Randstad: Q4 2012 results: Solid final quarter ahead of expectations
BUY, Fair Value EUR33 (+12%)
Q4 financials were solid and above consensus expectations. Total Q4 revenue reached EUR4.234bn down 3% or 5% lfl (the consensus was at EUR4.215bn -5.3% lfl) i.e. a similar decrease to that in Q3. After good cost control, underlying EBITA totalled EUR156m, which compared to the EUR142m anticipated by the consensus (highest estimate was EUR157m). Free cash flow was up EUR152m while the leverage ratio decreased slightly to 1.7x vs. 1.8 last year. Management is to propose a dividend of EUR1.25 per share.
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