In his daily newsletter for Singer Capital markets, Kean Marden, an analyst at the firm, writes: “As SThree floated in 2005 there is insufficient history to assess its Enterprise Value (EV)/sales multiple across a full cycle.

“Given that the business has a similar temp/perm split and geographical exposure to Hays and Robert Walters, we have assumed its mid-cycle multiple is the average of these two peers.

“Applying the 0.7x mid-cycle multiple suggests a 296p share price. Our target price is set at a 10% discount to this figure and at this level the shares would yield 4.5%.”