HAS

Hays PLC

Industrial Goods and Services First-pass screen £534m

280/1000 Overall fit

AI beneficiary 35% 15

Operating leverage 25% 35

Valuation 25% 30

Downside protection 15% 45

First-pass take

Cyclical recruitment in downturn; no AI exposure despite 25% Tech specialism declining -15%. Conversion rate collapsed to 9.4% (from 15.2%), multiple geographies unprofitable. £42m restructuring with £17.8m more expected. Net cash (£56.8m) mitigates but insufficient to offset cyclicality.

Flags

cyclicalloss-makingrestructuringnet-cash