Saudi Manpower Solutions Valuation

Q: What is the Fair Price of 1834 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

1834 (SAR7.99) is trading below our estimate of [[fair value]] (SAR8.55)

Is 1834 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

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 1834 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 1834 (SAR7.99) is trading below our estimate of fair value (SAR8.55)

Significantly Below Fair Value: 1834 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 1834?

Key metric: As 1834 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 1834. This is calculated by dividing 1834's market cap by their current earnings.
What is 1834's PE Ratio?
PE Ratio	21.7x
Earnings	ر.س147.55m
Market Cap	ر.س3.22b

1834 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	1.6x
Enterprise Value/EBITDA	18.4x
PEG Ratio	1.5x

Price to Earnings Ratio vs Peers

How does 1834's PE Ratio compare to its peers?

The above table shows the PE ratio for 1834 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	31x
1831 Maharah for Human Resources	22.2x	15.7%	ر.س3.0b
1833 Almawarid Manpower	18.2x	17.5%	ر.س1.6b
9545 International Human Resources	69.9x	n/a	ر.س275.0m
9570 Tam Development	13.7x	19.4%	ر.س658.8m
1834 Saudi Manpower Solutions	21.7x	14.4%	ر.س3.2b

Price-To-Earnings vs Peers: 1834 is good value based on its Price-To-Earnings Ratio (21.7x) compared to the peer average (31x).

Price to Earnings Ratio vs Industry

How does 1834's PE Ratio compare vs other companies in the Asian Professional Services Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 1834 is expensive based on its Price-To-Earnings Ratio (21.7x) compared to the Asian Professional Services industry average (19.7x).

Price to Earnings Ratio vs Fair Ratio

What is 1834'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.

1834 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	21.7x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 1834's Price-To-Earnings Fair Ratio for valuation analysis.

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 1834 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	ر.س7.99	ر.س8.59 +7.5%	12.7%	ر.س9.68	ر.س7.50	n/a	2
Nov ’25	ر.س8.21	ر.س8.59 +4.6%	12.7%	ر.س9.68	ر.س7.50	n/a	2
Oct ’25	ر.س8.85	ر.س8.59 -2.9%	12.7%	ر.س9.68	ر.س7.50	n/a	2
Sep ’25	ر.س9.19	ر.س8.59 -6.5%	12.7%	ر.س9.68	ر.س7.50	n/a	2
Aug ’25	ر.س10.36	ر.س8.59 -17.1%	12.7%	ر.س9.68	ر.س7.50	n/a	2
Jul ’25	ر.س8.79	ر.س8.59 -2.3%	12.7%	ر.س9.68	ر.س7.50	n/a	2

Analyst Forecast: Target price is less than 20% higher than the current share price.