Reported Earnings • Aug 07
Second quarter 2026 earnings released: EPS: €0.28 (vs €0.34 in 2Q 2025) Second quarter 2026 results: EPS: €0.28 (down from €0.34 in 2Q 2025). Revenue: €6.00b (up 3.8% from 2Q 2025). Net income: €47.0m (down 19% from 2Q 2025). Profit margin: 0.8% (down from 1.0% in 2Q 2025). 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, earnings per share has fallen by 4% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. New Risk • Jul 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (72% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.4% average weekly change). Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CHF19.34, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Professional Services industry in the United Kingdom. Total loss to shareholders of 28% over the past three years. Board Change • May 15
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Sandy Venugopal was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CHF15.25, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 17x in the Professional Services industry in the United Kingdom. Total loss to shareholders of 37% over the past three years. Upcoming Dividend • Apr 13
Upcoming dividend of CHF1.00 per share Eligible shareholders must have bought the stock before 20 April 2026. Payment date: 07 May 2026. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.7%). Announcement • Mar 23
Adecco Group AG(SWX:ADEN) dropped from FTSE All-World Index (USD) Adecco Group AG(SWX:ADEN) dropped from FTSE All-World Index (USD) Announcement • Mar 16
Adecco Group AG, Annual General Meeting, Apr 15, 2026 Adecco Group AG, Annual General Meeting, Apr 15, 2026, at 11:00 W. Europe Standard Time. Declared Dividend • Mar 16
Dividend of CHF1.00 announced Shareholders will receive a dividend of CHF1.00. Ex-date: 20th April 2026 Payment date: 7th May 2026 Dividend yield will be 5.0%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 14
Adecco Group AG announces Annual dividend, payable on May 07, 2026 Adecco Group AG announced Annual dividend of CHF 1.0000 per share payable on May 07, 2026, ex-date on April 20, 2026 and record date on April 21, 2026. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: €1.76 (vs €1.81 in FY 2024) Full year 2025 results: EPS: €1.76 (down from €1.81 in FY 2024). Revenue: €23.1b (flat on FY 2024). Net income: €295.0m (down 2.6% from FY 2024). Profit margin: 1.3% (in line with FY 2024). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Announcement • Feb 25
The Adecco Group Announces Not Stand for Re-Election of Directors The Adecco Group announced longstanding members Kathleen Taylor and Didier Lamouche, who joined the Board in 2015 and 2011 respectively, are not standing for re-election. Jean-Christophe Deslarzes, the Chair of the Board of Directors, will stand for re-election for a final term that will run until the 2027 AGM, when he plans to step down after twelve years as a board member, including seven as Chair. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: €0.53 (vs €0.59 in 3Q 2024) Third quarter 2025 results: EPS: €0.53 (down from €0.59 in 3Q 2024). Revenue: €5.78b (up 1.3% from 3Q 2024). Net income: €89.0m (down 10% from 3Q 2024). Profit margin: 1.5% (down from 1.7% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.5% 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 12% per year and the company’s share price has also fallen by 12% per year. Announcement • Nov 06
Adecco Group AG to Report Q4, 2025 Results on Feb 25, 2026 Adecco Group AG announced that they will report Q4, 2025 results on Feb 25, 2026 New Risk • Aug 06
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: €0.34 (vs €0.34 in 2Q 2024) Second quarter 2025 results: EPS: €0.34 (in line with 2Q 2024). Revenue: €5.78b (down 1.2% from 2Q 2024). Net income: €58.0m (flat on 2Q 2024). Profit margin: 1.0% (in line with 2Q 2024). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. New Risk • May 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (76% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.8% average weekly change). Reported Earnings • May 09
First quarter 2025 earnings released: EPS: €0.36 (vs €0.43 in 1Q 2024) First quarter 2025 results: EPS: €0.36 (down from €0.43 in 1Q 2024). Revenue: €5.57b (down 2.5% from 1Q 2024). Net income: €60.0m (down 18% from 1Q 2024). Profit margin: 1.1% (down from 1.3% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.2% 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 21% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 16
Upcoming dividend of CHF1.00 per share Eligible shareholders must have bought the stock before 23 April 2025. Payment date: 25 April 2025. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of British dividend payers (6.2%). Higher than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CHF22.97, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Professional Services industry in the United Kingdom. Total loss to shareholders of 27% over the past three years. Declared Dividend • Mar 27
Dividend of CHF1.00 announced Shareholders will receive a dividend of CHF1.00. Ex-date: 23rd April 2025 Payment date: 25th April 2025 Dividend yield will be 3.6%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 56% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 19
Adecco Group AG, Annual General Meeting, Apr 17, 2025 Adecco Group AG, Annual General Meeting, Apr 17, 2025, at 11:00 W. Europe Standard Time. Announcement • Mar 18
The Adecco Group Announces Executive Changes The Adecco Group announced the appointment of Jo Debecker as President of Akkodis and member of the Group Executive Committee from 22 April 2025. In his new role, Jo will build on the strong foundation established through the successful integration of AKKA and Modis over the past three years, which has positioned Akkodis as a global leader within the ER&D Technology Consulting market. He will work with the Akkodis team to accelerate the delivery of strategic priorities, including the roll-out of technology practices and the expansion of offshore capabilities. These initiatives will support Akkodis' profitable growth ambitions in a rapidly expanding addressable market. Jo brings a wealth of experience in global technology services, including leading global businesses in the IT, digital and software/cloud engineering space, having most recently served as the Head of Wipro's FullStride Global Business Line and a member Wipro's Executive Board. At Wipro, he led the FullStride division to higher profitability levels, generating USD 5 billion revenues, by leveraging offshoring and aligning the portfolio of solutions with strongest growth opportunities. Jo is known for his customer-focused and delivery-oriented approach and strong team leadership skills. Prior to Wipro, he held senior management positions in several global technology services companies. Jo, a Belgian and Swiss citizen, holds a master's degree in finance and computer science from The University of Leuven, Belgium. After six years of dedicated service, including his critical role in forming Modis as a separate Global Business Unit, and then in the successful integration of AKKA and Modis, Dr. Jan Gupta, has stepped down from his role as president of Akkodis and as a member of the Adecco Group's Executive Committee. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: €1.81 (vs €1.94 in FY 2023) Full year 2024 results: EPS: €1.81 (down from €1.94 in FY 2023). Revenue: €23.1b (down 3.4% from FY 2023). Net income: €303.0m (down 6.8% from FY 2023). Profit margin: 1.3% (down from 1.4% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.8% 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 26% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CHF25.88, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 22x in the Professional Services industry in the United Kingdom. Total loss to shareholders of 21% over the past three years. New Risk • Nov 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 149% Cash payout ratio: 120% Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: €0.35 (vs €0.37 in 2Q 2023) Second quarter 2024 results: EPS: €0.35 (down from €0.37 in 2Q 2023). Revenue: €5.84b (down 2.6% from 2Q 2023). Net income: €58.0m (down 6.5% from 2Q 2023). Profit margin: 1.0% (in line with 2Q 2023). Revenue is forecast to grow 3.6% 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 26% 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. Announcement • Jul 04
Adecco Group Reportedly Considers Possible Sale of Akkodis Swiss staffing company Adecco Group AG (SWX:ADEN) is considering a possible sale of its technology consulting unit Akkodis (Akkodis Group Ltd.), according to people familiar with the matter. The Zurich-based company has been gauging potential buyer interest for the division, which was created through the purchase of AKKA Technologies SE, the people said. Adecco Group could opt to keep a stake in Akkodis in any sale, some of the people said. Deliberations are ongoing and may not lead to a transaction, they said, asking not to be identified as the information is private. A representative for Adecco Group declined to comment. “We do not believe a sale of Akkodis is necessary for the company, and a natural industry buyer is not directly visible for us,” Konrad Zomer, an analyst at ABN Amro Oddo Bhf BV, wrote in a note. A private equity buyer could always be interested as it requires little invested capital, generates decent free cash flow, is profitable and can be levered up to an extent, the analyst said. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: €0.43 (vs €0.55 in 1Q 2023) First quarter 2024 results: EPS: €0.43 (down from €0.55 in 1Q 2023). Revenue: €5.72b (down 3.0% from 1Q 2023). Net income: €73.0m (down 21% from 1Q 2023). Profit margin: 1.3% (down from 1.6% in 1Q 2023). Revenue is forecast to grow 3.6% 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 20% per year whereas the company’s share price has fallen by 18% per year. Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Sandhya Venugopal was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 09
Upcoming dividend of CHF2.50 per share Eligible shareholders must have bought the stock before 16 April 2024. Payment date: 18 April 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.2%. Within top quartile of British dividend payers (6.1%). Higher than average of industry peers (1.9%). Announcement • Mar 05
Adecco Group AG to Report Fiscal Year 2023 Final Results on Mar 13, 2024 Adecco Group AG announced that they will report fiscal year 2023 final results on Mar 13, 2024 New Risk • Mar 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 138% Cash payout ratio: 126% Minor Risk Large one-off items impacting financial results. Announcement • Mar 02
Adecco Group AG Proposes Dividend for the Year 2023 Adecco Group AG proposed dividend of CHF 2.50 per share for the year 2023. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: €1.94 (vs €2.05 in FY 2022) Full year 2023 results: EPS: €1.94 (down from €2.05 in FY 2022). Revenue: €24.0b (up 1.3% from FY 2022). Net income: €325.0m (down 5.0% from FY 2022). Profit margin: 1.4% (in line with FY 2022). Revenue is forecast to grow 2.6% 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 increased by 1% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Jan 13
Adecco Group AG, Annual General Meeting, Apr 11, 2024 Adecco Group AG, Annual General Meeting, Apr 11, 2024. Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: €0.62 (vs €0.65 in 3Q 2022) Third quarter 2023 results: EPS: €0.62 (down from €0.65 in 3Q 2022). Revenue: €5.96b (down 1.4% from 3Q 2022). Net income: €103.0m (down 4.6% from 3Q 2022). Profit margin: 1.7% (in line with 3Q 2022). Revenue is forecast to grow 3.1% 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 17% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CHF39.32, 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 3.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF50.87 per share. Buying Opportunity • Aug 23
Now 21% undervalued Over the last 90 days, the stock is up 34%. The fair value is estimated to be CHF47.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 2.0% in 2 years. Earnings is forecast to grow by 55% in the next 2 years. Announcement • Aug 15
Adecco Group AG to Report Q4, 2023 Results on Feb 29, 2024 Adecco Group AG announced that they will report Q4, 2023 results on Feb 29, 2024 Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: €0.37 (vs €0.46 in 2Q 2022) Second quarter 2023 results: EPS: €0.37 (down from €0.46 in 2Q 2022). Revenue: €6.00b (up 1.0% from 2Q 2022). Net income: €62.0m (down 20% from 2Q 2022). Profit margin: 1.0% (down from 1.3% in 2Q 2022). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • May 05
First quarter 2023 earnings released: EPS: €0.55 (vs €0.55 in 1Q 2022) First quarter 2023 results: EPS: €0.55 (down from €0.55 in 1Q 2022). Revenue: €5.89b (up 8.2% from 1Q 2022). Net income: €92.0m (flat on 1Q 2022). Profit margin: 1.6% (down from 1.7% in 1Q 2022). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 11
Upcoming dividend of CHF2.50 per share at 7.8% yield Eligible shareholders must have bought the stock before 18 April 2023. Payment date: 20 April 2023. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 7.8%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (2.4%). Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: €2.05 (vs €3.62 in FY 2021) Full year 2022 results: EPS: €2.05 (down from €3.62 in FY 2021). Revenue: €23.6b (up 13% from FY 2021). Net income: €342.0m (down 42% from FY 2021). Profit margin: 1.4% (down from 2.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.6% 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 increased by 19% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Feb 15
the Adecco Group Appoints Geno Cutolo as Head of Adecco North America The Adecco Group announced that Geno Cutolo has joined the Group as Head of Adecco North America. With over two decades of experience in the staffing and workforce solutions industry, Cutolo offers a rich understanding of North America's talent landscape amid an increasingly dynamic global labor market. Prior to joining Adecco, Cutolo was president and CEO of Staffmark Group, a North American subsidiary of Recruit Holdings, the parent of Indeed and Glassdoor. Throughout his career, Cutolo has received various industry recognitions, including being named six times to Staffing Industry Analysts' Staffing 100 list. He is deeply passionate about furthering diversity, equity and inclusion initiatives, and he plays an active role in the community through several organizations which support disadvantaged youth. Announcement • Jan 31
Adecco Group AG to Report Q3, 2023 Results on Nov 02, 2023 Adecco Group AG announced that they will report Q3, 2023 results on Nov 02, 2023 Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Director Rachel Duan was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: €0.65 (vs €0.83 in 3Q 2021) Third quarter 2022 results: EPS: €0.65 (down from €0.83 in 3Q 2021). Revenue: €6.04b (up 16% from 3Q 2021). Net income: €108.0m (down 19% from 3Q 2021). Profit margin: 1.8% (down from 2.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Professional Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • May 08
First quarter 2022 earnings released: EPS: €0.56 (vs €0.77 in 1Q 2021) First quarter 2022 results: EPS: €0.56 (down from €0.77 in 1Q 2021). Revenue: €5.45b (up 9.6% from 1Q 2021). Net income: €92.0m (down 26% from 1Q 2021). Profit margin: 1.7% (down from 2.5% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 9.7%, 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 8% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Director Rachel Duan was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 12
Upcoming dividend of CHF2.50 per share Eligible shareholders must have bought the stock before 19 April 2022. Payment date: 21 April 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of British dividend payers (4.6%). Higher than average of industry peers (1.9%). Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €3.62 (up from €0.61 loss in FY 2020). Revenue: €20.9b (up 7.1% from FY 2020). Net income: €586.0m (up €684.0m from FY 2020). Profit margin: 2.8% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 11%, 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 2% per year whereas the company’s share price has fallen by 6% per year. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Director Rachel Duan was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS €0.83 (vs €0.50 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €5.22b (up 8.0% from 3Q 2020). Net income: €133.0m (up 66% from 3Q 2020). Profit margin: 2.5% (up from 1.7% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 26% 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. Reported Earnings • Aug 03
Second quarter 2021 earnings released: EPS €0.90 (vs €0.13 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €5.26b (up 26% from 2Q 2020). Net income: €145.0m (up €124.0m from 2Q 2020). Profit margin: 2.8% (up from 0.5% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €54.40, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 30x in the Professional Services industry in the United Kingdom. Total returns to shareholders of 5.8% over the past three years. Reported Earnings • May 06
First quarter 2021 earnings released: EPS €0.77 (vs €2.15 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: €4.97b (down 3.3% from 1Q 2020). Net income: €124.0m (up €472.0m from 1Q 2020). Profit margin: 2.5% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 54% 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. Upcoming Dividend • Apr 07
Upcoming dividend of CHF2.50 per share Eligible shareholders must have bought the stock before 14 April 2021. Payment date: 16 April 2021. Trailing yield: 3.8%. Lower than top quartile of British dividend payers (4.3%). Higher than average of industry peers (2.0%). Is New 90 Day High Low • Mar 04
New 90-day high: CHF60.85 The company is up 11% from its price of CHF55.00 on 03 December 2020. The British market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF90.13 per share. Reported Earnings • Feb 27
Full year 2020 earnings released: €0.61 loss per share (vs €4.48 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €19.6b (down 17% from FY 2019). Net loss: €98.0m (down 114% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue beats expectations Revenue exceeded analyst estimates by 0.9%. Over the next year, revenue is forecast to grow 7.7%, compared to a 7.5% growth forecast for the Professional Services industry in the United Kingdom. Is New 90 Day High Low • Dec 29
New 90-day high: CHF59.66 The company is up 23% from its price of CHF48.68 on 30 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 flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF79.16 per share. Is New 90 Day High Low • Dec 12
New 90-day high: CHF56.88 The company is up 14% from its price of CHF49.93 on 11 September 2020. The British market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF77.51 per share. Is New 90 Day High Low • Nov 11
New 90-day high: CHF53.92 The company is up 13% from its price of CHF47.75 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 CHF67.51 per share. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS €0.50 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €4.84b (down 18% from 3Q 2019). Net income: €80.0m (down 55% from 3Q 2019). Profit margin: 1.7% (down from 3.0% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 05
Revenue beats expectations Revenue exceeded analyst estimates by 2.0%. Over the next year,revenue is forecast to stay flat, in line with the revenue forecast for the Professional Services industry in the United Kingdom. 
