Adecco Group Valuation

Q: What is the Fair Price of ADEN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

ADEN (CHF22.98) is trading below our estimate of [[fair value]] (CHF64.54)

Is ADEN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ADEN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ADEN (CHF22.98) is trading below our estimate of fair value (CHF64.54)

Significantly Below Fair Value: ADEN is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ADEN?

Key metric: As ADEN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ADEN. This is calculated by dividing ADEN's market cap by their current earnings.
What is ADEN's PE Ratio?
PE Ratio	14x
Earnings	€298.00m
Market Cap	€4.15b

ADEN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.3x
Enterprise Value/EBITDA	8.9x
PEG Ratio	0.8x

Price to Earnings Ratio vs Peers

How does ADEN's PE Ratio compare to its peers?

The above table shows the PE ratio for ADEN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	21x
SGSN SGS	29.5x	11.9%	CHF 16.0b
TNET TriNet Group	17.4x	2.8%	US$4.7b
KFY Korn Ferry	22x	24.7%	US$3.9b
2181 Persol HoldingsLtd	15.1x	10.4%	JP¥523.8b
ADEN Adecco Group	14x	17.4%	CHF 3.8b

Price-To-Earnings vs Peers: ADEN is good value based on its Price-To-Earnings Ratio (14x) compared to the peer average (21x).

Price to Earnings Ratio vs Industry

How does ADEN's PE Ratio compare vs other companies in the European Professional Services Industry?

4 Companies	Price / Earnings	Estimated Growth	Market Cap

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: ADEN is good value based on its Price-To-Earnings Ratio (14x) compared to the European Professional Services industry average (18.3x).

Price to Earnings Ratio vs Fair Ratio

What is ADEN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ADEN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	14x
Fair PE Ratio	22.3x

Price-To-Earnings vs Fair Ratio: ADEN is good value based on its Price-To-Earnings Ratio (14x) compared to the estimated Fair Price-To-Earnings Ratio (22.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ADEN forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CHF 22.98	CHF 30.96 +34.7%	14.8%	CHF 36.76	CHF 24.34	n/a	14
Nov ’25	CHF 27.10	CHF 33.69 +24.3%	16.0%	CHF 41.05	CHF 24.87	n/a	14
Oct ’25	CHF 28.06	CHF 34.67 +23.5%	15.6%	CHF 43.66	CHF 24.80	n/a	14
Sep ’25	CHF 28.84	CHF 35.64 +23.6%	16.0%	CHF 44.62	CHF 25.35	n/a	14
Aug ’25	CHF 29.96	CHF 37.23 +24.3%	15.9%	CHF 46.55	CHF 27.04	n/a	14
Jul ’25	CHF 30.14	CHF 37.82 +25.5%	14.8%	CHF 46.32	CHF 30.01	n/a	14
Jun ’25	CHF 34.14	CHF 38.74 +13.5%	14.4%	CHF 47.62	CHF 30.85	n/a	14
May ’25	CHF 32.24	CHF 38.68 +20.0%	14.3%	CHF 47.07	CHF 30.50	n/a	14
Apr ’25	CHF 35.66	CHF 38.66 +8.4%	13.8%	CHF 46.83	CHF 30.31	n/a	13
Mar ’25	CHF 35.17	CHF 39.49 +12.3%	12.0%	CHF 46.07	CHF 33.05	n/a	12
Feb ’25	CHF 37.27	CHF 39.18 +5.1%	12.4%	CHF 45.36	CHF 31.60	n/a	13
Jan ’25	CHF 41.27	CHF 39.86 -3.4%	11.7%	CHF 45.57	CHF 32.30	n/a	13
Dec ’24	CHF 41.98	CHF 39.86 -5.1%	11.7%	CHF 45.57	CHF 32.30	n/a	13
Nov ’24	CHF 34.52	CHF 38.26 +10.8%	12.3%	CHF 45.72	CHF 32.06	CHF 27.10	12
Oct ’24	CHF 37.76	CHF 39.35 +4.2%	12.5%	CHF 46.58	CHF 29.77	CHF 28.06	12
Sep ’24	CHF 37.66	CHF 38.71 +2.8%	13.8%	CHF 45.88	CHF 29.36	CHF 28.84	11
Aug ’24	CHF 35.41	CHF 33.67 -4.9%	14.3%	CHF 43.05	CHF 28.50	CHF 29.96	12
Jul ’24	CHF 29.23	CHF 34.26 +17.2%	14.9%	CHF 43.92	CHF 28.63	CHF 30.14	12
Jun ’24	CHF 27.42	CHF 33.75 +23.1%	13.9%	CHF 43.71	CHF 28.17	CHF 34.14	11
May ’24	CHF 30.53	CHF 34.19 +12.0%	13.6%	CHF 44.24	CHF 28.51	CHF 32.24	11
Apr ’24	CHF 33.15	CHF 37.34 +12.6%	29.2%	CHF 70.24	CHF 28.73	CHF 35.66	12
Mar ’24	CHF 34.06	CHF 37.43 +9.9%	29.6%	CHF 70.91	CHF 29.01	CHF 35.17	12
Feb ’24	CHF 34.49	CHF 37.73 +9.4%	30.5%	CHF 71.02	CHF 27.85	CHF 37.27	12
Jan ’24	CHF 30.46	CHF 39.09 +28.3%	28.3%	CHF 70.31	CHF 28.07	CHF 41.27	11
Dec ’23	CHF 32.30	CHF 38.61 +19.5%	28.8%	CHF 69.80	CHF 27.91	CHF 41.98	11
Nov ’23	CHF 30.97	CHF 39.89 +28.8%	28.8%	CHF 70.57	CHF 28.40	CHF 34.52	12

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.