Gregor Sampson of Braun, von Wyss & Müller presented an in-depth investment thesis on Randstad (Amsterdam: RAND) at European Investing Summit 2017. Toward the end of the session, Gregor summarized his theses for and Safilo (Italy: SFL) and Trinity Mirror (London: TNI).

Randstad was founded in 1960 by Frits Goldschmeding who remains the largest shareholder. RAND is one of the leading global staffing and recruiting companies. It has grown EPS at a CAGR of 13.7% since 2003, driven by strong M&A execution and organic growth. In Gregor’s view, risks related to the level of hiring activity in Europe and North America are outweighed by a continued long-term shift to variable cost bases and outsourcing. Trading at ~12x 2017 estimated earnings and with a forward-looking FCF yield of 8.4%, Gregor considers RAND shares quite cheap.

About the instructor:

Gregor Sampson is an investment analyst with Braun, von Wyss & Müller. He previously worked as an analyst with Privatinvestor Verwaltungs AG and as a valuations consultant at PwC. He has been practicing Value Investing since 2012 and prefers companies with understandable business models at discount to intrinsic value. Gregor Sampson holds a degree in Finance from the University of St. Andrews.

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