Analyst Research Report Snapshot

Title:

Hardman & Co Monthly - May 2013

Price:

$288.00

Provider:

Hardman & Company

Date:

07 May 2013

Pages:

26

Type:

AcrobatPDF

Companies referenced:

ALAPH.L ALT.L ELCO.L LRM.L MURG.L MXF.L PALA.L PALO.L PHP.L PHTM.L PPH.L PRTC.L REAH.L SER.L TETY.ST THRL.L TNG.AX TRBG.L UCP.L

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Summary:

Recruitment stocks are up 12% YTD, broadly in-line with the broader business services sector and over 450 basis points more than the market. The turnaround started in the spring of 2012, partly driven by positive net fee income trends and partly low interest rates and a wall of cheap money from central bankers. Employment data from the US is surprising on the upside and leading indicators such as PMI and ISM series (whilst bumpy) are increasingly pointing to a benign trading environment in an increasing number of territories.

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