ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/07/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/05/2024

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Adecco : Doing relatively OK in a tough market environment

>Adecco just about meets consensus, underlying performance actually good - Adecco reported Q1 results which were broadly in line with consensus. Organic revenue growth came in flat (css at -1.3%, we at -1.2%), with the gross margin at 19.8%. This is a full 100bps yoy decline, mainly because of a change in business mix as pricing was referred to by management as firm. The temp gross margin had a negative effect of 50bps, permanent placement had a negative 40bps impact ...

Adecco Group AG: 1 director

A director at Adecco Group AG bought 2,000 shares at 34.380CHF and the significance rating of the trade was 57/100. 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 02/29/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/02/2024

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Adecco : Outstanding Q4 results with adjusted EBITA growth of 20%

>Organic revenue growth of 3% in staffing strongly supported by Germany - In Q4, Adecco reported organic revenue growth of 1%, compared with our and consensus forecasts of 0.6% and 0.4% respectively. This is the combination of 3% growth in Adecco Staffing (we at +1.6%, a strong performance), -5% at Akkodis (we at -4%) and -2% at LHH (we at -1%). In Staffing, Adecco reported double-digit revenue growth in Germany (+12%, very strong in logistics and automotives, we were...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/01/2024

En ce début d’année 2024, nous privilégions les compagnies low-cost face aux majors. Nous estimons que la dynamique capacitaire restera plus favorable sur l’intra-européen que sur les routes long-courrier, ce qui permettra une évolution plus positive du pricing pour les LCC avec un levier opérationnel plus important. Nous dégradons par conséquent IAG en Neutre (vs Surperformance) avec un OC de 2 €, Lufthansa en Neutre (vs Surperformance) avec un OC de 8.5 € et finalement Air France-KL...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/23/2024

At the start of 2024, we are playing low-cost carriers over majors. We think that capacity momentum will remain more favourable on intra-European routes than on long-haul routes, which will lead to a more positive pricing trend for LCCs with greater operating leverage. We are therefore downgrading our recommendation on IAG to Neutral (from Outperform), with a target price of € 2, Lufthansa to Neutral (from Outperform), with a target price of € 8.5 and lastly, Air France-KLM to Underpe...

Adecco : Despite solid chance of positive organic growth in Q4, we rem...

>We expect 1% organic revenue growth for Q4 – benefiting from its global reach - Adecco is set to release its Q4 2023 results on 29 February. We spoke with the company last week, and we believe Adecco continued to gain market share in most staffing markets (US, Germany, Italy, Spain, Benelux, but perhaps not France). At a Group level, we forecast 1.6% organic revenue growth for Adecco Staffing, offset by 1% and 4% organic revenue declines for LHH and Akkodis, respecti...

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/11/2023

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Adecco : Outstanding Q3 results, gaining market share while improving ...

>EBITA a 19% consensus beat, gaining marketshare & stringent cost control - In Q3, Adecco reported organic revenue growth of 3%, which compares with consensus of 2.0% and our forecast of 2.3% (and -5.2% at Randstad). General staffing (Adecco) saw organic revenues grow 4% in Q3 (we at 3.3%, Q2: +5%), while LHH and Akkodis reported organic revenue growth of +2% and -3% respectively (we at -0.5% and -1.0%). This compares with organic revenue growth of 0% and -1% in Q2 20...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/28/2023

We are publishing a more detailed update on the main arguments that led us to downgrade our rating to Neutral back in July (target price lowered to € 125). Despite the stock’s low valuation (the Porsche AG stake alone is worth € 135 per share), we believe that 1/ weak momentum is unlikely to allow VW to stand out in the near term; 2/ the group’s position on key topics such as China, electrification and software is weaker than in the past; 3/ tangible proof of improved execution is nee...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/08/2023

Nous revenons sur les principaux éléments qui nous ont conduit à dégrader la valeur à Neutre fin juillet (OC abaissé à 125 €), malgré sa valorisation (la seule participation dans Porsche AG vaut 135 €/titre). En résumé, 1/ le momentum ne devrait pas permettre à VW de se démarquer à court terme, 2/ son positionnement sur des enjeux clés comme la Chine, l’électrification ou le logiciel est plus fragile que par le passé, 3/ des preuves tangibles d’une meilleure exécution sont nécessaires...

Adecco : In a tough market, it is relatively easy to cut costs

>We raise our forecasts by 6-8% - This is a belated post-earnings note in which we raise our forecasts to reflect the better-than-expected Q2 results published on 3 August. On a group level, we raise our revenue and adjusted EBITA forecasts for 2023-2025 by some 6-8%. With 4% organic revenue growth in Q2 and 3% for H1, we now believe the company might be able to achieve positive organic revenue growth for the full year, and we raise our organic growth forecast from -2...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/03/2023

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/08/2023

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Adecco : Doing relatively well in a tough market

>Strong revenue growth with adjusted EBITA in line - Adecco reported 4% organic revenue growth in Q2 (consensus +2.2%, a strong performance (Randstad -5.1%, Manpower -3.5%), with Adecco staffing at +5%, Akkodis -1% and LHH 0%. Permanent placement came in at -9%, which compares well with peers (Randstad -16%). The gross margin declined 50bps to 20.7% (-40bps because of lower perm fees), below consensus at 21.2% (we at 20.9%). Adecco successfully focused on cost reducti...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/04/2023

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