than-expected slowdown (ODDO BHF’s estimate: -0.9%, consensus: -0.5%) vs +0.5% in Q1 despite the more favourable comparative base (Q2 2018 at +4.9% vs +7% in Q1). As feared, Europe acted as a drag, with -4% on an organic basis in Q2 vs -1% in Q1, with an extension of the contraction in Germany (-15% in Q2 vs -10% in Q1), in Be...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.
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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