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HYBRIDS: Adecco (ADENVX: JrSub Baa3/BBB- neg): SThree Weak

HYBRIDS
  • SThree revenue drops -10% yoy (-8% lfl)
  • STEM is a small UK staffing company focused on Science & Tech. It's not a direct comp for Adecco but it still says something about the state of the industry
  • Jefferies cut Adecco's Equity recommendation today on balance sheet concerns and the risk of a 2yr dividend cut. Whilst this would be credit positive it shows overall business weakness.
  • Adecco reports 26th Feb. S&P's rating will be watched as it sits just above Junk
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  • SThree revenue drops -10% yoy (-8% lfl)
  • STEM is a small UK staffing company focused on Science & Tech. It's not a direct comp for Adecco but it still says something about the state of the industry
  • Jefferies cut Adecco's Equity recommendation today on balance sheet concerns and the risk of a 2yr dividend cut. Whilst this would be credit positive it shows overall business weakness.
  • Adecco reports 26th Feb. S&P's rating will be watched as it sits just above Junk