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Prices & Quotes - UK Markets - Pagegroup (PAGE)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 589.50p
Change Today:
-15.50p
Market Cap:
1,937.21m
Sector:
Support Services

Credit Suisse cuts Hays rating on demand fears

By Abigail Townsend

Date: Monday 25 Nov 2019

LONDON (ShareCast) - (Sharecast News) - Credit Suisse has downgraded shares of Hays, citing looming threats to organic growth in some of the recruiter's core markets.
The bank downgraded its rating to 'underperform' from 'neutral', though it left the price target unchanged at 140p.

It also reduced earnings estimates, with earnings per share falling 4-7% for the full-years 2020-2022, and forecasts for earnings before interest, taxation and amortisation now 2-4.5% below company-compiled consensus.

Analyst Andrew Grobler said: "Our Credit Suisse lead indicator continues to incrementally decline and we expect organic growth to weaken further through the second quarter as macro headwinds in the UK, China and Germany impact demand."

Last month, shares in Hays jumped after the recruiter said strong growth in net fees in the US and China had helped offset other, slowing markets in the first quarter.

But Grobler said: "While Hays reported more resilient growth rates in the first quarter than peers PageGroup and Robert Walters, we think that, to a large extent, this reflects different revenue recognition protocols, with Hays recognising revenues when the candidate starts, while Page recognises revenue when the contract is agreed. This leads to a lag in performance for Hays on major shifts in demand.

"In addition to our short-term caution, we continue to see incremental pressure on agency profitability as technology enables major corporate to either bypass agencies, reduces a number of roles previously filled by temps/contractors or encourages downward pressure on pricing."

Hays is scheduled to update on second-quarter trading on 16 January.

Shares in the FTSE 250 company were trading 1% higher at 167.0p by 1300 GMT.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Pagegroup Market Data

Currency UK Pounds
Price 589.50p
Change Today -15.50p
52 Week High 614.50p
52 Week Low 350.00p
Volume 220,843
Shares Issued 328.62m
Market Cap 1,937.21m

Performance Indicators

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What The Brokers Say

Strong Buy 4
Buy 0
Neutral 6
Sell 0
Strong Sell 1
Total 11
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Pagegroup Dividends

  Latest Previous
  Special Interim
Ex-Div 05-Sep-19 05-Sep-19
Paid 09-Oct-19 09-Oct-19
Amount 12.73p 4.30p

Trades for 15-Jun-2021

Time Volume / Share Price
10:05 253 @ 589.50p
10:04 1 @ 588.50p
10:01 1 @ 588.50p
10:00 133 @ 589.00p
10:00 277 @ 589.00p

Pagegroup Key Personnel

CEO Stephen Ingham
CFO Kelvin Stagg