Financials Adecco Group AG

Equities

ADEN

CH0012138605

Employment Services

Real-time Estimate Cboe Europe Other stock markets 05:32:42 2024-05-15 am EDT			5-day change	1st Jan Change
35.99 ^CHF	+1.55%		+9.16%	-12.82%

May. 08	ADECCO : RBC Capital Markets upgrades its opinion	CF
May. 07	ADECCO : No sign of a rebound in the short-term

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,157	8,838	7,820	5,078	7,420	6,056	-	-
Enterprise Value (EV) ¹	9,555	9,214	7,868	7,533	10,010	8,781	8,664	8,492
P/E ratio	12.6 x	-89.4 x	12.4 x	15 x	22.9 x	15.4 x	11.4 x	9.57 x
Yield	4.17%	4.16%	5.55%	8.13%	5.86%	6.95%	7.01%	7.02%
Capitalization / Revenue	0.39 x	0.45 x	0.37 x	0.21 x	0.31 x	0.25 x	0.24 x	0.23 x
EV / Revenue	0.41 x	0.47 x	0.38 x	0.32 x	0.42 x	0.37 x	0.35 x	0.33 x
EV / EBITDA	8.12 x	11 x	7.36 x	7.69 x	9.8 x	8.81 x	7.65 x	6.73 x
EV / FCF	13.2 x	16.4 x	13.3 x	23 x	28.8 x	16.8 x	14.4 x	12.9 x
FCF Yield	7.58%	6.11%	7.5%	4.35%	3.47%	5.94%	6.94%	7.75%
Price to Book	2.32 x	2.74 x	1.92 x	1.32 x	2.07 x	1.71 x	1.65 x	1.55 x
Nbr of stocks (in thousands)	162,405	162,083	173,744	165,081	167,117	167,555	-	-
Reference price ²	56.38	54.53	45.01	30.76	44.40	36.15	36.15	36.15
Announcement Date	2/26/20	2/24/21	2/24/22	2/28/23	2/29/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,427	19,561	20,949	23,640	23,957	23,880	24,876	25,923
EBITDA ¹	1,176	837	1,069	979	1,021	996.7	1,133	1,262
EBIT ¹	1,069	709	953	833	867	817.1	951	1,076
Operating Margin	4.56%	3.62%	4.55%	3.52%	3.62%	3.42%	3.82%	4.15%
Earnings before Tax (EBT) ¹	1,076	68	753	451	507	578.1	780.6	918.5
Net income ¹	727	-98	586	342	325	402.7	543	646.3
Net margin	3.1%	-0.5%	2.8%	1.45%	1.36%	1.69%	2.18%	2.49%
EPS ²	4.470	-0.6100	3.620	2.050	1.940	2.340	3.176	3.778
Free Cash Flow ¹	724	563	590	328	347	521.3	601	658.1
FCF margin	3.09%	2.88%	2.82%	1.39%	1.45%	2.18%	2.42%	2.54%
FCF Conversion (EBITDA)	61.56%	67.26%	55.19%	33.5%	33.99%	52.3%	53.03%	52.14%
FCF Conversion (Net income)	99.59%	-	100.68%	95.91%	106.77%	129.47%	110.69%	101.83%
Dividend per Share ²	2.353	2.269	2.500	2.500	2.603	2.512	2.534	2.538
Announcement Date	2/26/20	2/24/21	2/24/22	2/28/23	2/29/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	5,220	5,495	5,446	5,938	6,044	6,212	5,892	5,998	5,958	6,109	5,717	6,004	6,233	6,414	5,892
EBITDA	-	287	-	-	256	266	-	178	-	307	-	-	-	-	-
EBIT ¹	250	259	185	205	215	228	-	184	-	264	157	-	-	-	-
Operating Margin	4.79%	4.71%	3.4%	3.45%	3.56%	3.67%	-	3.07%	-	4.32%	2.75%	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	88	162	131	106	-	-	-	-
Net income ¹	133	184	92	77	108	65	92	62	103	68	73	90.19	108.5	124	-
Net margin	2.55%	3.35%	1.69%	1.3%	1.79%	1.05%	1.56%	1.03%	1.73%	1.11%	1.28%	1.5%	1.74%	1.93%	-
EPS ²	0.8200	1.110	0.5500	0.4600	0.6500	0.3900	0.5500	0.3700	0.6200	0.4000	0.4400	0.5368	0.6458	0.7382	-
Dividend per Share ²	-	1.210	-	-	-	2.500	-	-	-	-	0.6456	0.6456	0.6456	0.6456	0.6413
Announcement Date	11/2/21	2/24/22	5/5/22	8/4/22	11/3/22	2/28/23	5/4/23	8/3/23	11/2/23	2/29/24	5/7/24	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	398	376	48	2,455	2,590	2,725	2,608	2,435
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3384 x	0.4492 x	0.0449 x	2.508 x	2.537 x	2.734 x	2.301 x	1.93 x
Free Cash Flow ¹	724	563	590	328	347	521	601	658
ROE (net income / shareholders' equity)	19.3%	13.8%	20.6%	14.3%	13.4%	13.7%	16.1%	18.1%
ROA (Net income/ Total Assets)	7.17%	-0.96%	5.41%	4.35%	3.89%	3.08%	4.06%	4.76%
Assets ¹	10,145	10,182	10,829	7,853	8,348	13,061	13,371	13,568
Book Value Per Share ²	24.30	19.90	23.40	23.30	21.40	21.10	21.90	23.30
Cash Flow per Share ²	5.410	4.440	4.440	3.250	3.350	3.740	4.140	4.660
Capex ¹	156	157	132	215	216	179	189	200
Capex / Sales	0.67%	0.8%	0.63%	0.91%	0.9%	0.75%	0.76%	0.77%
Announcement Date	2/26/20	2/24/21	2/24/22	2/28/23	2/29/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Adecco Group AG

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

36.15 EUR

Average target price

39.21 EUR

Spread / Average Target

+8.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Employment Services

	1st Jan change	Capi.
ADECCO GROUP AG	-14.13%	6.55B
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ROBERT HALF INTERNATIONAL, INC	-19.11%	7.34B
MANPOWERGROUP INC.	-1.35%	3.74B
PERSOL HOLDINGS CO.,LTD.	-4.63%	3.35B
FESCO GROUP CO., LTD.	+12.38%	1.65B
STERLING CHECK CORP.	+11.14%	1.51B
SHANGHAI FOREIGN SERVICE HOLDING GROUP CO., LTD.	-0.83%	1.5B
KFORCE INC.	-5.08%	1.2B
SYNERGIE SE	+3.69%	928M

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