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

1 director sold

A director at Adecco Group AG sold 1,608 shares at 52.947CHF and the significance rating of the trade was 56/100. 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...

Ahmed Ben Salem ...
  • Alain William
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/01/2019

Unlike CEO pay, the average remuneration paid to the chairs of the boards of directors of the large cap companies covered by ODDO BHF increased by 4.9% between 2013 and 2017. The disparities between companies stem mainly from national contexts and widely differing perceptions of the role of the board chair depending on the countries, though for certain stocks the ownership structure and sector situation may have an influence. Cf. Report published last evening. - ...

Ahmed Ben Salem ...
  • Alain William
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/03/2019

Contrairement aux rémunérations de CEO, la moyenne des sommes versées aux présidents de conseil d’administration dans les large caps suivies chez Oddo BHF a connu une hausse de 4.9% entre 2013 et 2017. Les disparités entre les sociétés relèvent principalement de contextes nationaux et d’une perception du rôle de président(e) très différents selon les pays, même si la situation actionnariale et sectorielle peut, pour certaines valeurs, avoir une influence. Cf. étude publiée hier. - ...

Emira Sagaama ...
  • Matthias Desmarais

Adecco : Another difficult half-year period in prospect

>Q4 results better-than-expected on the margin, growth in line - Q4 organic growth adjusted for the number of working days is in line with expectations at -1% (vs -0.4%e for Oddo BHF and -0.8% for the consensus), with a slowdown vs Q3 (+1.8%) due to Europe as expected. The regions that are slowing most are generally the same as at Randstad, except that Adecco is underperforming the market in Germany and Benelux (9% decrease in Germany, Austria and Switzerland vs -2% ...

Emira Sagaama ...
  • Matthias Desmarais

Adecco : Encore un semestre difficile en perspective

>Résultats T4 mieux qu’attendu sur la marge, croissance en ligne - La croissance organique ajustée des jours ouvrés au T4 est en ligne avec les attentes à -1% (vs -0.4%e pour nous et -0.8%e pour le consensus), avec un ralentissement vs T3 (+1.8%) à cause de l’Europe comme attendu. Les régions qui ralentissent le plus sont globalement les mêmes que chez Randstad, sauf qu’Adecco sous-performe le marché en Allemagne et au Benelux (baisse de 9% dans la région Allemagne, A...

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 ...
  • Matthias Desmarais

Adecco : Another difficult half-year period in prospect

>Q4 results better-than-expected on the margin, growth in line - Q4 organic growth adjusted for the number of working days is in line with expectations at -1% (vs -0.4%e for Oddo BHF and -0.8% for the consensus), with a slowdown vs Q3 (+1.8%) due to Europe as expected. The regions that are slowing most are generally the same as at Randstad, except that Adecco is underperforming the market in Germany and Benelux (9% decrease in Germany, Austria and Switzerland vs -2% ...

Emira Sagaama ...
  • Matthias Desmarais

Adecco : Encore un semestre difficile en perspective

>Résultats T4 mieux qu’attendu sur la marge, croissance en ligne - La croissance organique ajustée des jours ouvrés au T4 est en ligne avec les attentes à -1% (vs -0.4%e pour nous et -0.8%e pour le consensus), avec un ralentissement vs T3 (+1.8%) à cause de l’Europe comme attendu. Les régions qui ralentissent le plus sont globalement les mêmes que chez Randstad, sauf qu’Adecco sous-performe le marché en Allemagne et au Benelux (baisse de 9% dans la région Allemagne, A...

Michael Field

Morningstar | Adecco Battles Through a Tough 2018

On the face of it, no-moat recruitment giant Adecco’s full-year results look like a confirmation that the European growth engine is in trouble. Scratch below the surface, however, and it is a different story. The company reported organic revenue growth of 3% for the full year, EBITA margins dipped over the period but picked up again in the fourth quarter, rising to 4.8%, and while excluding goodwill impairments, net income came in broadly in line with our estimates. That is not to say we are out of the woods, as revenue turned negative in the fourth quarter, falling 1% as the deceleration of E...

Michael Field

Adecco Battles Through a Tough 2018

On the face of it, no-moat recruitment giant Adecco’s full-year results look like a confirmation that the European growth engine is in trouble. Scratch below the surface, however, and it is a different story. The company reported organic revenue growth of 3% for the full year, EBITA margins dipped over the period but picked up again in the fourth quarter, rising to 4.8%, and while excluding goodwill impairments, net income came in broadly in line with our estimates. That is not to say we are out...

Emira Sagaama

ODDO : Few catalysts in sight for 2019

We are adopting a more cautious stance on the temporary employment market with the prospect of no growth, at best, in 2019. The current valuation reflects the downturn in the cycle, but downside is significant according to our worst-case scenario. Against this backdrop, Adecco (Reduce vs Buy, target price CHF 47) seems less attractive to us in relative terms while we reiterate our Neutral recommendation on Randstad. - >Q4 gives few grounds for optimism - While the data...

1 director sold

A director at Adecco Group AG sold 1,608 shares at 52.947CHF and the significance rating of the trade was 56/100. 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...

Ahmed Ben Salem ...
  • Alain William
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/01/2019

Unlike CEO pay, the average remuneration paid to the chairs of the boards of directors of the large cap companies covered by ODDO BHF increased by 4.9% between 2013 and 2017. The disparities between companies stem mainly from national contexts and widely differing perceptions of the role of the board chair depending on the countries, though for certain stocks the ownership structure and sector situation may have an influence. Cf. Report published last evening. - ...

Ahmed Ben Salem ...
  • Alain William
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/03/2019

Contrairement aux rémunérations de CEO, la moyenne des sommes versées aux présidents de conseil d’administration dans les large caps suivies chez Oddo BHF a connu une hausse de 4.9% entre 2013 et 2017. Les disparités entre les sociétés relèvent principalement de contextes nationaux et d’une perception du rôle de président(e) très différents selon les pays, même si la situation actionnariale et sectorielle peut, pour certaines valeurs, avoir une influence. Cf. étude publiée hier. - ...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jean Sassus
  • Louis Boujard
  • Matthias Desmarais
  • Olivier Lebrun
  • Philippe Ourpatian
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/07/2018

Italy’s economy had slowed down in the first half of the year. It stagnated in Q3. In October, some indicators raise fears of a slide back into recession. Over the past six months, the situation has deteriorated both politically (Rome-Brussels relations) and financially (increase in the risk premium). Rising financing costs may crowd out private demand. Fiscal stimulus is therefore aggravating problems rather than resolving them. To dispel the “wait-and-see” sentiment, it is urgent t...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jean Sassus
  • Louis Boujard
  • Matthias Desmarais
  • Olivier Lebrun
  • Philippe Ourpatian
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/11/2018

L’économie italienne avait ralenti au premier semestre. Elle a stagné au T3. En octobre, certains indicateurs laissent craindre une rechute en récession. Depuis six mois, la situation se dégrade au plan politique (relations Rome-Bruxelles) et financier (hausse de la prime de risque). Le renchérissement des coûts de financement risque d’évincer la demande privée. La relance budgétaire aggrave donc les problèmes au lieu de les résoudre. Pour lever le climat d’attentisme, il est urgent d...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Jean Sassus
  • Jerôme Bodin
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Pierre Corby
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/31/2018

...

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 4 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 January 8, 2019, the closing price was CHF 47.68 and its potential was estimated at CHF 52.06.

Ibrahim Firdaus

Adecco SA

Ibrahim Firdaus

Adecco SA

Ibrahim Firdaus

Adecco SA

Ibrahim Firdaus

Adecco SA

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...

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.

Jérôme VINERIER

Analyse court terme - ADECCO : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 42,01 CHF. La tendance de fond serait remise en cause en cas de franchissement de 52,26 CHF.

Jérôme VINERIER

Short term view - ADECCO : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at CHF 42.01. The background trend would be questioned should prices rise above CHF 52.26.

Jérôme VINERIER

Medium term view - ADECCO : The movement goes on.

The trend is bearish. The movement goes on. The next target is at CHF 42.00, then CHF 35.40. Passing CHF 61.26 would question the continuation of the fall.

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