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.
  • TickerADEN
  • ISINCH0012138605
  • ExchangeSix Swiss Exchange
  • SectorSupport Services
  • CountrySwitzerland

Analysts

ADECCO SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ADECCO SA (CH), a company active in the Business Training & Employment Agencies industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 10, 2019, the closing price was CHF 56.32 and its potential was estimated at CHF 59.86.

Emira Sagaama

ODDO : More cautious on 2020 in an unfavourable environment for growth

We expect organic growth to continue to decline over the coming quarters and have revised down our EPS forecasts by -6% for 2020. The valuation is relatively low but an additional decline is possible in the event of a deterioration in the macroeconomic environment. We still prefer Randstad (Neutral, target price € 42 vs € 46) vs Adecco (Reduce, target price CHF 48 vs CHF 51) for its attractive FCF generation and returns. - >Depressed growth in the coming quarters - We ...

Emira Sagaama

ODDO : Plus prudents sur 2020 dans un contexte de croissance difficile

Nous anticipons la poursuite d'une croissance organique négative sur les prochains trimestres et avons abaissé nos estimations de BPA de 6% en 2020. La valorisation est peu élevée mais une baisse supplémentaire est possible en cas de détérioration de la macro. Nous préférons toujours Randstad (Neutre ; OC 42 € vs 46 €) à Adecco (Alléger; OC 48 CHF vs 51 CHF) pour sa génération de FCF et son rendement plus attractifs. - >Une croissance déprimée sur les prochains trimestre...

Ibrahim Firdaus

Adecco SA

Ibrahim Firdaus

Adecco SA

Adecco Group AG - March 2017 (LTM): Peer Snapshot

Peer Snapshot:  Adecco Group AG - March 2017 (LTM) 9 June 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Mar-17 FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Sep-15 FYE Sep-16 LTM Mar-17

Emira Sagaama

ODDO : More cautious on 2020 in an unfavourable environment for growth

We expect organic growth to continue to decline over the coming quarters and have revised down our EPS forecasts by -6% for 2020. The valuation is relatively low but an additional decline is possible in the event of a deterioration in the macroeconomic environment. We still prefer Randstad (Neutral, target price € 42 vs € 46) vs Adecco (Reduce, target price CHF 48 vs CHF 51) for its attractive FCF generation and returns. - >Depressed growth in the coming quarters - We ...

Emira Sagaama

ODDO : Plus prudents sur 2020 dans un contexte de croissance difficile

Nous anticipons la poursuite d'une croissance organique négative sur les prochains trimestres et avons abaissé nos estimations de BPA de 6% en 2020. La valorisation est peu élevée mais une baisse supplémentaire est possible en cas de détérioration de la macro. Nous préférons toujours Randstad (Neutre ; OC 42 € vs 46 €) à Adecco (Alléger; OC 48 CHF vs 51 CHF) pour sa génération de FCF et son rendement plus attractifs. - >Une croissance déprimée sur les prochains trimestre...

Ibrahim Firdaus

Adecco SA

Emira Sagaama ...
  • Matthias Desmarais

Adecco : Resilient margins amid challenging growth

>Slowdown in growth in Q2 in line with forecasts - Organic growth adjusted for the number of working days was in line with forecasts at 1e3% in Q2 2019 (ODDO BHF -2.9%, consensus -2.7%), showing a sequential slowdown as expected vs -2% in Q1 2019, despite the more favourable base of comparison. As at peers, Europe hampered growth with -5% in Q2, vs -3% in Q1, the most difficult markets being the same: the decline worsened in Germany (-15% in Germany, Austria and Switze...

Emira Sagaama ...
  • Matthias Desmarais

Adecco : Marge résiliente dans un contexte de croissance difficile

>Ralentissement de la croissance au T2 en ligne avec les attentes - La croissance organique ajustée des jours ouvrés est ressortie en ligne avec les attentes à -3% au T2 2019 (ODDO BHF -2.9%, Css -2.7%), marquant un ralentissement séquentiel comme attendu vs. -2% au T1 2019, et ce en dépit de la base de comparaison plus favorable. A l’instar des pairs, c’est l’Europe qui pèse sur la croissance avec -5% au T2, vs. -3% au T1, les marchés les plus difficiles étant les m...

1 director sold

A director at Adecco Group AG sold 7,500 shares at 52.294CHF and the significance rating of the trade was 77/100. 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 clearly showing Close periods where trading activity is restricted under listing rules. The names of board...

Benoit Valleaux ...
  • Emira Sagaama
  • Harald Eggeling
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/09/2019

...

Benoit Valleaux ...
  • Emira Sagaama
  • Harald Eggeling
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/08/2019

...

Charles Lepetitpas ...
  • Christophe Chaput
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Nicolas David
  • Nicolas Thorez
  • Olivier Lebrun

ODDO BHF Small & MIDCAP MORNING NEWS - 07/11/2019

We have probably reached the bottom of the cycle in the semiconductors sector. The slope of the recovery in H2 remains uncertain. We prefer stocks with their own specific drivers for H2 like ASML, STMicroelectronics and ams. We are downgrading our recommendation for Aixtron to Neutral (vs Buy). - ...

Christophe Chaput ...
  • Emira Sagaama
  • Jerôme Bodin
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/11/2019

We have probably reached the bottom of the cycle in the semiconductors sector. The slope of the recovery in H2 remains uncertain. We prefer stocks with their own specific drivers for H2 like ASML, STMicroelectronics and ams. We are downgrading our recommendation for Aixtron to Neutral (vs Buy). - ...

Christophe Chaput ...
  • Emira Sagaama
  • Jerôme Bodin
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/07/2019

Nous sommes probablement arrivés au point bas du cycle des semi-conducteurs. La pente de la reprise au S2 reste incertaine. Nous jouons les valeurs ayant des moteurs propres comme ASML, STM ou ams. Nous dégradons Aixtron à Neutre (vs Achat). - ...

ADECCO SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ADECCO SA (CH), a company active in the Business Training & Employment Agencies industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 10, 2019, the closing price was CHF 56.32 and its potential was estimated at CHF 59.86.

Ibrahim Firdaus

Adecco SA

Ibrahim Firdaus

Adecco SA

Ibrahim Firdaus

Adecco SA

Ibrahim Firdaus

Adecco SA

MarketLine Department

Robert Half International Inc. - Strategy, SWOT and Corporate Finance Report

Robert Half International Inc. - Strategy, SWOT and Corporate Finance Report Summary Robert Half International Inc. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Robert Half International Inc. (RHI or "the company") is a provider of specialized staffing, risk consulting and internal audit services. The company offers temporary and full-time staffing services ...

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Randstad Holding nv - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Randstad Holding nv Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Randstad Holding nv since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. ...

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Monster Worldwide, Inc. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Monster Worldwide, Inc. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Monster Worldwide, Inc. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive adv...

Adecco – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish HR & Staffing Stocks

Int'l Human Resources & Employment Services Groups are bottoming -- add exposure Our international Human Resources & Employment Services Groups (SV-10, -11, and -12) are showing signs of price and RS bottoms throughout Japan, Europe, and the UK... see charts below. We believe short-term pullbacks in the names highlighted today should be bought, particularly in light of the Fed hinting at increased flexibility and the potential for improving trade headlines. Today we highlight our favorite setups within our int'l HR & Employment Services Groups: Recruit Holdings Co., Ltd. (6098-JP), PERSOL ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Opportunities in Europe, Japan As markets pull back amid the tariff saga we continue to believe this is an attractive time to add exposure. This view is supported by the technicals with all major global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) pulling back to their respective 200-day moving averages... see charts below. • Actionable Sectors: Services and Consumer Staples in Europe and Japan. We often view the Services Sector as a defensive way to invest in Technology. We also highlight several Consumer Staples stocks within Europe (the STOXX 600 Food & Beverage index remains leadersh...

Jérôme VINERIER

Short term view - ADECCO : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at CHF 50.00. The next target is at CHF 42.01, then CHF 38.80. Passing CHF 52.26 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ADECCO : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 50,00 CHF prochainement. Le prochain objectif est à 42,01 CHF, puis 38,80 CHF. Le franchissement de 52,26 CHF remettrait en cause la suite de la baisse.

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