Zalaris ASA (ZAL) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Zalaris ASA NOK 84.69, price NOK 100, upside -15.3%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 20.21 – kr 111.00 · fair‑value band kr 56.24 – kr 113.14 · the kr 100.00 price screens above the kr 84.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Zalaris ASA, together with its subsidiaries, provides full-service outsourced personnel and payroll services. It operates through two segments, Managed Services and Zalaris Consulting.
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Zalaris ASA, together with its subsidiaries, provides full-service outsourced personnel and payroll services. It operates through two segments, Managed Services and Zalaris Consulting. The Managed Services segment offers a range of payroll and human resource (HR) outsourcing services, including payroll processing, time and attendance, travel expenses; and cloud-based HR functionality services, such as talent management, digital personnel archive, HR analytics, and mobile solutions, etc. Its Zalaris Consulting segment implements SAP HCM and Payroll, and SuccessFactors; and provides AMO services, which assists customers with maintenance and support of on-premises SAP solutions. The company also offers business processing outsourcing and consulting services. It operates in Norway, Sweden, Denmark, Finland, Spain, France, Ireland, the United Kingdom, Germany, Latvia, Poland, Hungary, Czechia, India, Singapore, the Philippines, Australia, and internationally. The company was formerly known as Zalaris HR Services AS and changed its name to Zalaris ASA in May 2014. Zalaris ASA was founded in 2000 and is headquartered in Oslo, Norway.
Stock analysis
Zalaris ASA (ZAL) currently trades at kr 100.00, while our model-based Fair Value estimate is kr 84.69, implying the stock looks roughly 18.1% overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of kr 114.87 per share, and 10 of the 26 models we run sit above the kr 100.00 price.
Bear case: the Asset-Based group reads lowest at kr 8.47, and 16 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 56.24 (bear) to kr 113.14 (bull), the price of kr 100.00 sits inside 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 62/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Zalaris ASA reported revenue of 1.5B NOK in FY2025 versus 775M NOK in FY2021, a compound +18.0%/yr. Reported net income was 60.5M NOK in FY2025, compounding +47.4%/yr from FY2021.
Key figures
Market cap 2.2B NOK (≈ $229M) · P/E ratio 43.5 · P/S ratio 1.75 · EPS (TTM) kr 2.30 · Dividend yield 0.9% · Net margin 4.0% · Return on equity 19.2% · Return on assets (EBIT) 6.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 40% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 12% fair-value upside, at −15%, ZAL screens richer than that median.
Fair Value models
Bear kr 56.24Fair Value kr 84.69Bull kr 113.14
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 2025 figures (about 9 months old). Earnings retained since then (kr 1.68 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.Evidence ⓘEvidence = 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.
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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+11.7%
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.
+19.0%
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.
+13.7%
Start year 2020 (pandemic). Over 10 years: +14.9% a year
Revenue growth 13 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.
+15.7%
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What shareholders gained per year (last 5 years) ⓘ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.
+55.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+54.6%
Dividend (yield on the price)0.9%
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.55% vs 10%, picking up
Profit margin 2020 to 2025 ⓘ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.5% → 11%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than 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).
+8.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +6.0% 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 · 83 stocks
P/B7.90× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
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). "Zalaris ASA Fair Value". https://www.fairvalue-calculator.com/stock/ZAL
Frequently asked questions
Is Zalaris ASA (ZAL) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 84.69 versus a price of kr 100.00, about −15% upside (overvalued).
What is the fair value of ZAL?
Our model-based fair value for Zalaris ASA is kr 84.69 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 100.00.
What is the quality score of ZAL?
Zalaris ASA has a Quality Score of 62/100. 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 Zalaris ASA (ZAL)?
Our model-based price target is the fair value of kr 84.69 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario kr 56.24, optimistic scenario kr 113.14. It is a calculation from audited fundamentals, not an analyst target.
What is the Zalaris ASA stock forecast for 2026?
Our models put fair value at kr 84.69, about −15% upside versus a price of kr 100.00 (overvalued). Cautious scenario kr 56.24, optimistic scenario kr 113.14. The calculation is refreshed regularly with new filings.
What is the revenue of Zalaris ASA (ZAL)?
Zalaris ASA reported trailing-twelve-month revenue of about 1.5B NOK (latest available figure, as of Sep 24, 2026).
Does Zalaris ASA pay a dividend?
Zalaris ASA currently shows a dividend yield of about 0.88% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Zalaris ASA (ZAL)?
For today's price to be fair in a discounted-cash-flow model, Zalaris ASA would have to grow free cash flow by +8.6 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of ZAL use?
Our models discount Zalaris ASA at 11.0 %: a base by market capitalisation (micro), damped by beta 0.34, country premium for Norway. 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 Zalaris ASA that is +8.6 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Zalaris ASA (ZAL) delivered so far?
Over the past 5 years revenue at Zalaris ASA grew +13.7 % a year. The price currently implies +8.6 % 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 Zalaris ASA (ZAL) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Zalaris ASA (+8.6 % 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 Zalaris ASA (ZAL)?
The free-cash-flow yield on the price is 6.78 %: that much free cash flow Zalaris ASA produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zalaris ASA (ZAL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zalaris ASA it is kr 84.69 per share (as of Sep 24, 2026), against a price of kr 100.00. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Zalaris ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ZAL trades above its calculated fair value: price kr 100.00, fair value kr 84.69, a gap of about −15% (overvalued). 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 ZAL?
No. The price is what the market pays today (kr 100.00); the fair value is what the company's own numbers justify (kr 84.69). For Zalaris ASA the two are kr 15.31 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zalaris ASA worth?
The market values Zalaris ASA at about 2.2B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 100.00; our models calculate a fair value of kr 84.69 per share.
What do the bullish and bearish scenarios say about ZAL?
Our models span a range for Zalaris ASA: cautious scenario kr 56.24, base kr 84.69, optimistic kr 113.14 per share (as of Sep 24, 2026, price kr 100.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZAL?
Zalaris ASA trades at a price-to-earnings ratio of 43.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 84.69 is built from several models across several years. Other multiples: P/B 7.9, P/S 1.4, EV/EBITDA 14.5.
How solid is the balance sheet of Zalaris ASA (ZAL)?
Balance-sheet figures for Zalaris ASA (as of Sep 24, 2026): return on equity 19.2%, debt of 1.52 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is ZAL from its 52-week high?
Zalaris ASA trades at kr 100.00, about 10% below its 52-week high of kr 111.00 and 40% above the low of kr 71.40 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 84.69 is for.
Which stocks are comparable to Zalaris ASA?
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 Zalaris ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 100.00, calculated fair value kr 84.69 (−15%), Quality Score 62/100, from 26 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 ZAL calculated?
We run Zalaris ASA through 26 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 kr 84.69, 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 14.1 % above its aggregate fair value. Zalaris ASA itself currently trades above fair value. 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 Zalaris ASA (ZAL)?
The closing price on Sep 23, 2026 was kr 100.00. Our model-based fair value is kr 84.69, about −15% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zalaris ASA right now?
Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 56.24 to kr 113.14) leaves room in how you read the outcome.
Key figures of Zalaris ASA
How large is the market capitalisation of Zalaris ASA (ZAL)?
The market capitalisation of Zalaris ASA is 2.2B NOK (≈ $229M). 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 Zalaris ASA (ZAL)?
The price-to-sales ratio of Zalaris ASA is 1.75 (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 Zalaris ASA (ZAL)?
Earnings per share at Zalaris ASA are kr 2.30 (price ÷ EPS = P/E 43.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zalaris ASA (ZAL)?
The dividend yield of Zalaris ASA is 0.9% (payout 38.3%). 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 Zalaris ASA (ZAL)?
The net margin of Zalaris ASA is 4.0% (fiscal year 2025). 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 Zalaris ASA (ZAL)?
The return on equity (ROE) of Zalaris ASA is 19.2% (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 Zalaris ASA (ZAL)?
On an EBIT basis the return on assets of Zalaris ASA is 6.3% (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 Zalaris ASA (ZAL)?
The operating margin of Zalaris ASA is 7.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zalaris ASA (ZAL)?
Revenue at Zalaris ASA is growing +0.5% versus a year earlier (3y avg +19.0%). 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 Zalaris ASA (ZAL)?
Earnings per share at Zalaris ASA are growing +0.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Zalaris ASA (ZAL) carry?
The net debt of Zalaris ASA is 221M NOK (fiscal year 2025, ≈ 1.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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