Randstad : Short-term set to be lacklustre but factored into estimates, moderate re-rating so far, we upgrade to Buy
>Q1 earnings beat expectations --
Revenues were down -7.4% organic and adjusted for the number of working days (TDA) in Q1, which is much less pessimistic than the forecasts (ODDO BHF -15.3%, consensus -12.3%) and is in line with the performance reported by Manpower two days ago (-7%). The gross margin was down -30bp y-o-y to 19.4% (in line with the consensus, ODDO BHF 19.5%e) and the EBITA margin declined 100bp y-o-y to 3%, well above expectations (consensus 2.3%, O...
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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