Adecco Group AG

BATS-CHIXE:ADENZ Stock Report

Market Cap: CHF 3.9b

Adecco Group Valuation

Is ADENZ 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 ADENZ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ADENZ (CHF23.4) is trading below our estimate of fair value (CHF60.43)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ADENZ. This is calculated by dividing ADENZ's market cap by their current earnings.
What is ADENZ's PE Ratio?
PE Ratio14.1x
Earnings€298.00m
Market Cap€4.20b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ADENZ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.7x
PAGE PageGroup
22.1x28.2%UK£1.1b
STEM SThree
8.3x1.8%UK£466.1m
LTG Learning Technologies Group
15.6x-9.0%UK£736.5m
IPEL Impellam Group
24.8xn/aUK£389.3m
ADENZ Adecco Group
14.1x17.4%CHF 3.9b

Price-To-Earnings vs Peers: ADENZ is good value based on its Price-To-Earnings Ratio (14.1x) compared to the peer average (17.7x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
IBPO iEnergizer
1.7xn/aUS$140.06m
TEK Tekcapital
1.5xn/aUS$20.77m
No more companies available in this PE range
No. of Companies4PE01632486480+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ADENZ is good value based on its Price-To-Earnings Ratio (14.1x) compared to the UK Professional Services industry average (23.5x).

Price to Earnings Ratio vs Fair Ratio

What is ADENZ'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.

ADENZ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.1x
Fair PE Ratio29.1x

Price-To-Earnings vs Fair Ratio: ADENZ is good value based on its Price-To-Earnings Ratio (14.1x) compared to the estimated Fair Price-To-Earnings Ratio (29.1x).

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 ADENZ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCHF 23.40
CHF 30.96
+32.3%
14.8%CHF 36.76CHF 24.34n/a14
Nov ’25CHF 27.06
CHF 33.69
+24.5%
16.0%CHF 41.05CHF 24.87n/a14
Oct ’25CHF 27.89
CHF 34.67
+24.3%
15.6%CHF 43.66CHF 24.80n/a14
Sep ’25CHF 28.96
CHF 35.64
+23.1%
16.0%CHF 44.62CHF 25.35n/a14
Aug ’25CHF 29.98
CHF 37.23
+24.2%
15.9%CHF 46.55CHF 27.04n/a14
Jul ’25CHF 30.06
CHF 37.82
+25.8%
14.8%CHF 46.32CHF 30.01n/a14
Jun ’25CHF 34.30
CHF 38.74
+12.9%
14.4%CHF 47.62CHF 30.85n/a14
May ’25CHF 32.48
CHF 38.68
+19.1%
14.3%CHF 47.07CHF 30.50n/a14
Apr ’25CHF 35.61
CHF 38.66
+8.6%
13.8%CHF 46.83CHF 30.31n/a13
Mar ’25CHF 35.17
CHF 39.49
+12.3%
12.0%CHF 46.07CHF 33.05n/a12
Feb ’25CHF 37.22
CHF 39.18
+5.3%
12.4%CHF 45.36CHF 31.60n/a13
Jan ’25CHF 41.34
CHF 39.86
-3.6%
11.7%CHF 45.57CHF 32.30n/a13
Dec ’24CHF 41.84
CHF 39.86
-4.7%
11.7%CHF 45.57CHF 32.30n/a13
Nov ’24CHF 34.66
CHF 38.26
+10.4%
12.3%CHF 45.72CHF 32.06CHF 27.0612
Oct ’24CHF 37.64
CHF 39.35
+4.6%
12.5%CHF 46.58CHF 29.77CHF 27.8912
Sep ’24CHF 37.72
CHF 38.71
+2.6%
13.8%CHF 45.88CHF 29.36CHF 28.9611
Aug ’24CHF 35.31
CHF 33.67
-4.7%
14.3%CHF 43.05CHF 28.50CHF 29.9812
Jul ’24CHF 29.20
CHF 34.26
+17.3%
14.9%CHF 43.92CHF 28.63CHF 30.0612
Jun ’24CHF 27.51
CHF 33.75
+22.7%
13.9%CHF 43.71CHF 28.17CHF 34.3011
May ’24CHF 30.47
CHF 34.19
+12.2%
13.6%CHF 44.24CHF 28.51CHF 32.4811
Apr ’24CHF 33.19
CHF 37.34
+12.5%
29.2%CHF 70.24CHF 28.73CHF 35.6112
Mar ’24CHF 33.85
CHF 37.43
+10.6%
29.6%CHF 70.91CHF 29.01CHF 35.1712
Feb ’24CHF 34.35
CHF 37.73
+9.8%
30.5%CHF 71.02CHF 27.85CHF 37.2212
Jan ’24CHF 30.53
CHF 39.09
+28.0%
28.3%CHF 70.31CHF 28.07CHF 41.3411
Dec ’23CHF 32.33
CHF 38.61
+19.4%
28.8%CHF 69.80CHF 27.91CHF 41.8411
Nov ’23CHF 30.94
CHF 39.89
+28.9%
28.8%CHF 70.57CHF 28.40CHF 34.6612

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

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