September 25, 2024 07:41 GMT
Staffing co's; Manpower, Adecco, Randstad
CONSUMER CYCLICALS
Some useful market share figures in Bloomberg's write up hereand a sector worth watching in earnings next month (expected to be lacklustre). Generally low levered BS's have kept ratings in high-grade for now and bonds seem to trade on that for now - Adecco's NC2 Hybrids the exception.
Q3 revenue guidance;
- Manpower; flat to -4% on constant currency, levered gross/net 4.2x/2.8x
- Adecco; similar to Q2 on organic basis (-1%), levered 3.9x/3.5x
- Randstand; sees improvement on Q2 -7.5% yoy decline but left broad, levered 1.6x/1.8x
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