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Adecco Group AG ADEN

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Morningstar’s Analysis

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Adecco Back on the Path of Growth in First Quarter

Michael Field, CFA Senior Equity Analyst

Analyst Note

| Michael Field, CFA |

Recruitment leader Adecco turned out a reasonable first-quarter update, following hot on the heels of peer Randstad which reported just a couple of weeks earlier. Organic revenue growth of 2% year over year, trailed that of Randstad, which reported growth north of 6%. However, EBITA margins, excluding one-offs, rose to 4.2%, 50 basis points ahead of Randstad, and 60 basis points higher than where no-moat Adecco stood for full-year 2020. While we will be adjusting our near-term forecasts on the back of this update, we do not expect this to have a material effect on our CHF 63 fair value estimate. We see modest upside from the prevailing share price.

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Company Profile

Business Description

Adecco is the largest recruitment provider globally, with just under 5,000 branches in over 60 countries. The company is listed in Switzerland and came about through the merger of two large staffing companies, Adia and Ecco, in 1996. Adecco provides both temporary and permanent staffing in addition to HR systems outsourcing, career transition counselling, and restructuring consulting services.

Bellerivestrasse 30
Zurich, CH-8008, Switzerland
T +41 448788888
Sector Industrials
Industry Staffing & Employment Services
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type
Employees 31,174

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