Adecco: called to account

credit of the month

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Said Saffari
CSFB

Outperform
For crossover investors with the ability to sustain high volatility, we see value at the very wide ranges of Adecco cash and CDS trading. Since the group’s original announcement that the audit of its full-year 2003 results would be delayed, we expect the spread volatility to continue until the conclusion of the independent investigation and the publication of accounts.

We base our continued outperform recommendation on the group’s statements that the board has yet to f

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