Reported Earnings • Jul 22
Second quarter 2026 earnings released: EPS: €0.47 (vs €0.26 in 2Q 2025) Second quarter 2026 results: EPS: €0.47 (up from €0.26 in 2Q 2025). Revenue: €5.90b (up 1.8% from 2Q 2025). Net income: €82.0m (up 82% from 2Q 2025). Profit margin: 1.4% (up from 0.8% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €36.20, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Professional Services industry in the United Kingdom. Total loss to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €63.03 per share. Aankondiging • May 24
Ltimindtree Uk Limited proposed to acquire Technology and Consulting Services business of Randstad N.V. (ENXTAM:RAND). Ltimindtree Uk Limited proposed to acquire Technology and Consulting Services business of Randstad N.V. (ENXTAM:RAND) on May 22, 2026. Reported Earnings • Apr 22
First quarter 2026 earnings released: EPS: €0.35 (vs €0.44 in 1Q 2025) First quarter 2026 results: EPS: €0.35 (down from €0.44 in 1Q 2025). Revenue: €5.51b (down 2.5% from 1Q 2025). Net income: €62.0m (down 20% from 1Q 2025). Profit margin: 1.1% (down from 1.4% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 24
Upcoming dividend of €1.62 per share Eligible shareholders must have bought the stock before 31 March 2026. Payment date: 08 April 2026. Payout ratio is on the higher end at 98%, however this is supported by cash flows. Trailing yield: 6.8%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (2.7%). Declared Dividend • Feb 13
Dividend of €1.62 announced Dividend of €1.62 is the same as last year. Ex-date: 31st March 2026 Payment date: 8th April 2026 Dividend yield will be 6.0%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio). However, it is well covered by cash flows (36% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 8.4% to bring the payout ratio under control. EPS is expected to grow by 43% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 12
Full year 2025 earnings released: EPS: €1.66 (vs €0.65 in FY 2024) Full year 2025 results: EPS: €1.66 (up from €0.65 in FY 2024). Revenue: €23.1b (down 4.3% from FY 2024). Net income: €291.0m (up 153% from FY 2024). Profit margin: 1.3% (up from 0.5% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Aankondiging • Feb 12
Randstad N.V. announces Annual dividend, payable on April 08, 2026 Randstad N.V. announced Annual dividend of EUR 1.6200 per share payable on April 08, 2026, ex-date on March 31, 2026 and record date on April 01, 2026. Reported Earnings • Oct 23
Third quarter 2025 earnings released: EPS: €0.46 (vs €0.59 in 3Q 2024) Third quarter 2025 results: EPS: €0.46 (down from €0.59 in 3Q 2024). Revenue: €5.81b (down 3.4% from 3Q 2024). Net income: €83.0m (down 20% from 3Q 2024). Profit margin: 1.4% (down from 1.7% in 3Q 2024). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Aankondiging • Oct 23
Randstad N.V., Annual General Meeting, Mar 27, 2026 Randstad N.V., Annual General Meeting, Mar 27, 2026. Reported Earnings • Jul 24
Second quarter 2025 earnings released: EPS: €0.26 (vs €0.43 in 2Q 2024) Second quarter 2025 results: EPS: €0.26 (down from €0.43 in 2Q 2024). Revenue: €5.79b (down 4.8% from 2Q 2024). Net income: €45.0m (down 41% from 2Q 2024). Profit margin: 0.8% (down from 1.2% in 2Q 2024). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. New Risk • Jul 24
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 53% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (53% net debt to equity). Dividend is not well covered by earnings (378% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). New Risk • Jun 24
New major risk - Revenue and earnings growth Earnings have declined by 1.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.5% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (268% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Apr 23
First quarter 2025 earnings released: EPS: €0.44 (vs €0.48 in 1Q 2024) First quarter 2025 results: EPS: €0.44 (down from €0.48 in 1Q 2024). Revenue: €5.66b (down 4.7% from 1Q 2024). Net income: €77.0m (down 11% from 1Q 2024). Profit margin: 1.4% (in line with 1Q 2024). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €31.31, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the Professional Services industry in the United Kingdom. Total loss to shareholders of 21% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of €1.62 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 02 April 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.9%. Lower than top quartile of British dividend payers (5.9%). Higher than average of industry peers (2.0%). Declared Dividend • Feb 21
Final dividend of €1.62 announced Shareholders will receive a dividend of €1.62. Ex-date: 28th March 2025 Payment date: 2nd April 2025 Dividend yield will be 7.5%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is not covered by earnings (248% earnings payout ratio). However, it is covered by cash flows (51% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 176% to bring the payout ratio under control. EPS is expected to grow by 179% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Aankondiging • Feb 20
Randstad N.V. announces Annual dividend, payable on April 02, 2025 Randstad N.V. announced Annual dividend of EUR 1.6200 per share payable on April 02, 2025, ex-date on March 28, 2025 and record date on March 31, 2025. New Risk • Feb 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 40% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (248% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Reported Earnings • Feb 12
Full year 2024 earnings released: EPS: €0.65 (vs €3.45 in FY 2023) Full year 2024 results: EPS: €0.65 (down from €3.45 in FY 2023). Revenue: €24.1b (down 5.1% from FY 2023). Net income: €123.0m (down 80% from FY 2023). Profit margin: 0.5% (down from 2.4% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Aankondiging • Oct 24
Randstad N.V. (ENXTAM:RAND) agreed to acquire B.V. Zorgwerk. Randstad N.V. (ENXTAM:RAND) agreed to acquire B.V. Zorgwerk on October 22, 2024. The transaction is subject to consultation with employee representative bodies and to clearance by the Netherlands Authority for Consumers and Markets (ACM). Parties aim to complete the transaction in the coming period. The acquisition strengthens Randstad’s position as a leading talent provider in the growing healthcare and care sector. Reported Earnings • Oct 23
Third quarter 2024 earnings released: EPS: €0.59 (vs €0.93 in 3Q 2023) Third quarter 2024 results: EPS: €0.59 (down from €0.93 in 3Q 2023). Revenue: €6.02b (down 3.9% from 3Q 2023). Net income: €106.0m (down 37% from 3Q 2023). Profit margin: 1.8% (down from 2.7% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 10% per year. Aankondiging • Oct 23
Randstad N.V., Annual General Meeting, Mar 26, 2025 Randstad N.V., Annual General Meeting, Mar 26, 2025. Upcoming Dividend • Sep 19
Upcoming dividend of €1.27 per share Eligible shareholders must have bought the stock before 26 September 2024. Payment date: 01 October 2024. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of British dividend payers (5.3%). Higher than average of industry peers (1.7%). Reported Earnings • Jul 24
Second quarter 2024 earnings released: EPS: €0.43 (vs €0.74 in 2Q 2023) Second quarter 2024 results: EPS: €0.43 (down from €0.74 in 2Q 2023). Revenue: €6.09b (down 5.9% from 2Q 2023). Net income: €76.0m (down 44% from 2Q 2023). Profit margin: 1.2% (down from 2.1% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: €0.48 (vs €0.83 in 1Q 2023) First quarter 2024 results: EPS: €0.48 (down from €0.83 in 1Q 2023). Revenue: €5.94b (down 8.9% from 1Q 2023). Net income: €86.0m (down 43% from 1Q 2023). Profit margin: 1.4% (down from 2.3% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 21
Upcoming dividend of €2.28 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 04 April 2024. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of British dividend payers (6.3%). Higher than average of industry peers (1.9%). Declared Dividend • Feb 16
Dividend of €2.28 announced Shareholders will receive a dividend of €2.28. Ex-date: 28th March 2024 Payment date: 4th April 2024 Dividend yield will be 4.3%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • Feb 16
COO & Member of the Executive Board recently sold €1.8m worth of stock On the 13th of February, Chris Heutink sold around 35k shares on-market at roughly €51.60 per share. This transaction amounted to 41% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Chris has been a net seller over the last 12 months, reducing personal holdings by €2.2m. Reported Earnings • Feb 15
Full year 2023 earnings released: EPS: €3.45 (vs €5.04 in FY 2022) Full year 2023 results: EPS: €3.45 (down from €5.04 in FY 2022). Revenue: €25.4b (down 7.8% from FY 2022). Net income: €616.0m (down 33% from FY 2022). Profit margin: 2.4% (down from 3.3% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: €0.93 (vs €1.25 in 3Q 2022) Third quarter 2023 results: EPS: €0.93 (down from €1.25 in 3Q 2022). Revenue: €6.26b (down 11% from 3Q 2022). Net income: €168.0m (down 26% from 3Q 2022). Profit margin: 2.7% (down from 3.2% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Aankondiging • Aug 01
Randstad Unveils Its New Office at the Horizon, a Premier Commercial Centre Located at Bangsar South Randstad unveiled its new office at The Horizon, a premier commercial centre located at Bangsar South. Located within MSC Malaysia Cybercentre @ Bangsar South City, Randstad Malaysia's new office features a spacious area of 9,629 square feet to cater to the growing demands of Malaysia's talent market, and establish itself as an innovative force in the industry, reshaping the future of work and talent acquisition. Randstad Malaysia's new office boasts an array of purpose-built spaces, including discussion booths, phone pods, collaboration spaces, chillout spaces as well as an open event space for town halls and employee events. New Risk • Jul 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jul 26
Second quarter 2023 earnings released: EPS: €0.74 (vs €1.06 in 2Q 2022) Second quarter 2023 results: EPS: €0.74 (down from €1.06 in 2Q 2022). Revenue: €6.47b (down 6.1% from 2Q 2022). Net income: €137.0m (down 29% from 2Q 2022). Profit margin: 2.1% (down from 2.8% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Aankondiging • Jul 13
Randstad N.V. (ENXTAM:RAND) agreed to acquire CTC EXTERNALIZACIÓN S.L.U. from Portobello Capital Gestión, SGEIC, S.A. Randstad N.V. (ENXTAM:RAND) signed an agreement to acquire CTC EXTERNALIZACIÓN S.L.U. from Portobello Capital Gestión, SGEIC, S.A. on July 12, 2023. The enterprise value of the acquisition is €80.5 million. In 2022, Grupo CTC reported a revenue of €230 million. The completion of the transaction is subject to several conditions, which parties expect to be fulfilled in the coming weeks. Reported Earnings • Apr 26
First quarter 2023 earnings released: EPS: €0.83 (vs €1.13 in 1Q 2022) First quarter 2023 results: EPS: €0.83 (down from €1.13 in 1Q 2022). Revenue: €6.52b (down 1.6% from 1Q 2022). Net income: €154.0m (down 26% from 1Q 2022). Profit margin: 2.4% (down from 3.1% in 1Q 2022). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of €2.85 per share at 5.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 04 April 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (2.4%). Recent Insider Transactions • Mar 16
CFO & Member of Executive Board recently sold €189k worth of stock On the 10th of March, Henry Schirmer sold around 3k shares on-market at roughly €61.95 per share. This transaction amounted to 4.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €875k. Henry has been a net seller over the last 12 months, reducing personal holdings by €115k. Buying Opportunity • Mar 08
Now 21% undervalued Over the last 90 days, the stock is up 7.4%. The fair value is estimated to be €75.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 1.0% per annum. Earnings is forecast to decline by 9.1% per annum over the same time period. Recent Insider Transactions • Feb 23
COO & Member of the Executive Board recently sold €875k worth of stock On the 15th of February, Chris Heutink sold around 15k shares on-market at roughly €59.92 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Chris has been a net seller over the last 12 months, reducing personal holdings by €742k. Buying Opportunity • Feb 16
Now 21% undervalued Over the last 90 days, the stock is up 8.2%. The fair value is estimated to be €75.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 0.9% per annum. Earnings is forecast to decline by 9.1% per annum over the same time period. Reported Earnings • Feb 14
Full year 2022 earnings released Full year 2022 results: Revenue: €27.6b (up 12% from FY 2021). Net income: €929.0m (up 22% from FY 2021). Profit margin: 3.4% (up from 3.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 6.4% growth forecast for the Professional Services industry in the United Kingdom. Aankondiging • Oct 27
Randstad N.V. to Report Q3, 2023 Results on Oct 24, 2023 Randstad N.V. announced that they will report Q3, 2023 results on Oct 24, 2023 Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: €1.25 (vs €1.07 in 3Q 2021) Third quarter 2022 results: EPS: €1.25 (up from €1.07 in 3Q 2021). Revenue: €7.05b (up 12% from 3Q 2021). Net income: €228.0m (up 16% from 3Q 2021). Profit margin: 3.2% (up from 3.1% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 6.1% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of €2.81 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 04 October 2022. Payout ratio is a comfortable 48% and the cash payout ratio is 79%. Trailing yield: 11%. Within top quartile of British dividend payers (5.6%). Higher than average of industry peers (2.5%). Reported Earnings • Jul 27
Second quarter 2022 earnings released: EPS: €1.06 (vs €0.95 in 2Q 2021) Second quarter 2022 results: EPS: €1.06 (up from €0.95 in 2Q 2021). Revenue: €6.89b (up 13% from 2Q 2021). Net income: €194.0m (up 12% from 2Q 2021). Profit margin: 2.8% (down from 2.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 1.7%, compared to a 11% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: €1.13 (vs €0.82 in 1Q 2021) First quarter 2022 results: EPS: €1.13 (up from €0.82 in 1Q 2021). Revenue: €6.62b (up 20% from 1Q 2021). Net income: €207.0m (up 37% from 1Q 2021). Profit margin: 3.1% (up from 2.7% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 4.7%, compared to a 11% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buying Opportunity • Apr 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €66.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.7%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings is also forecast to grow by 7.8% per annum over the same time period. Buying Opportunity • Apr 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be €64.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.7%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings is also forecast to grow by 8.0% per annum over the same time period. Upcoming Dividend • Mar 24
Upcoming dividend of €2.19 per share Eligible shareholders must have bought the stock before 31 March 2022. Payment date: 05 April 2022. Payout ratio is a comfortable 53% and the cash payout ratio is 77%. Trailing yield: 8.6%. Within top quartile of British dividend payers (4.6%). Higher than average of industry peers (1.9%). Buying Opportunity • Mar 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €64.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.7% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €51.41, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 22x in the Professional Services industry in the United Kingdom. Total returns to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €53.49 per share. Recent Insider Transactions • Feb 18
Chairman of the Executive Board & CEO recently sold €2.6m worth of stock On the 16th of February, Jacques van den Broek sold around 40k shares on-market at roughly €65.21 per share. This was the largest sale by an insider in the last 3 months. Jacques has been a seller over the last 12 months, reducing personal holdings by €4.4m. Reported Earnings • Feb 16
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: €4.13 (up from €1.62 in FY 2020). Revenue: €24.6b (up 19% from FY 2020). Net income: €760.0m (up 157% from FY 2020). Profit margin: 3.1% (up from 1.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 5.4%, compared to a 10% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Oct 22
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €6.28b (up 21% from 3Q 2020). Net income: €199.0m (up 93% from 3Q 2020). Profit margin: 3.2% (up from 2.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 17
Upcoming dividend of €1.62 per share Eligible shareholders must have bought the stock before 24 September 2021. Payment date: 04 October 2021. Trailing yield: 2.7%. Lower than top quartile of British dividend payers (3.9%). Higher than average of industry peers (1.7%). Reported Earnings • Jul 29
Second quarter 2021 earnings released: EPS €0.95 (vs €0.32 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €6.08b (up 37% from 2Q 2020). Net income: €174.0m (up €233.0m from 2Q 2020). Profit margin: 2.9% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Recent Insider Transactions • Apr 26
Chairman of the Executive Board & CEO recently sold €1.8m worth of stock On the 21st of April, Jacques van den Broek sold around 30k shares on-market at roughly €61.44 per share. This was the largest sale by an insider in the last 3 months. Jacques has been a seller over the last 12 months, reducing personal holdings by €3.6m. Reported Earnings • Apr 24
First quarter 2021 earnings released: EPS €0.82 (vs €0.26 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €5.53b (up 2.1% from 1Q 2020). Net income: €151.0m (up 221% from 1Q 2020). Profit margin: 2.7% (up from 0.9% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Executive Departure • Mar 26
Vice Chairman of Supervisory Board Jaap Winter has left the company On the 23rd of March, Jaap Winter's tenure as Vice Chairman of Supervisory Board ended after 10.0 years in the role. We don't have any record of a personal shareholding under Jaap's name. A total of 3 executives have left over the last 12 months. Upcoming Dividend • Mar 18
Upcoming Dividend of €1.62 Per Share Will be paid on the 6th of April to those who are registered shareholders by the 25th of March. The trailing yield of 2.7% is below the top quartile of British dividend payers (4.4%), but it is higher than industry peers (2.1%). Is New 90 Day High Low • Feb 25
New 90-day high: €56.81 The company is up 11% from its price of €51.36 on 27 November 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €63.40 per share. Recent Insider Transactions • Feb 14
Chairman of the Executive Board & CEO recently sold €1.7m worth of stock On the 9th of February, Jacques van den Broek sold around 31k shares on-market at roughly €55.32 per share. This was the largest sale by an insider in the last 3 months. This was Jacques' only on-market trade for the last 12 months. Analyst Estimate Surprise Post Earnings • Feb 10
Revenue beats expectations Revenue exceeded analyst estimates by 0.5%. Over the next year, revenue is forecast to grow 7.5%, compared to a 4.5% growth forecast for the Professional Services industry in the United Kingdom. Reported Earnings • Feb 10
Full year 2020 earnings released: EPS €1.62 (vs €3.24 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €20.7b (down 13% from FY 2019). Net income: €304.0m (down 49% from FY 2019). Profit margin: 1.5% (down from 2.5% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 08
New 90-day high: €55.38 The company is up 21% from its price of €45.88 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €85.05 per share. Is New 90 Day High Low • Dec 05
New 90-day high: €52.78 The company is up 21% from its price of €43.71 on 04 September 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €67.40 per share. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 15% share price gain to €51.28, the stock is trading at a trailing P/E ratio of 35.8x, up from the previous P/E ratio of 31x. This compares to an average P/E of 27x in the Professional Services industry in the United Kingdom. Total returns to shareholders over the past three years are 17%. Is New 90 Day High Low • Nov 11
New 90-day high: €51.28 The company is up 13% from its price of €45.57 on 12 August 2020. The British market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €67.71 per share. Analyst Estimate Surprise Post Earnings • Oct 22
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 2.1% at €5.17b. Revenue is forecast to grow 2.8% over the next year, compared to a 1.0% growth forecast for the Professional Services industry in the United Kingdom. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of €254.0m, down 59% from the prior year. Total revenue was €21.0b over the last 12 months, down 12% from the prior year. Is New 90 Day High Low • Oct 21
New 90-day high: €49.63 The company is up 13% from its price of €44.11 on 23 July 2020. The British market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €68.26 per share. 
