Randstad NV

RAND: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Randstad Closes Out 2021 Strongly

Michael Field

Feb 15, 2022

Recruitment giant Randstad proffered up a strong fourth-quarter result, with organic revenue rising by 20% over full-year 2021, and recovering above precoronavirus levels. Likewise, with EBITA margins, which recovered to 4.4% on an underlying basis. Having been positive on the stock, and the sector in general, over the pandemic period we do not expect to make any material changes to our forecasts on the back of this update. We reiterate our EUR 63 fair value estimate and believe shares are fully up with events.

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Randstad NV

Randstad Closes Out 2021 Strongly

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