Adcorp (ADR) fair value: what the stock is really worth
As of Oct 15, 2026: fair value of Adcorp ZAR 18.42, price ZAR 6.17, upside +198.5%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range R3.17 – R7.47 · fair‑value band R12.82 – R25.55 · the R6.17 price screens below the R18.42 fair value. Dashed = 300-day average. As of Oct 3, 2026.
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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.
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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.
Stock analysis
Adcorp (ADR) currently trades at R6.17, while our model-based Fair Value estimate is R18.42, implying the stock looks roughly 66.5% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of R24.07 per share, and 24 of the 24 models we run sit above the R6.17 price.
Bear case: the Dividend Discount group reads lowest at R9.71, and 0 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: R12.82 (bear) to R25.55 (bull), the price of R6.17 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Industrials sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
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.
Key figures
Market cap 662M ZAC · P/E ratio 4.5 · P/S ratio 0.05 · EPS (TTM) R1.36 · Dividend yield 11.6% · Net margin 1.2% · Return on equity 9.7% · Return on assets (EBIT) 5.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 30 out of 100 (low confidence).
What moves the price
The share trades about 17% 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 18% fair-value upside, at 199%, ADR screens cheaper than that median.
Fair Value models
BearR12.82Fair Value R18.42BullR25.55
Price R6.17 · Upside +198.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 8 months old). Earnings retained since then (0.4052 ZAR per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCFR10.43R13.42R17.5682
Growth DCFR10.59R13.30R16.9080
Owner EarningsR28.14R38.95R53.9877
All 24 models by family
DCF Models
FCF DCFR10.43R13.42R17.5682
Owner EarningsR28.14R38.95R53.9877
5Y Revenue ExitR13.63R19.82R27.5873
5Y EBITDA ExitR17.17R26.19R36.4575
5Y P/E ExitR18.18R28.02R38.0071
10Y Revenue ExitR11.98R17.20R23.9167
10Y EBITDA ExitR14.50R21.44R30.3068
10Y P/E ExitR15.13R22.66R31.4264
Earnings-Based
Graham-DoddR9.40R23.86R31.0265
PEG = 1.0R4.43R6.33R8.2357
EPVR15.00R16.79R18.3374
Dividend Discount
Gordon GGMR6.49R12.03R19.3466
DDM Multi-StageR6.49R9.71R13.0666
Multiples
P/E MultipleR21.76R29.02R36.2763
P/S MultipleR17.62R23.49R29.3658
P/B MultipleR17.62R23.49R29.3655
EV/EBITR21.33R27.21R33.0966
EV/EBITDAR23.60R30.24R36.8867
EV/RevenueR16.27R21.67R27.0754
Asset-Based
NCAV (Graham)R7.25R9.71R14.4954
Growth DCF
Growth DCFR10.59R13.30R16.9080
Economic Profit
Residual IncomeR12.49R13.64R16.1776
ROIC CompounderR15.10R17.60R20.5072
Growth Earnings
Growth-Adj P/ER16.85R24.07R31.2967
P/S and P/B multiple show the same value here: both are capped by the same earnings anchor (earnings per share times 17), because margin and return on equity do not support the sector multiple.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.34/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−5.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.2%
Start year 2021 (pandemic). Over 10 years: −2.2% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.6%
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What shareholders gained per year (last 5 years), in ZAR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in ZAR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+31.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.3%
Dividend (yield on the price)11.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.20.3% vs −4.0%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.1% → 1%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Africa: IMF forecast 3.3% a year to 2030, 4.9% from 2016 to 2025) that is about −4.5% a year for the price.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Staffing & Employment Services · 84 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Adcorp Fair Value". https://www.fairvalue-calculator.com/stock/ADR
Frequently asked questions
Is Adcorp (ADR) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of R18.42 versus a price of R6.17, about +199% upside (undervalued).
What is the fair value of ADR?
Our model-based fair value for Adcorp is R18.42 (as of Oct 3, 2026), built from audited fundamentals. The current price: R6.17.
What is the quality score of ADR?
Adcorp has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Adcorp (ADR)?
Our model-based price target is the fair value of R18.42 (as of Oct 3, 2026) from 24 valuation models. Cautious scenario R12.82, optimistic scenario R25.55. It is a calculation from audited fundamentals, not an analyst target.
What is the Adcorp stock forecast for 2026?
Our models put fair value at R18.42, about +199% upside versus a price of R6.17 (undervalued). Cautious scenario R12.82, optimistic scenario R25.55. The calculation is refreshed regularly with new filings.
What is the revenue of Adcorp (ADR)?
Adcorp reported trailing-twelve-month revenue of about 12.5B ZAR (latest available figure, as of Oct 3, 2026).
Does Adcorp pay a dividend?
Adcorp currently shows a dividend yield of about 11.62% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Adcorp (ADR)?
For today's price to be fair in a discounted-cash-flow model, Adcorp would have to grow free cash flow by -1.3 % per year for five years (discount rate 11.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.2 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of ADR use?
Our models discount Adcorp at 11.9 %: a base by market capitalisation (nano), damped by beta 0.53, country premium for South Africa. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Adcorp that is -1.3 % per year a year over ten years, using the same discount rate (11.9 %) and the same formula as our fair value.
How much growth has Adcorp (ADR) delivered so far?
Over the past 5 years revenue at Adcorp grew +1.2 % a year. The price currently implies -1.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Adcorp (ADR) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into Adcorp (-1.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Adcorp (ADR)?
The free-cash-flow yield on the price is 4.77 %: that much free cash flow Adcorp produces per unit of market value. When it exceeds the discount rate of our models (11.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Adcorp (ADR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Adcorp it is R18.42 per share (as of Oct 3, 2026), against a price of R6.17. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Adcorp stock overvalued or undervalued in 2026?
As of Oct 3, 2026, ADR trades below its calculated fair value: price R6.17, fair value R18.42, a gap of about +199% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ADR?
No. The price is what the market pays today (R6.17); the fair value is what the company's own numbers justify (R18.42). For Adcorp the two are R12.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Adcorp worth?
The market values Adcorp at about 662M ZAC (market capitalisation, as of Oct 3, 2026). Per share that is R6.17; our models calculate a fair value of R18.42 per share.
What do the bullish and bearish scenarios say about ADR?
Our models span a range for Adcorp: cautious scenario R12.82, base R18.42, optimistic R25.55 per share (as of Oct 3, 2026, price R6.17). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ADR?
Adcorp trades at a price-to-earnings ratio of 4.5 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R18.42 is built from several models across several years. Other multiples: PEG 19.4, P/B 0.4, P/S 0.1, EV/EBITDA 1.4.
What is the PEG ratio of ADR?
The PEG ratio of Adcorp is 19.43 (P/E divided by earnings growth, as of Oct 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Adcorp (ADR)?
Balance-sheet figures for Adcorp (as of Oct 3, 2026): return on equity 9.7%. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is ADR from its 52-week high?
Adcorp trades at R6.17, about 17% below its 52-week high of R7.41 and 14% above the low of R5.41 (as of Oct 15, 2026). Distance from the high says nothing about value: that is what the fair value of R18.42 is for.
Which stocks are comparable to Adcorp?
From the same area (Industrials) we also value Adecco Group, Korn Ferry,, Robert Half Inc, TriNet Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Adcorp stock attractive at the current price?
The data as of Oct 3, 2026: price R6.17, calculated fair value R18.42 (+199%), Quality Score 61/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ADR calculated?
We run Adcorp through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R18.42, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.8 % above its aggregate fair value. Adcorp currently trades 67 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Adcorp (ADR)?
The closing price on Oct 15, 2026 was R6.17. Our model-based fair value is R18.42, about +199% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Adcorp right now?
The price is below even our cautious bear case (R12.82). 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 (R12.82 to R25.55) leaves room in how you read the outcome.
Where does the earnings growth of Adcorp (ADR) come from?
Earnings per share at Adcorp grew −5.8 % a year from 2015 to 2026. Broken into its drivers: revenue per share −0.8 %, EBIT margin −10.1 %, tax rate −0.1 %, residual (interest, one-offs) +5.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Adcorp
How large is the market capitalisation of Adcorp (ADR)?
The market capitalisation of Adcorp is 662M ZAC. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Adcorp (ADR)?
The price-to-sales ratio of Adcorp is 0.05 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Adcorp (ADR)?
Earnings per share at Adcorp are R1.36 (price ÷ EPS = P/E 4.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Adcorp (ADR)?
The dividend yield of Adcorp is 11.6% (payout 52.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Adcorp (ADR)?
The net margin of Adcorp is 1.2% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Adcorp (ADR)?
The return on equity (ROE) of Adcorp is 9.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Adcorp (ADR)?
On an EBIT basis the return on assets of Adcorp is 5.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Adcorp (ADR)?
The operating margin of Adcorp is 1.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Adcorp (ADR)?
Revenue at Adcorp is growing −6.2% versus a year earlier (3y avg +1.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Adcorp (ADR)?
Earnings per share at Adcorp are growing −16.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Adcorp (ADR) hold?
Adcorp holds more cash than debt, 46.5M ZAC net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Thin data
Oct 3, 2026