Adecco Group: More Upbeat Expectations For 2026

2026-01-05 11:43:45 ET

Introduction

It has been almost four years since I last discussed the Adecco Group ( AHEXF ) ( AHEXY ), the Switzerland-based HR giant and (temporary) employment specialist. Unfortunately that investment thesis didn’t work out at all , and the share price (expressed in Swiss Francs) has fallen by approximately 45%. And even if I’d add back the total dividends of around 20% of the 2022 share price, the total return on Adecco is still negative. And although the EBITDA increased in 2023, 2024 was much tougher for the business, and 2025 will very likely show an additional EBITDA decrease. But the company could be on the mend, and this could be a good moment to have another look at the business case. ...

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