Having already appraised Randgold Resources (link here) and Apache (link here) time to take a look at a few other companies that reported today (Thursday).
Adecco - the Swiss listed recruitment company - induced me to comment on Twitter earlier:
'2015 EBITA margin..strong at c. 5.2%..below target of >5.5%..organic revenue growth is steady but not accelerating'
You can see this deterioration in the chart below:
I last wrote on Adecco here when I observed that a sub CHF70 share price offered trading opportunities (which last time I took). And with the share below this level now...
...I am starting to think along similar lines. Around a x10 EV/ebita multiple and a 3%+ yield plus an emerging market opportunity it feels opportunistic to me...
Their presentation document was worthy of a look with this chart of particular note. Some fundamental support for the potash and related markets?
Celgene at c$120 level so many times over last year. Ok nos but valuation needs more
The troubles is a x20s EV/ebit valuation always requires more. In the space I still prefer Gilead (link here).