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Randstad N.V. (0NW2.L)

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23,847,000,100.00+21.70 (+0.00%)
At close: 6:07PM EDT
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  • j
    jos
    in europe their is an extreem demand for employees at all levels ...they can not find enough people for this jobs so they can ask higher prices
  • S
    Sal
    Guess what - Monster mentioned 36 times on the earnings call. It continues to be the single worst purchase this company has ever made and continues to drag it down and lose money. "Sales at U.S. jobs site Monster, which it acquired in 2016 for $429 million, fell 16 percent for a second quarter in a row..."
  • S
    Sal
    Really should be a shareholder revolt on the Monster deal. Perhaps the worst deal ever made, still costing this company money and will continue to cost this company money until they sell it or just spin it out.
  • A
    Anonymous
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  • S
    Sal
    So they cut like $80M out of the budget and they are hoping that Monster will be EBITDA neutral by the end of 2018. Looking at Alexa and given that data Monster has to be in the $400M a year range. It's dead but Randstad is big enough to keep rolling on.
  • S
    Sal
    Monster layoffs, write offs, and all that jazz -- going to pull this stock down a few dollars.
  • S
    Sal
    UHG nobody wants to come out and play - SPGwillrise, tandc, junkieoption - come on guys move over here.

    Can't believe my life's work is gone does anybody know where there is an archive of my great work?

    Does anybody care?

    I guess it's over.

    Sad.
  • S
    Sal
    So how much is Monster going to drain from Corporate before you just sell the domain name to the beverage company? You fired Mark Stoever and it doesn't even get a press release. Who is running Monster and what are they going to do about the 14% YoY declines? Any ideas? Any plans? All I see is more layoffs already booked for this quarter and next quarter - thanks for lying to the staff about how you were going to invest and rebuild Monster into a Monster.
  • S
    Sal
    I think that Randstad should shift gears on the Monster acquisition and sue like HP did (or the government) with Autonomy. I think Tim, Sal, and the board knew it was worth less than zero and stuck it to Randstad. In the end it isn't going to kill Randstad just like Autonomy didn't kill HP but it's the principal of the thing. They knew it was worthless and yet put some lipstick on the pig and got it sold. Monster was mentioned 51 times in the earnings call, it's down 16% YoY almost 2 years after it was purchased. It's going to be a negative news cycle for a long time unless they can turn the story around and just walk away from it. Every dollar they put into it is another waste of time and money.
  • S
    Sal
    I told you - never ever should have bought the Monster. What a loss and boat anchor. Again down 15% YoY all they are doing is cutting and cutting and it's still losing money. It's a total write off and will continue to drag this stock down. Sal and Tim and the Symbol Mafia are still laughing that someone bought the company they plundered.
  • S
    Sal
    $3.40 a share for Monster was a great price for Monster but about 300% more than it was worth. It's going to cost this company a lot more money as they try to rescue it - but they shouldn't - they should take the write off and move on - it will cost more to keep it running than it will ever make.

    They should sue the board, Tim, Sal, Lise and everyone else for a clawback.
  • S
    Sal
    Randstad here is the real track record of the company you bought. Note that Mark E Mark (Mark Stoever) has no idea how to save this company. Each year the company gave it's executives a plan to be compensated for performance. Each year they failed and yet got paid big bucks. Most years there were 4 grades and I gave them point values - threshold-1, low-2, target-3, Max-4 - in years where there were 3 targets then it's 1, 2, 3 points - min, target, max. As you can see you bought a steaming pile and executive to match. Tick tock Mark - I doubt you make it till the end of the year.

    I looked at Alexa and it's tanking across the board.

    2015 - Net Revenue threshold - target - max
    766M - 796M - 828M - actual 666M

    consolidated EBITDA 152M - 179M - 207M - actual 106M.

    In 7 years I've been tracking - 2009 to 2015 they've never hit the target despite large grants of stock - you know largest single shareholders - and bonuses and pay. In most years there were multiple metrics and 4 grades - threshold - intermediate - target and max.....so here are the points possible and what they did...

    2009 - 0 points out of 9 (3 metrics 3 zones earnings, revenue, operating income - min/target/max)
    2010 - 4 points out of 12 (3 metrics 4 zones) - note they bought revenue with hotjobs
    2011 - 0 points out of 12 (3 metrics 4 zones)
    2012 - 4 points out of 12 (3 metrics 4 zones)
    2013 - 0 points out of 12 (3 metrics 4 zones)
    2014 - 0 points out of 12 (3 metrics 4 zones)
    2015 - 0 out of 6 (2 metrics 3 zones)

    So 8 points on the board out of 75. Would you trust the board or NEO's with anything at this point? They have missed ALL the points in the last 4 years yet are still getting paid like gansta's of the symbol mafia.

    But when they talk they always talk about hitting their own internal metrics or numbers? How can that be possible when they can't ever hit their public numbers that they all agree to at the start of the year. How can this team be that short sited that every year they think they cyclic bump in revenue is just going to keep running?
  • S
    Sal
    Monster mentioned 39 times in the latest conference call. I think the CEO and entire board should be fired over the purchase of Monster - it was, has been, and will always be a terrible deal. At a minimum they should sue the Monster CEO and board for false representation???
  • S
    Sal
    So Monster down again 16% YoY.....Shouldn't have bought it guys.
  • S
    Sal
    Monster Monster Monster is the reason this company is down down down. They need to pull the plug and just write the whole thing off. Then they need to sue Tim and Sal and the old board before the statue of limitations runs out for the fraud they committed.....in my humble opinion.
  • S
    Sal
    Here is what Tim should write.

    Dear Shareholders,

    I implore you to tender your shares in support of the Randstad offer @ $3.40 a share.

    Given the recent preliminary results of our Q3 it is clear that our ‘All the jobs for all the people’ plan is not working as planned. Although nobody can predict the future – it is now a real possibility that Monster could be insolvent and seek bankruptcy protection by the end of 2017 if the Randstad offer doesn’t go through. We have nearly $100M in cash but our revenue was $10M less than our expenses in Q2. We have traditionally reported numbers in a way that painted the health of the company in a better light than was our reality. EBITDA, Adjusted EBITDA and Cash EBITDA have been used to hide one time charges, our excessive executive stock compensation and restructure charges that we do every year. These metrics are traditionally used by young companies with high growth rates, clearly that hasn’t been the case since I or Sal have been running the company for the last decade. We will have to restructure this year and again next year and that will cost additional cash. Given that our $10M quarterly burn rate may grow higher we may run out of cash by the end of 2017. Due to our decreasing revenue, high debt load, and a large convertible bond that is coming due in 2018 we implore you to take the $3.40 tender offer.

    You may be asking ‘how did we get here?’ That’s a great and relevant question that I will try to answer. Sal and I have been friends for decades and we have a long history in the banking business. As you know bankers don’t often get a chance to run a company but Sal and I always dreamed of running a company. Sal got lucky when he was a director at Symbol which was going through tough times. They had some accounting issues and the CEO left so Sal was given the opportunity to be the CEO and sell the company. It was sold to Motorola and he was able to become a board member at Monster. Monster had some accounting issues and the CEO and COO were both under investigation so Sal was appointed CEO in 2007. Sal brought along myself and several people from Symbol who he was friends with. None of us had any experience in recruiting and didn’t really know anything about the internet – but Monster was an industry leader – a cash cow with $600M in the bank and generating $200M+ a year in net profit. We figured we would get a chance to run a company for a few years. The company made $1.3B in revenue when we took over and next year it might make $450M.

    In order to make room for all of our friends we had to let go the entire previous management team. Again given the cash on hand and how the business was doing we really felt they weren’t needed and the dollars spent on them would be better spent on our friends and ourselves. In hind sight this was clearly a mistake. We spent $760M on stock buybacks – Randstad is offering $420M for the entire company. We also spent about that much on various companies we purchased because we thought it would be fun to do some M&A. Again clearly this was a mistake. We spent over $1.5B dollars and erased about $5B in shareholder equity.

    As I stated before none of us had any HR or Internet experience and that led to other mistakes. We missed Linkedin being a competitor and this year it will do over $4B in revenue. We also missed the job aggregation sites like Indeed which is now larger than Monster. You see when we took over we had over 50% of the worldwide (hence our name) jobsite revenue and today after our complete incompetence we are now less than 5% of the market and dropping fast.

    We tried selling the company several years ago but our egos have always been large so we rejected an offer for $10 which we thought undervalued the company. Clearly in hindsight this was a mistake as the company really hasn’t been worth that much since shortly after we took over. Since none of that worked the management team – Sal, Steve, Lise, Conway, myself and other came up with ‘All the jobs for all the people’ plan. We even paid Sal $10M stock and $2M in cash to develop this plan – it goes without saying that was clearly a mistake. You see we aggregated about 15x the number of jobs that we had for free. We expected everybody to see how great this was and leave Linkedin and Indeed and flock to our site but that didn’t happen. Instead we realized we had more value and revenue when we made our jobs exclusive. Literally every time we have focused on something it has turned out to be disaster an accelerate the revenue loss. Anytime there was an uptick in revenue it was short lived – but we took full credit for it – and we told people that it was pivot point and things were only going to grow from then on. For years we held our prices high and blamed the economy and weather for the decrease in the number of jobs posted on Monster. When we started it was about 1 million jobs on the site at any given time – now it’s about 200,000 and falling. Because we are not exclusive anymore the price is also dropping which is accelerating our revenue loss.

    Unfortunately, we have run out of ideas, money, and time to try anything else except to sell the company. Luckily we were able to quickly find a buyer before our revenue declines started to rapidly increase as seen in our preliminary Q3 numbers. Given the trends the $3.40 per share price looks even better now than it did just a few months ago. It will look even better as time goes on. MNG has offered up a plan that includes $100M in cost cutting – mainly by eliminating employees. It’s no fun letting people go so we have tried to avoid it whenever possible – most of the time we just hire people in sales whenever we cut them in other departments. We did $666M in revenue last year and next year we are likely to do $450M in revenue – so $100M in cost cuts is not enough. In fact, we will have to cut $200M and still we will run out of money by the end of 2017. The only way for this company to survive is for it to be purchased – including the convertible shares – and for a company to invest at least $100M a year to keep it afloat.

    The management team, the board, and I have clearly made almost all the mistakes possible given the situation we were put in. Selling the company for $3.40 a share is not a mistake – it is the only option left.

    I implore you to tender your shares in support of the Randstad offer @ $3.40 a share.
  • S
    Sal
    AND SO IT BEGINS. Just like I said - this stuck pig is loosing money so now it's time to start the cuts. Only 180 this round but that's just the start. Mostly in sales OMFG - people buy things on the website without people - say it isn't 1999 anymore. As always too late and too little.

    “This includes changing our organization to best align with our strategic priorities and has resulted in the elimination of 180 positions, largely in the U.S. and primarily in sales,” said Rachel Rampino of Monster.

    Rachel might be one of the next ones with a quote like that.
  • S
    Sal
    So lots of activity over at Glass door - that usually means there has been another round of layoffs. It's the end of the quarter and they didn't get anywhere close to there number so that makes sense. If I were Randstad I would look at suing the former Board and the Symbol Mafia people - Tim, Sale, Lise, Mark (although he's not really part of the mafia) since they sold a bunch of lies and a failing company.

    Interesting though - seems like they are replacing all the management with new people that are not clicking with the staff. Kinda like when Sal came in and got rid of everybody that knew the business and replaced them with his people. Didn't really work out unless you count pocketing $100's of millions of dollars for very little productive work. As I said before $3.40 was an excellent price for Monster shareholders as the company is essentially worth less than $0 now. Continues losses and layoffs - this might even drag down the Randstad stock a little - but Randstad is a big company so in the long run it's just going to be a $400M+ write off and wine down - if you work there - pick your next job - start looking.
  • S
    Sal
    Another quarter and another disaster for Monster down 16% again YoY. Puts it at about $122M in revenue - another 16% YoY decline next year and we are at less than $100M a quarter. Mark E Mark days are numbered.
  • S
    Sal
    8 years into a recovery - great jobs numbers - Monster on the other hand - has been going down for that long because of Sal, Lise, Tim, and Mark E Mark. They should have been fired in 2010 when things started to turn around except at Monster. We are at the end of an expansion cycle - maybe trump gets another year or two but then it's down. It should be criminal that the execs took out over $100M from this thing all the while saying they knew what they were doing. If I were Randstad I would want a claw back from Tim and Mark and the board.

    If you work at Monster start looking - they are going to cut everyone. In a few quarters they will have elminated 90% of the jobs. Seriously you don't need thousands of people to post a job on a web site. In a few quarter Randstad will stop talking about the purchase and they will sell the domain name to the beverage company for $100M and call it a day.