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Tamkeen Human Resources Company (1835) Fair Value & Analysis

Industrials · SA · Market cap 1.3B SAR

TH Tamkeen Human Resources Company 1835 · SR
Price49.40 SAR
Fair Value61.76 SAR
Upside+25.0%
Quality65/100
Healthy Growth
Thin margins · 9.2% net margin
generates free cash flow
5.23% dividend yield
Ranks above peers (12/13)
Moderate moat 61/100
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Evidence: High Range 48.07 SAR – 76.26 SAR Share as image

Fair value as of: Aug 4, 2026

From 26 valuation models · updated today

Share price +9.0% over the past month.

A solid business, screening 25% undervalued on our models.

What matters now

  • Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from 48.07 SAR (bear) to 76.26 SAR (bull), base 61.76 SAR. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 65/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (20 months)

70.14 SAR 43.22 SAR Fair Value 61.76 SAR Nov 2024 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 4, 2026.

How to read this chart

20‑month range 43.22 SAR – 70.14 SAR · fair‑value band 48.07 SAR – 76.26 SAR · the 49.40 SAR price screens below the 61.76 SAR fair value. Dashed = 300-day average. As of Aug 4, 2026.

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Analysis

Tamkeen Human Resources Company (1835) currently trades at 49.40 SAR, while our model-based Fair Value estimate is 61.76 SAR, implying the stock looks roughly 25.0% undervalued today. We read business quality at 65/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Tamkeen Human Resources Company generated revenue of 1.0B SAR at a net margin of 9.2%. Revenue grew 9.6% year over year. It earns a return on equity of 26.5%. The balance sheet holds a net cash position of 185M SAR. Fundamentals as of Aug 4, 2026

Our scenario range runs from 48.07 SAR (bear case) to 76.26 SAR (bull case); at 49.40 SAR, the current price sits within that range. The share trades about 20% below its 52-week high and 14% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 23% fair-value upside, at 25%, 1835 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income 18.96 SAR 22.74 SAR 57.13 SAR 76
Growth DCF 54.51 SAR 88.45 SAR 141.77 SAR 72
Gordon GGM 27.04 SAR 48.72 SAR 67.07 SAR 70
All 26 models by family
DCF Models
FCF DCF 57.65 SAR 80.52 SAR 148.85 SAR 38
Owner Earnings 59.64 SAR 115.10 SAR 218.02 SAR 31
5Y Revenue Exit 48.42 SAR 76.23 SAR 134.28 SAR 39
5Y EBITDA Exit 52.25 SAR 83.97 SAR 146.05 SAR 41
5Y P/E Exit 61.06 SAR 125.06 SAR 211.97 SAR 38
10Y Revenue Exit 50.49 SAR 96.26 SAR 123.97 SAR 36
10Y EBITDA Exit 54.30 SAR 103.78 SAR 187.84 SAR 37
10Y P/E Exit 60.18 SAR 121.08 SAR 220.35 SAR 35
Earnings-Based
Graham-Dodd 24.40 SAR 170.18 SAR 238.83 SAR 54
Lynch FV 87.92 SAR 125.60 SAR 163.28 SAR 50
PEG = 1.0 87.92 SAR 125.60 SAR 163.28 SAR 46
EPV 34.16 SAR 37.73 SAR 40.71 SAR 59
Dividend Discount
Gordon GGM 27.04 SAR 48.72 SAR 67.07 SAR 70
DDM Multi-Stage 27.04 SAR 44.50 SAR 52.04 SAR 61
Multiples
P/E Multiple 53.83 SAR 71.77 SAR 89.72 SAR 63
P/S Multiple 45.76 SAR 61.01 SAR 76.26 SAR 58
P/B Multiple 29.86 SAR 39.81 SAR 49.77 SAR 55
EV/EBIT 57.11 SAR 73.51 SAR 89.90 SAR 53
EV/EBITDA 49.00 SAR 62.69 SAR 76.38 SAR 54
EV/Revenue 41.08 SAR 55.29 SAR 69.50 SAR 43
Asset-Based
NCAV (Graham) 6.64 SAR 8.89 SAR 13.27 SAR 50
Growth DCF
Growth DCF 54.51 SAR 88.45 SAR 141.77 SAR 72
Rev-Margin DCF 52.52 SAR 86.05 SAR 156.28 SAR 67
Economic Profit
Residual Income 18.96 SAR 22.74 SAR 57.13 SAR 76
ROIC Compounder 39.17 SAR 50.27 SAR 63.10 SAR 67
Growth Earnings
Growth-Adj P/E 113.29 SAR 161.85 SAR 210.40 SAR 68

Widest divergence: Growth Earnings (161.85 SAR) versus Asset-Based (8.89 SAR). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 1.0B SAR
Revenue growth (YoY) +9.6%
Net margin 9.2%
Return on equity 26.5%
Free cash flow 96.8M SAR FY2025
P/E ratio 13.8
More key figures
Operating margin 9.7%
EPS (TTM) 3.59 SAR
Dividend yield 5.2%
EPS growth (YoY) +0.6%
Net cash 185M SAR FY2025

Figures from reported company fundamentals · as of Aug 4, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 73 · Market factors (momentum, volatility) 48

Profitability 76
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 57
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 33
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Tamkeen Human Resources Company provides labor recruitment and manpower services in the Kingdom of Saudi Arabia. The company offers labor and logistics services and support for public and private sectors, domestic workers, and local contracting, as well as services related to sponsorship transfer.

Full company description

Tamkeen Human Resources Company provides labor recruitment and manpower services in the Kingdom of Saudi Arabia. The company offers labor and logistics services and support for public and private sectors, domestic workers, and local contracting, as well as services related to sponsorship transfer. It also engages in mediating the recruitment of human resources. Tamkeen Human Resources Company was incorporated in 2018 and is headquartered in Riyadh, Saudi Arabia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tamkeen Human Resources Company reported revenue of 1.0B SAR in FY2025 versus 359M SAR in FY2021, a compound +29.7%/yr. Reported net income was 95.1M SAR in FY2025, compounding +15.5%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.0B SAR
Latest YoY
+40.5%
Avg. growth/yr (3Y)
+33.5%
Avg. growth/yr (5Y)
+27.4%
Revenue +29.7%/yr
FY21 359M SAR
FY22 426M SAR
FY23 496M SAR
FY24 722M SAR
FY25 1.0B SAR
Net income +15.5%/yr
FY21 53.4M SAR
FY22 54.8M SAR
FY23 59.8M SAR
FY24 85.5M SAR
FY25 95.1M SAR

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Cite: Fair Value Calculator (2026). "Tamkeen Human Resources Company Fair Value". https://www.fairvalue-calculator.com/stock/1835

Peer Group

Staffing & Employment Services · 88 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 65 · Top 25%
Fair Value upside +25% · Above median
Return on equity (TTM) 26% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 9% · Top 25%
Operating margin (TTM) 10% · Top 25%
Revenue growth 10% · Top 25%
Dividend yield (TTM) 5.2% · Above median

Valuation Multiples vs Staffing & Employment Services median · lower = cheaper

P/E (TTM) 13.8× · Cheaper than median
P/B 0.99× · Cheaper than median
P/S (TTM) 0.34× · Pricier than median
P/FCF 3.6× · Cheaper than median
EV/EBITDA 1.4× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 67 · sector 44
FUTURE 48 · sector 1
PAST 100 · sector 30
HEALTH 0 · sector 95
DIVIDEND 100 · sector 60

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Staffing & Employment Services stocks, each showing price versus our Fair Value estimate (as of Aug 4, 2026).

Stock Price Fair Value vs Fair Value
Adecco Group ADEN CHF 20.46 CHF 23.73 +16%
Korn Ferry, KFY $78.61 $114.56 +46%
Robert Half Inc RHI $36.70 $22.10 -40%
TriNet Group TNET $57.56 $70.85 +23%
ManpowerGroup Inc MAN $39.02 $29.67 -24%
Insperity, Inc NSP $49.48 $17.34 -65%
FESCO Group 600861 ¥12.64 ¥45.46 +260%
Grupa Pracuj S.A GPP 47.40 PLN 65.45 PLN +38%
Barrett Business Services, Inc BBSI $37.43 $38.42 +3%
Maharah for Human Resources Company 1831 5.36 SAR 6.92 SAR +29%

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Frequently asked questions

Is Tamkeen Human Resources Company (1835) overvalued or undervalued?
As of Aug 4, 2026, our model estimates a fair value of 61.76 SAR versus a price of 49.40 SAR, about +25% (undervalued).
What is the fair value of 1835?
Our model-based fair value for Tamkeen Human Resources Company is 61.76 SAR (as of Aug 4, 2026), built from audited fundamentals. The current price is 49.40 SAR.
What is the quality score of 1835?
Tamkeen Human Resources Company has a Quality Score of 65/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Tamkeen Human Resources Company (1835)?
Tamkeen Human Resources Company reported trailing-twelve-month revenue of about 1.0B SAR (latest available figure, as of Aug 4, 2026).
What is the net profit margin of 1835?
The net profit margin of Tamkeen Human Resources Company is about 9.2%, meaning it keeps roughly 9.2% of revenue as net income. Based on the latest reported figures.
Does Tamkeen Human Resources Company pay a dividend?
Tamkeen Human Resources Company currently shows a dividend yield of about 5.23% relative to its recent price (as of Aug 4, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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