(News Bulletin 247) – UBS believes earnings are strong in Q4 2022 and the outlook is in line with industry peers.
The analyst reiterates his advice to buy the stock with an unchanged price target of 38 CHF.
‘Q4 2022 growth and margins were better than expected, and while Adecco experienced a ‘dip’ in volumes in January, this was in line with its peers,” UBS said.
Adecco published adjusted EPS down 22% to 3.28 euros for 2022, as well as an EBITA margin excluding non-recurring items down 110 basis points to 3.5%, a level however qualified of ‘robust’ by the Swiss group of human resources.
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