【出版时间及名称】：2009年11月欧洲人力资源行业研究报告
        【作者】：汇丰银行
        【文件格式】：PDF
        【页数】：112
        【目录或简介】：

How different is it this time? 1
Seasons, hours and wages 4
Add seasonality, hours and wages and the picture is not so
good 5
Wage: a drag on sales, profit 6
Other factors slowing recovery 6
An expectation of upgrades 7
Recommendations: bearish 7
Risks to our hypothesis 9
Temp recovery 12
Value = numbers, wage, hours 12
European mix shift and lags with the US 17
Mix check: penetration of high-wage white-collar temps
(Europe)… 25
Number of temps… 27
How many hours do they work? 30
Wages 31
Temp man-hours not showing as steep a trend as temp numbers
32
Market sales proxy (number of temps x hours x wages) still
declining; impact of wage rate 33
Mix of temps indicates UK has most white-collar temps 34
How much does Europe lag (% y-o-y change in temps)? 37
Permanent recovery 38
Recovery of perm demand 38
The temp-perm lags (y-o-y recovery) 42
The temp-perm lag (y-o-y recovery) 43
Trends in perm return to y-o-y growth 44
How do investors see staffing
companies? 45
Temp recovery’s impact on estimate revision 45
Estimate revision history for 10* key staffing stocks 47
Multiples and estimates 50
What’s in the price? 50
Adecco 51
Pace of margin recovery a key concern 51
Valuation 55
Risks 56
Adecco: revenue growth analysis 57
Adecco: historical multiples 58
Financials & valuation: 62
Hays 65
Key concerns 66
Valuation 68
Risks 69
Financials & valuation: 72
Michael Page 73
A recovery, but slower 73
Valuation 78
Financials & valuation: 83