Adcorp (ADR) Fair Value & Analysis
Industrials · ZA · Market cap 669M ZAC · ISIN ZAE000000139
What is Adcorp really worth?
A solid business, trading 61% below our fair value of R16.00.
Strengths
Risks
Fair value as of: Aug 19, 2026
From 24 valuation models · updated 12 days ago
Share price −0.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (R11.39). The market is more pessimistic than our downside scenario.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (R11.39 to R22.10) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.
How to read this chart
60‑month range R3.17 – R7.47 · fair‑value band R11.39 – R22.10 · the R6.25 price screens below the R16.00 fair value. Dashed = 300-day average. As of Aug 19, 2026.
Analysis
Adcorp (ADR) currently trades at R6.25, while our model-based Fair Value estimate is R16.00, implying the stock looks roughly 60.9% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of R24.72 per share, and 24 of the 24 models we run sit above the R6.25 price. Bear case: the Growth DCF group reads lowest at R7.49, and 0 of the 24 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, Adcorp generated revenue of 12.5B ZAR at a net margin of 1.2%. Revenue declined 6.2% year over year. It earns a return on equity of 9.7%. The balance sheet holds a net cash position of 46.5M ZAR. Fundamentals as of Aug 19, 2026
Our scenario range runs from R11.39 (bear case) to R22.10 (bull case); at R6.25, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Industrials peers we cover trades at 22% fair-value upside, at 156%, ADR screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 6 months have passed since. In that time the company retained roughly 0.6893 ZAR per share, which is 4.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: Growth Earnings (R24.72) versus Growth DCF (R7.49). Highest evidence: FCF DCF (82).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 60 · Market factors (momentum, volatility) 43
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Adcorp Holdings Limited provides workforce solutions in South Africa and Australia. The company operates through Contingent Staffing, Professional Services, Staffing Solutions, and Business Support segments.
Full company description
Adcorp Holdings Limited provides workforce solutions in South Africa and Australia. The company operates through Contingent Staffing, Professional Services, Staffing Solutions, and Business Support segments. The Contingent Staffing segment offers industrial contingent staffing solutions to the blue-collar and healthcare personnel and skills development solutions. The Staffing Solutions segment offers productivity and process efficiencies services to FMCG, warehousing, telecommunications, and logistics sectors, as well as offers niche industrial and office cleaning services. The Professional Services segment provides ICT personnel resourcing; project management; temporary and permanent placement services for front and back-office professionals across multiple industries; and operates a fully digital marketplace for freelancers and hirers, as well as offers training for the Microsoft product suite. The Business Support segment offers finance, human resources, payroll, IT, legal, risk, compliance, and marketing services. Adcorp Holdings Limited was founded in 1968 and is based in Johannesburg, South Africa.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Adcorp reported revenue of 12.5B ZAR in FY2026 versus 11.5B ZAR in FY2022, a compound +2.0%/yr. Reported net income was 146M ZAR in FY2026, compounding +5.8%/yr from FY2022.
of which total revenue −1.2 % · buybacks/dilution +0.4 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Staffing & Employment Services · 84 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.
Valuation Multiples vs Staffing & Employment Services median · lower = cheaper
Strength profile in five axes (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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Staffing & Employment Services stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Adecco Group ADEN | CHF 24.06 | CHF 24.15 | +0% |
| Korn Ferry, KFY | $83.30 | $114.56 | +38% |
| Robert Half Inc RHI | $44.54 | $20.51 | −54% |
| TriNet Group TNET | $69.61 | $97.07 | +39% |
| ManpowerGroup Inc MAN | $61.96 | $23.19 | −63% |
| Insperity, Inc NSP | $51.91 | $17.34 | −67% |
| FESCO Group 600861 | ¥13.02 | ¥45.46 | +249% |
| Grupa Pracuj S.A GPP | 53.50 PLN | 65.45 PLN | +22% |
| Barrett Business Services, Inc BBSI | $32.95 | $38.11 | +16% |
| Maharah for Human Resources Company 1831 | 4.68 SAR | 6.87 SAR | +47% |
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