Stock ADEN ADECCO GROUP AG
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Financials Adecco Group AG

Equities

ADEN

CH0012138605

Employment Services

Market Closed - Swiss Exchange
Other stock markets
 11:31:30 2024-04-26 am EDT 		5-day change 1st Jan Change
31.82 CHF +2.25% Intraday chart for Adecco Group AG +1.79% -22.90%
Apr. 24 Groupe Crit: sales remain stable in Q1 CF
Apr. 22 Crit: conditions for Openjobmetis acquisition lifted CF

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,157 8,838 7,820 5,078 7,420 5,460 - -
Enterprise Value (EV) 1 9,555 9,214 7,868 7,533 10,010 8,207 8,016 7,895
P/E ratio 12.6 x -89.4 x 12.4 x 15 x 22.9 x 13.4 x 9.98 x 8.51 x
Yield 4.17% 4.16% 5.55% 8.13% 5.63% 7.77% 7.79% 7.84%
Capitalization / Revenue 0.39 x 0.45 x 0.37 x 0.21 x 0.31 x 0.23 x 0.22 x 0.21 x
EV / Revenue 0.41 x 0.47 x 0.38 x 0.32 x 0.42 x 0.34 x 0.32 x 0.3 x
EV / EBITDA 8.12 x 11 x 7.36 x 7.69 x 9.8 x 8.12 x 6.96 x 6.25 x
EV / FCF 13.2 x 16.4 x 13.3 x 23 x 28.8 x 13.5 x 12.5 x 11.3 x
FCF Yield 7.58% 6.11% 7.5% 4.35% 3.47% 7.43% 7.99% 8.82%
Price to Book 2.32 x 2.74 x 1.92 x 1.32 x 2.07 x 1.53 x 1.47 x 1.39 x
Nbr of stocks (in thousands) 162,405 162,083 173,744 165,081 167,117 167,555 - -
Reference price 2 56.38 54.53 45.01 30.76 44.40 32.58 32.58 32.58
Announcement Date 2/26/20 2/24/21 2/24/22 2/28/23 2/29/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 23,427 19,561 20,949 23,640 23,957 23,969 24,906 26,008
EBITDA 1 1,176 837 1,069 979 1,021 1,010 1,152 1,263
EBIT 1 1,069 709 953 833 867 839.7 972.2 1,086
Operating Margin 4.56% 3.62% 4.55% 3.52% 3.62% 3.5% 3.9% 4.18%
Earnings before Tax (EBT) 1 1,076 68 753 451 507 564.5 764.3 873.5
Net income 1 727 -98 586 342 325 407.1 547.5 642.6
Net margin 3.1% -0.5% 2.8% 1.45% 1.36% 1.7% 2.2% 2.47%
EPS 2 4.470 -0.6100 3.620 2.050 1.940 2.429 3.264 3.829
Free Cash Flow 1 724 563 590 328 347 610.1 640.1 696.7
FCF margin 3.09% 2.88% 2.82% 1.39% 1.45% 2.55% 2.57% 2.68%
FCF Conversion (EBITDA) 61.56% 67.26% 55.19% 33.5% 33.99% 60.4% 55.55% 55.14%
FCF Conversion (Net income) 99.59% - 100.68% 95.91% 106.77% 149.85% 116.92% 108.41%
Dividend per Share 2 2.353 2.269 2.500 2.500 2.500 2.531 2.539 2.554
Announcement Date 2/26/20 2/24/21 2/24/22 2/28/23 2/29/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 5,220 5,495 5,446 5,938 6,044 6,212 5,892 5,998 5,958 6,109 5,708 6,216 6,348 6,478 -
EBITDA - 287 - - 256 266 - 178 - 307 - - - - -
EBIT 1 250 259 185 205 215 228 - 184 - 264 165.6 - - - -
Operating Margin 4.79% 4.71% 3.4% 3.45% 3.56% 3.67% - 3.07% - 4.32% 2.9% - - - -
Earnings before Tax (EBT) 1 - - - - - - - 88 162 131 95.4 - - - -
Net income 1 133 184 92 77 108 65 92 62 103 68 62.64 90.19 108.5 124 -
Net margin 2.55% 3.35% 1.69% 1.3% 1.79% 1.05% 1.56% 1.03% 1.73% 1.11% 1.1% 1.45% 1.71% 1.91% -
EPS 2 0.8200 1.110 0.5500 0.4600 0.6500 0.3900 0.5500 0.3700 0.6200 0.4000 0.3504 0.5368 0.6458 0.7382 -
Dividend per Share 2 - 1.210 - - - 2.500 - - - - 0.6456 0.6456 0.6456 0.6456 0.6413
Announcement Date 11/2/21 2/24/22 5/5/22 8/4/22 11/3/22 2/28/23 5/4/23 8/3/23 11/2/23 2/29/24 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 398 376 48 2,455 2,590 2,747 2,557 2,435
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.3384 x 0.4492 x 0.0449 x 2.508 x 2.537 x 2.719 x 2.219 x 1.927 x
Free Cash Flow 1 724 563 590 328 347 610 640 697
ROE (net income / shareholders' equity) 19.3% 13.8% 20.6% 14.3% 13.4% 14% 16.4% 18.4%
ROA (Net income/ Total Assets) 7.17% -0.96% 5.41% 4.35% 3.89% 3.12% 4.1% 4.8%
Assets 1 10,145 10,182 10,829 7,853 8,348 13,038 13,354 13,392
Book Value Per Share 2 24.30 19.90 23.40 23.30 21.40 21.30 22.10 23.50
Cash Flow per Share 2 5.410 4.440 4.440 3.250 3.350 3.840 3.910 4.290
Capex 1 156 157 132 215 216 178 194 203
Capex / Sales 0.67% 0.8% 0.63% 0.91% 0.9% 0.74% 0.78% 0.78%
Announcement Date 2/26/20 2/24/21 2/24/22 2/28/23 2/29/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Adecco Group AG

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
14
Last Close Price
32.58 EUR
Average target price
39.6 EUR
Spread / Average Target
+21.52%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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