January 28, 2025 08:45 GMT
CONSUMER CYCLICALS: Adecco; equity analyst concerned for BS
CONSUMER CYCLICALS
(ADENVX; Baa1 Stable/BBB+ Neg)
Jeffery equity analyst flagging concerns ahead of earnings next month (see here)
This is what we said when the 8y priced in October; "this has some DNA of Burberry; pricing more to ratings, fundamentals deteriorating alongside poor governance on BS - though less extreme in magnitude on all fronts."
3Q earnings came a month later and it reported nothing but bad news after which we said the following; https://mni.marketnews.com/4ha9moo
The new 31s seem unconcerned - we hope they are right that this is cyclical with a end coming soon - and like Jefferies we do hope the dividend is cut (€422m was paid last year). Consensus sees it staying in place - in full.
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