11:40 uur: KBC over uitzenders
Rapport van KBC in de mail over de uitzenders. Ik copypaste de stukje over Randstad en Brunel wel even:
Randstad (16% top-line, 25% REBITA exposure, BUY € 53.0).
Randstad faces pressure from the fall-out of public payrolling in 2016, with an annual revenue and REBITA impact of € 140m and € 8-10m resp. Management admits it underestimated timing and impact of the measure, and efforts to shift business to private payrolling have not been sufficient.
Randstad has limited exposure to the new ZZP legislation. Underlying, Randstad’s staffing business is growing slightly below market (was 6% in 3Q16), while its Professionals turned to -4% on very hard comps. When correcting for some timing effects, Professionals grew 4%.
On an organic basis, revenue was up 2% pwd y/y in 3Q16, and we expect it to remain at 2% in 4Q16. The REBITA margin was 5.8% in 3Q16, down 30bps y/y due to public payrolling fall-out and pricing pressure in the bigger tenders, but the latter is easing gradually.