October 01, 2024 12:15 GMT
CONSUMER CYCLICALS: Adecco Group (ADENVX; Baa1 Stable/BBB+ Neg) FINAL
CONSUMER CYCLICALS
WNG €300m 8Y FINAL +130 vs. FV +125 (5bp NIC)
- -25 in from IPT, books>€1.05b
We did not see value in FV and encouraged caution. This has some DNA of Burberry; pricing more to ratings, fundamentals deteriorating alongside poor governance on BS - though less extreme. As we said when Burberry priced - we hope it proves us wrong. 3Q earnings come on 5th of Nov.
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