ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/26/2025

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/02/2025

Adecco : Dividend cut to CHF 1.00, numbers OK, cautiously optimistic o...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/16/2025

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/01/2025

Adecco : No inflection point yet

Adecco Group AG: 1 director

A director at Adecco Group AG bought 1,000 shares at 22.900CHF and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2024

European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2024

Les marchés actions européens ont fléchi en octobre après les nombreuses déceptions sur la saison des résultats. L’approche de l’élection US, très incertaine selon les sondages, pourrait également avoir poussé à la prudence certains opérateurs. Les taux longs souverains ont nettement remonté, en particulier aux Etats-Unis, sur la base d’indicateurs macro susceptibles de donner des arguments aux plus faucons des banquiers centraux. Tous les yeux sont désormais rivés sur le scrutin du 5...

Adecco : Rigorous cost savings, leverage still too high, outlook sugge...

>G&A end-2024 lifted from €150m to €171m, supporting the EBITA margin - Adecco reported a 5% organic revenue decline in Q3 (trading-days adjusted, otherwise it was -3%), with -5% at Adecco (staffing), -5% at Akkodis and -7% at LHH. This compares with consensus organic revenues at -3% (we at -3.6%). The gross margin came in at 19.4%, down 90bps as a result of lower revenues, business mix and a 60bps negative impact from temporary employment (below expectations) and 10b...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/10/2024

Thanks to unit revenue that has proven more resilient than anticipated, real discipline on capacity and a decline in the fuel bill, we expect margins to recover, especially for the legacies. IAG remains our top pick. We are upgrading Air France-KLM and Lufthansa to Neutral and downgrading Ryanair to Underperform as well as WizzAir on Neutral. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/10/2024

Grâce à une recette unitaire qui se tient mieux que prévu, une discipline capacitaire notable et une baisse de la facture carburant, nous anticipons un rebond des marges tout particulièrement pour les majors. IAG reste notre valeur préférée. Nous relevons Air France-KLM et Lufthansa à Neutre et abaissons Ryanair à Sous-performance ainsi que Wizz Air à Neutre. - ...

Adecco : Heightened risk of a dividend cut and Q3 likely more challeng...

>Staffing markets were marginally more challenging in the last three months - Adecco is set to reports its Q3 results on 5 November. We believe trading conditions in key staffing markets like North America, France and Germany remained very difficult in Q3, and we believe Adecco might have faced a marginally more challenging trading environment in recent months. Easier comps and 1.1 additional working days are likely to be fully offset by margin pressure from weak perm...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/08/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/06/2024

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Adecco : Gaining marketshare while cutting costs, but leverage still t...

>Doing relatively well although FESCO JV caused the main EBITA beat - Given already fairly cautious expectations, we believe Adecco delivered an OK set of results. Organic revenue growth came in at -2% in Q2, in line with consensus and our forecasts, with the gross margin -70bpp at 19.4% reflecting difficult markets (perm fees were down 14% and impacted the gross margin by -30bps, temp by -20bps). Adjusted EBITA was flat yoy at €179m, which is a strong performance, an...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/04/2024

Sartorius is set to outperform the underlying biopharmaceutical market based on higher exposure to novel biologics and its focus on single-use components. Destocking is likely to end soon but the changing ordering pattern could distort order intake as KPI and organic growth should recover faster. In our view, the expected cut to its FY 2024 guidance is already largely reflected in the share price. Based on the expected turnaround, we have upgraded to Outperform with a new target price...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/07/2024

Sartorius is set to outperform the underlying biopharmaceutical market based on higher exposure to novel biologics and its focus on single-use components. Destocking is likely to end soon but the changing ordering pattern could distort order intake as KPI and organic growth should recover faster. In our view, the expected cut to its FY 2024 guidance is already largely reflected in the share price. Based on the expected turnaround, we have upgraded to Outperform with a new target price...

Adecco : Akkodis sale not necessary in our view

>Akkodis generates 27% of group EBITA in 2024e - According to Bloomberg, some people suggest Adecco is considering a possible sale of its technology consulting unit Akkodis. According to our forecasts, this business will generate revenues and adjusted EBITA this year of € 3,759m and € 244m respectively, which represents 16% of group revenues and 27% of group adjusted EBITA. It is the high-margin technology unit of Adecco (including AKKA), with specialised white and bl...