Randstad: Improving trends

研报英文原文证据摘录

Randstad: Improving trends

29 July 2026

Will Kirkness

+44 20 7676 8355

European Business Services will.kirkness@bernsteinsg.com

Randstad Filippo Giardini

+44 20 7762 4723

Rating filippo.giardini@bernsteinsg.com

Outperform

Price Target

RAND.NA 48.00 EUR (45.00 OLD)

Despite the near 50% move up in the shares over the last month, following a difficult 12

Close Date 28 Jul 2026

months driven by EPS downgrades and AI, we believe that risk/reward remains positive.

RAND.NA Close Price (EUR) 38.38

Organic growth is finding more support than headwinds, the rate of gross margin deterioration

Price Target (EUR) 48.00

has peaked and SG&A efficiency is strong. Reiterate Outperform with €48 PT, c30% upside,

Upside/(Downside) 25%

while a bluesky upside scenario would have nearly 50% upside (FY27: 5% organic, c19% GM,

52-Week Range 44.34/21.30

4% EBITA margin at 2.4x EV/net fees).

EDME --

Organic growth recovery. Organic growth progression appears to be back to driving FYE Dec

the shares. Growth was better than expected, and we now forecast 3.4% in 3Q (2Q: 2%). Div Yield 4.2%

Generally market conditions are increasingly supportive and even challenging sectors like Market Cap (EUR) (M) 6,754

autos, in contrast to wider headlines, are growing (all customers, all regions). By discipline, EV (EUR) (M) 8,597

perm has been most challenged and when weak is a mix drag for margins, the 2Q organic Performance YTD 1M 6M 12M

perm growth for Randstad at -5% was the best print since 2022. Absolute (%) 18.6 47.3 35.6 (10.5)

EDME (%)

Gross margin drag stabilisation. Gross margins continue to be down YOY, but we estimate Relative (%)

we are through peak pain. We forecast stable gross margins in 2Q27 following what, by then, Source: Bloomberg, Bernstein estimates and analysis.