Adecco Group (ADEN) Aktienübersicht
Die Adecco Group AG erbringt zusammen mit ihren Tochtergesellschaften Personaldienstleistungen für Unternehmen und Organisationen in Europa, Nordamerika, dem asiatisch-pazifischen Raum, Südamerika und Nordafrika. Mehr Details
| Schneeflocken-Punktzahl | |
|---|---|
| Bewertung | 5/6 |
| Künftiges Wachstum | 2/6 |
| Vergangene Leistung | 4/6 |
| Finanzielle Gesundheit | 4/6 |
| Dividenden | 4/6 |
Belohnungen
Risikoanalyse
ADEN Community Fair Values
Create NarrativeSee what 25 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Adecco Group AG Wettbewerber
Preisentwicklung & Leistung
| Historische Aktienkurse | |
|---|---|
| Aktueller Aktienkurs | CHF 20.26 |
| 52-Wochen-Hoch | CHF 27.26 |
| 52-Wochen-Tief | CHF 14.54 |
| Beta | 0.94 |
| 1 Monat Veränderung | 32.94% |
| 3 Monate Veränderung | 6.91% |
| 1 Jahr Veränderung | -20.80% |
| 3 Jahre Veränderung | -38.61% |
| 5 Jahre Veränderung | -68.38% |
| Veränderung seit IPO | -49.22% |
Aktuelle Nachrichten und Updates
Narrative-Update • Jul 01
ADEN: AI Execution And Earnings Stabilization May Support Future Repricing
Adecco Group's updated analyst price target has been reduced from about CHF 36.50 to around CHF 32.10. This reflects a lower implied fair value as analysts factor in trimmed future P/E assumptions, slightly softer revenue growth expectations, and recent downgrades that highlight concerns about medium term profit recovery.Analyseartikel • Jun 18
Adecco Group (SWX:ADEN) Stock Could Be 21.5% Overvalued After Its AI Recruitment Milestone
Adecco Group (SWX:ADEN) is in focus after reporting more than one million AI powered candidate interactions across ten countries, with its AI agents now supporting seven stages of the recruitment lifecycle. See our latest analysis for Adecco Group. The AI milestone comes after a challenging period for Adecco Group shares, with the 1-year total shareholder return down 30.12% and the year to date share price return down 32.61%, while the more recent 30-day share price return of 2.26% hints at...
Narrative-Update • Jun 17
ADEN: Stabilizing Earnings And AI Execution Will Support Future Share Price Rebound
The analyst price target for Adecco Group has been trimmed slightly to CHF 21.29 from CHF 21.53 as analysts factor in reduced fair value and P/E assumptions, along with recent cuts to Street targets, including downgrades to Sell and lower CHF 13 to CHF 25 targets. Analyst Commentary Recent research on Adecco Group highlights a mix of concerns around profit visibility and valuation, set against more constructive views on longer term execution potential.Recent updates
Narrative-Update • Jul 01
ADEN: AI Execution And Earnings Stabilization May Support Future Repricing
Adecco Group's updated analyst price target has been reduced from about CHF 36.50 to around CHF 32.10. This reflects a lower implied fair value as analysts factor in trimmed future P/E assumptions, slightly softer revenue growth expectations, and recent downgrades that highlight concerns about medium term profit recovery.Analyseartikel • Jun 18
Adecco Group (SWX:ADEN) Stock Could Be 21.5% Overvalued After Its AI Recruitment Milestone
Adecco Group (SWX:ADEN) is in focus after reporting more than one million AI powered candidate interactions across ten countries, with its AI agents now supporting seven stages of the recruitment lifecycle. See our latest analysis for Adecco Group. The AI milestone comes after a challenging period for Adecco Group shares, with the 1-year total shareholder return down 30.12% and the year to date share price return down 32.61%, while the more recent 30-day share price return of 2.26% hints at...Narrative-Update • Jun 17
ADEN: Stabilizing Earnings And AI Execution Will Support Future Share Price Rebound
The analyst price target for Adecco Group has been trimmed slightly to CHF 21.29 from CHF 21.53 as analysts factor in reduced fair value and P/E assumptions, along with recent cuts to Street targets, including downgrades to Sell and lower CHF 13 to CHF 25 targets. Analyst Commentary Recent research on Adecco Group highlights a mix of concerns around profit visibility and valuation, set against more constructive views on longer term execution potential.
Narrative-Update • Jun 03
ADEN: Renewed Downgrades And Cyclical Risks Will Pressure Medium Term Profit Recovery
Adecco Group's updated analyst price target has been reduced to CHF 13 from CHF 21, as analysts factor in lower fair value estimates of CHF 13.01, softer revenue growth and profit margin assumptions, and a reduced future P/E of 8.04x amid concerns about medium term profit recovery and renewed cyclical risks. Analyst Commentary Recent research updates point to a more cautious stance on Adecco Group, with several bearish analysts revisiting their profit expectations and valuation frameworks.Analyseartikel • May 21
We Think Adecco Group's (VTX:ADEN) Healthy Earnings Might Be Conservative
Despite posting healthy earnings, Adecco Group AG's ( VTX:ADEN ) stock has been quite weak. Our analysis suggests that...Narrative-Update • May 19
ADEN: Earnings Stabilization And Lower P E Assumptions Will Support Future Upside
Narrative Update: Adecco Group Analyst Price Target Revision The updated analyst fair value estimate for Adecco Group has moved lower from CHF 25.61 to CHF 21.53. This change reflects a series of reduced price targets, higher assumed risk, and more cautious assumptions on revenue growth, profit margins, and future P/E multiples as analysts factor in concerns about profit recovery and new cyclical and structural risks.Narrative-Update • May 02
ADEN: Repeated Downgrades And Index Removal Will Restrain Future Share Rerating
Narrative Update: Adecco Group The updated analyst work supports a slightly higher price target of CHF 15.92 from CHF 15.91, as analysts factor in modest adjustments to the discount rate, revenue growth, profit margin, and future P/E assumptions following recent target cuts from Citi and Morgan Stanley and a rating move to Neutral at UBS. Analyst Commentary Recent Street research on Adecco Group points to a more cautious tone, with several price targets adjusted lower and at least one downgrade that shifts the balance of opinion toward a wait and see stance.Narrative-Update • Apr 18
ADEN: Repeated Price Target Cuts Will Pressure Shares As Margin Outlook Weakens
Adecco Group's updated analyst price target has been trimmed by roughly CHF 3, with analysts pointing to a lower fair value estimate, a higher discount rate, slightly different revenue growth assumptions, and a reduced profit margin outlook, despite a modestly higher future P/E multiple. Analyst Commentary Recent Street research points to a cautious tone around Adecco Group, with several price target cuts and only a limited improvement in ratings.Narrative-Update • Apr 03
ADEN: Earnings Stabilization And Lower P E Assumptions May Support Repricing
Analysts have trimmed their average price targets for Adecco, with several recent updates lowering estimates into the CHF 20 to CHF 25 range. This has contributed to a slightly adjusted fair value view, supported by modest tweaks to discount rate, revenue growth, profit margin and future P/E assumptions.Narrative-Update • Mar 20
ADEN: Earnings Stabilization And Lower P E Expectations Will Support Medium-Term Upside
Adecco Group's updated analyst price target has been revised to CHF 25, down from CHF 27, as analysts incorporate a higher discount rate and a lower assumed future P/E multiple, partly offset by updated assumptions for revenue growth and profit margins. Analyst Commentary Recent research on Adecco Group shows a split view, with some analysts seeing more balanced risk and reward, while others remain cautious on the share price and the company’s ability to execute through sector headwinds.Narrative-Update • Mar 06
ADEN: Lower P E Assumptions May Set Stage For Future Repricing
Narrative Update Adecco Group's updated analyst price target has shifted lower to CHF 21.00 from CHF 22.50, as analysts factor in a lower assumed future P/E multiple and concerns that cyclical headwinds, combined with structural challenges, could keep earnings subdued for longer. Analyst Commentary Recent Street research on Adecco highlights a cautious tone, with price targets moving into a tighter range around CHF 20 to CHF 21 and ratings reflecting concerns about both cyclical and structural pressures on earnings.Narrative-Update • Feb 19
ADEN: Cyclical And Structural Earnings Reset May Set Up Future Repricing Potential
Narrative Update: Adecco Group The analyst price target for Adecco Group has been revised down by CHF 4 to CHF 20, as analysts point to ongoing cyclical headwinds combined with structural challenges that they expect could keep earnings lower for longer. Analyst Commentary Recent research has turned more cautious on Adecco Group, with a downgrade to an Underperform rating and a price target set at CHF 20, down from CHF 24.Narrative-Update • Feb 04
ADEN: Earnings Reset And Structural Pressures Could Support Future Upside Repricing
Adecco Group's analyst fair value estimate has edged down slightly to about CHF 39.35 from CHF 39.55, as analysts factor in Jefferies' downgrade and its view that cyclical and structural pressures could keep earnings "lower for longer". Analyst Commentary The recent downgrade and reduced price target to CHF 20 reflect how some analysts are resetting expectations for Adecco Group, with concerns that a mix of cyclical and structural pressures could keep earnings subdued for an extended period.Narrative-Update • Jan 21
ADEN: Higher Fair Value Suggests Undervalued Shares Despite Sector Headwinds
Analysts have inched their fair value estimate for Adecco Group to about CHF 39.55 from roughly CHF 39.24. This reflects a slightly higher assumed discount rate, more cautious views on revenue growth and profit margins, and a higher future P/E multiple, while Street research highlights ongoing cyclical and structural challenges for the sector.Analyseartikel • Jan 21
Adecco Group AG's (VTX:ADEN) Subdued P/E Might Signal An Opportunity
With a price-to-earnings (or "P/E") ratio of 14.2x Adecco Group AG ( VTX:ADEN ) may be sending bullish signals at the...Narrative-Update • Jan 06
ADEN: Upcoming CFO Transition And Investor Day Will Support Bullish Outlook
Analysts have raised their price target for Adecco Group slightly to about €39.24 from roughly €39.14, citing updated assumptions around discount rates, revenue growth, profit margins and a higher future P/E multiple. What's in the News Adecco Group plans to hold an Analyst/Investor Day, giving you a chance to hear management discuss the business and medium term priorities directly (Key Developments).Narrative-Update • Dec 14
ADEN: Cautious Outlook Will Pressure Shares Despite Modest Margin Improvement
Analysts have raised their price target on Adecco Group modestly to approximately €19.03 from about €18.56. This reflects slightly improved profit margin expectations and a marginally lower discount rate, partly offset by more tempered revenue growth assumptions.Narrative-Update • Nov 26
ADEN: Improving Temp Volumes And Ratings Upgrades Will Influence Medium-Term Prospects
Adecco Group's analyst price target saw a modest increase from €26.89 to €26.96, as analysts note improving industry volumes and a reassessment of outlook among European staffing firms. Analyst Commentary Recent upgrades in Adecco Group’s analyst coverage reflect a changing sentiment within the staffing sector.Analyseartikel • Nov 15
Investors Can Find Comfort In Adecco Group's (VTX:ADEN) Earnings Quality
The market was pleased with the recent earnings report from Adecco Group AG ( VTX:ADEN ), despite the profit numbers...Analyseartikel • Nov 10
Results: Adecco Group AG Exceeded Expectations And The Consensus Has Updated Its Estimates
Investors in Adecco Group AG ( VTX:ADEN ) had a good week, as its shares rose 7.9% to close at CHF24.20 following the...Narrative-Update • Nov 07
ADEN: Improving Staffing Volumes And Leadership Changes Will Shape Medium-Term Outlook
Adecco Group’s analyst price target has edged slightly higher to CHF 26.89 from CHF 26.74. Analysts cite recent sector upgrades and improving industry trends as key drivers of the revision.Analyseartikel • Oct 28
Adecco Group (VTX:ADEN) Is Reinvesting At Lower Rates Of Return
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...Narrative-Update • Oct 03
AI, Flexible Staffing And Upskilling Will Redefine Global Workforce
Adecco Group's analyst price target has increased from €26.24 to €26.74, with analysts citing upgraded industry outlooks and signs of improving market volumes as key drivers for the adjustment. Analyst Commentary Recent analyst coverage of Adecco Group reflects a shift in sentiment, with several firms revising their ratings upward and introducing higher price targets.Narrative-Update • Sep 05
AI, Flexible Staffing And Upskilling Will Redefine Global Workforce
Adecco Group’s lower Future P/E ratio, indicating reduced earnings growth expectations, contrasts with an unchanged discount rate, resulting in the consensus price target staying flat at CHF26.24. What's in the News Adecco Group expects improved profitability in the second half of 2025 compared to the first half, signaling anticipated progress during H2.Analyseartikel • Jul 29
Adecco Group (VTX:ADEN) Has A Somewhat Strained Balance Sheet
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analyseartikel • Jul 13
Adecco Group AG (VTX:ADEN) Doing What It Can To Lift Shares
When close to half the companies in Switzerland have price-to-earnings ratios (or "P/E's") above 21x, you may consider...Analyseartikel • May 16
Adecco Group's (VTX:ADEN) Conservative Accounting Might Explain Soft Earnings
Adecco Group AG's ( VTX:ADEN ) stock was strong despite it releasing a soft earnings report last week. Our analysis...Analyseartikel • Apr 15
Adecco Group (VTX:ADEN) Has Announced That Its Dividend Will Be Reduced To €1.00
Adecco Group AG ( VTX:ADEN ) is reducing its dividend from last year's comparable payment to €1.00 on the 25th of...Analyseartikel • Apr 11
We Discuss Why Adecco Group AG's (VTX:ADEN) CEO Compensation May Be Closely Reviewed
Key Insights Adecco Group to hold its Annual General Meeting on 17th of April Total pay for CEO Denis Machuel includes...Analyseartikel • Mar 28
Adecco Group's (VTX:ADEN) Dividend Will Be Reduced To €1.00
Adecco Group AG ( VTX:ADEN ) has announced that on 25th of April, it will be paying a dividend of€1.00, which a...Analyseartikel • Mar 07
Adecco Group AG (VTX:ADEN) Soars 28% But It's A Story Of Risk Vs Reward
Adecco Group AG ( VTX:ADEN ) shares have had a really impressive month, gaining 28% after a shaky period beforehand...
Neues Narrative • Mar 02
Salesforce And Microsoft Partnerships Will Boost Operational Efficiency Through AI Solutions
Adecco's strategic partnerships and AI solutions are set to improve operational efficiency, drive revenue growth, and boost net margins.Analyseartikel • Jan 29
When Should You Buy Adecco Group AG (VTX:ADEN)?
Adecco Group AG ( VTX:ADEN ), is not the largest company out there, but it received a lot of attention from a...Analyseartikel • Jan 13
Adecco Group's (VTX:ADEN) Returns On Capital Not Reflecting Well On The Business
When researching a stock for investment, what can tell us that the company is in decline? Typically, we'll see the...Analyseartikel • Dec 14
Does Adecco Group (VTX:ADEN) Have A Healthy Balance Sheet?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Analyseartikel • Nov 13
Some Investors May Be Willing To Look Past Adecco Group's (VTX:ADEN) Soft Earnings
Adecco Group AG's ( VTX:ADEN ) earnings announcement last week didn't impress shareholders. While the headline numbers...Analyseartikel • Nov 08
Adecco Group AG Just Beat EPS By 12%: Here's What Analysts Think Will Happen Next
Adecco Group AG ( VTX:ADEN ) shareholders are probably feeling a little disappointed, since its shares fell 5.7% to...Analyseartikel • Oct 10
Should You Think About Buying Adecco Group AG (VTX:ADEN) Now?
While Adecco Group AG ( VTX:ADEN ) might not have the largest market cap around , it received a lot of attention from a...Analyseartikel • Sep 24
Adecco Group (VTX:ADEN) Might Be Having Difficulty Using Its Capital Effectively
To find a multi-bagger stock, what are the underlying trends we should look for in a business? One common approach is...Analyseartikel • Aug 24
These 4 Measures Indicate That Adecco Group (VTX:ADEN) Is Using Debt Extensively
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analyseartikel • Aug 09
Adecco Group AG Just Missed EPS By 36%: Here's What Analysts Think Will Happen Next
Last week, you might have seen that Adecco Group AG ( VTX:ADEN ) released its quarterly result to the market. The early...Analyseartikel • Jul 27
Investors Continue Waiting On Sidelines For Adecco Group AG (VTX:ADEN)
When close to half the companies in Switzerland have price-to-earnings ratios (or "P/E's") above 22x, you may consider...Analyseartikel • Jun 25
Adecco Group (VTX:ADEN) Might Be Having Difficulty Using Its Capital Effectively
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll...Analyseartikel • May 25
Here's Why Adecco Group (VTX:ADEN) Can Manage Its Debt Responsibly
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analyseartikel • Apr 18
Potential Upside For Adecco Group AG (VTX:ADEN) Not Without Risk
With a price-to-earnings (or "P/E") ratio of 16.3x Adecco Group AG ( VTX:ADEN ) may be sending bullish signals at the...Analyseartikel • Mar 17
Adecco Group AG Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
Last week saw the newest annual earnings release from Adecco Group AG ( VTX:ADEN ), an important milestone in the...Analyseartikel • Feb 14
Adecco Group (VTX:ADEN) Takes On Some Risk With Its Use Of Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analyseartikel • Jan 12
At CHF38.84, Is Adecco Group AG (VTX:ADEN) Worth Looking At Closely?
Adecco Group AG ( VTX:ADEN ), is not the largest company out there, but it saw a double-digit share price rise of over...Analyseartikel • Dec 30
Investors Still Waiting For A Pull Back In Adecco Group AG (VTX:ADEN)
Adecco Group AG's ( VTX:ADEN ) price-to-earnings (or "P/E") ratio of 23x might make it look like a sell right now...Analyseartikel • Nov 29
An Intrinsic Calculation For Adecco Group AG (VTX:ADEN) Suggests It's 47% Undervalued
Key Insights Using the 2 Stage Free Cash Flow to Equity, Adecco Group fair value estimate is CHF78.09 Adecco Group's...Aktionärsrenditen
| ADEN | CH Professional Services | CH Markt | |
|---|---|---|---|
| 7D | 10.1% | 1.6% | -0.2% |
| 1Y | -20.8% | -26.5% | 15.4% |
Rendite im Vergleich zur Industrie: ADEN übertraf die Branche Swiss Professional Services , die im vergangenen Jahr eine Rendite von -26.5 erzielte.
Rendite vs. Markt: ADEN hinter dem Markt Swiss zurück, der im vergangenen Jahr eine Rendite von 15.4 erzielte.
Preisvolatilität
| ADEN volatility | |
|---|---|
| ADEN Average Weekly Movement | 7.0% |
| Professional Services Industry Average Movement | 5.5% |
| Market Average Movement | 4.0% |
| 10% most volatile stocks in CH Market | 7.5% |
| 10% least volatile stocks in CH Market | 2.2% |
Stabiler Aktienkurs: Der Aktienkurs von ADEN war in den letzten 3 Monaten im Vergleich zum Swiss -Markt volatil.
Volatilität im Zeitverlauf: ADENDie wöchentliche Volatilität (7%) war im vergangenen Jahr stabil, liegt aber immer noch höher als bei 75 % der Swiss Aktien.
Über das Unternehmen
| Gegründet | Mitarbeiter | CEO | Website |
|---|---|---|---|
| 1957 | 33,569 | Denis Machuel | www.adeccogroup.com |
Die Adecco Group AG erbringt zusammen mit ihren Tochtergesellschaften Personaldienstleistungen für Unternehmen und Organisationen in Europa, Nordamerika, dem asiatisch-pazifischen Raum, Südamerika und Nordafrika. Unter den Markennamen Adecco, Akkodis, Ajilon, General Assembly, LHH, Pontoon, Spring, UK&I, Badenoch & Clark, Office Angels, Penna, Roevin, Adia, Ezra und Modis bietet das Unternehmen flexible Vermittlung, Festanstellung, Karrierewechsel und -mobilität, Outsourcing, technische Beratung, digitale und IT, Talentberatung, Coaching, Training, Fort- und Weiterbildung und andere Dienstleistungen an. Das Unternehmen war früher unter dem Namen Adecco S.A. bekannt.
Adecco Group AG's Grundlagenzusammenfassung
| ADEN grundlegende Statistiken | |
|---|---|
| Marktanteil | CHF 3.51b |
| Gewinn(TTM) | CHF 281.15m |
| Umsatz(TTM) | CHF 21.43b |
12.5x
Kurs-Gewinn-Verhältnis 0.2x
Kurs-Umsatz-VerhältnisIst ADEN zu teuer?
Siehe Fair Value und BewertungsanalyseErträge & Einnahmen
| ADEN Gewinn- und Verlustrechnung (TTM) | |
|---|---|
| Einnahmen | €23.17b |
| Kosten der Einnahmen | €18.77b |
| Bruttogewinn | €4.40b |
| Sonstige Ausgaben | €4.10b |
| Gewinn | €304.00m |
Zuletzt gemeldete Gewinne
Mar 31, 2026
Datum des nächsten Gewinnberichts
Aug 06, 2026
| Gewinn per Aktie (EPS) | 1.75 |
| Bruttomarge | 19.00% |
| Nettogewinnspanne | 1.31% |
| Schulden/Eigenkapital-Verhältnis | 81.1% |
Wie hat sich ADEN auf lange Sicht entwickelt?
Historische Performance und VergleicheDividenden
4.9%
Aktuelle Dividendenrendite61%
AusschüttungsquoteUnternehmensanalyse und Finanzdaten Status
| Daten | Zuletzt aktualisiert (UTC-Zeit) |
|---|---|
| Unternehmensanalyse | 2026/07/20 06:13 |
| Aktienkurs zum Tagesende | 2026/07/20 00:00 |
| Gewinne | 2026/03/31 |
| Jährliche Einnahmen | 2025/12/31 |
Datenquellen
Die in unserer Unternehmensanalyse verwendeten Daten stammen von S&P Global Market Intelligence LLC. Die folgenden Daten werden in unserem Analysemodell verwendet, um diesen Bericht zu erstellen. Die Daten sind normalisiert, was zu einer Verzögerung bei der Verfügbarkeit der Quelle führen kann.
| Paket | Daten | Zeitrahmen | Beispiel US-Quelle * |
|---|---|---|---|
| Finanzdaten des Unternehmens | 10 Jahre |
| |
| Konsensschätzungen der Analysten | +3 Jahre |
|
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| Marktpreise | 30 Jahre |
| |
| Eigentümerschaft | 10 Jahre |
| |
| Verwaltung | 10 Jahre |
| |
| Wichtige Entwicklungen | 10 Jahre |
|
* Beispiel für US-Wertpapiere, für nicht-US-amerikanische Wertpapiere werden gleichwertige regulatorische Formulare und Quellen verwendet.
Sofern nicht anders angegeben, beziehen sich alle Finanzdaten auf einen Jahreszeitraum, werden aber vierteljährlich aktualisiert. Dies wird als Trailing Twelve Month (TTM) oder Last Twelve Month (LTM) Daten bezeichnet. Erfahren Sie mehr.
Analysemodell und Schneeflocke
Details zum Analysemodell, mit dem dieser Bericht erstellt wurde, finden Sie auf unserer Github-Seite; außerdem bieten wir Leitfäden zur Nutzung unserer Berichte und Tutorials auf Youtube an.
Erfahren Sie mehr über das Weltklasse-Team, das das Simply Wall St-Analysemodell entworfen und entwickelt hat.
Metriken für Industrie und Sektor
Unsere Branchen- und Sektionskennzahlen werden alle 6 Stunden von Simply Wall St berechnet. Details zu unserem Verfahren finden Sie auf Github.
Analysten-Quellen
Adecco Group AG wird von 32 Analysten beobachtet. 16 dieser Analysten hat die Umsatz- oder Gewinnschätzungen übermittelt, die als Grundlage für unseren Bericht dienen. Die von den Analysten übermittelten Daten werden im Laufe des Tages aktualisiert.
| Analyst | Einrichtung |
|---|---|
| Gerhard Schwarz | Baader Helvea Equity Research |
| Paul Daniel Sullivan | Barclays |
| Afonso Osorio | Barclays |