Randstad (AO) | Hold | LTM issues offer for Randstad's Tech and Consulting business

Research evidence excerpt

Randstad (AO) | Hold | LTM issues offer for Randstad's Tech and Consulting business

News comment

Release date: 22 May 2026

Simon Van Oppen

Equity Research Analyst

Hold +31205632374Randstad svoppen@keplercheuvreux.com

Netherlands | Support services Beta Profile: MCap: EUR4.7bn

Target Price: EUR27.00 Bloomberg: RAND NA Reuters: RAND.AS

Current Price: EUR25.80 Free float 62%

Up/downside: 4.7% Avg. daily volume (EURm) 40.9

YTD abs performance -20.3% Market data: 21 May 2026

52-week high/low (EUR) 43.31/21.61

LTM issues offer for Randstad's Tech and Consulting business

Key points:

LTM, part of the Larsen & Toubro group has offered to acquire Randstad's technology and consulting services business in France,

Germany, Belgium, Luxembourg and Australia for EURm 160 on a cash-free, debt free basis.

The target business generated annual revenue of c. 469 million euros in 2025 with activities across aerospace and defense,

automotive, utilities and BFS.

The potential deal values Randstad's activities at 0.34x EV/Sales, c. 34% higher than Randstad's current trading multiple of c.

0.25x EV/Sales

While profitability metrics for the business have not been disclosed, we believe the underlying activities likely generate relatively

limited profitability. In that context, the valuation appears attractive for Randstad.

The proposed acquisition is part of a 360° collaboration including a five-year IT services partnership to drive AI-enabled

transformation for Randstad’s India Global Capability Center, and a strategic talent MSP to support LTM’s expanding global

workforce.

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