5 models fit Adecco Group AG and they disagree: 1 of 5 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Silver73
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionAdecco Group AG (ADEN.SW)
Fair value (5 models)
CHF 25.79
ACCE price target
CHF 25.00
Rating
Fairly valued
Horizon
12 months
Fair value published on 22 Oct 2026, 13:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Price used: CHF 23.00 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
10.8% below
+12.1% to fair value
ACCE score
59
out of 100
P/E
14.5x
forward 9.3x
1-year return
+3.2%
Dividend yield
4.42%
Adecco Group AG in four questions
Plain answers, details below
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Overview
ACCE thesis
Adecco is one of the largest staffing groups in the world, placing temporary and permanent workers through its Adecco, LHH and Spring Professional brands, with a particular weight in Europe and the US. Its edge is scale and breadth across countries and skill tiers, which gives it recruitment data, client relationships and a cost base that smaller agencies struggle to match. The near-term question is whether demand for temporary labour recovers as hiring stabilises, since the business is a leveraged bet on the cycle. At 14.2 times trailing earnings and 9.1 times forward, the market is pricing in a meaningful improvement, and an 18.9% gross margin with only a 2.4% operating margin means small changes in volume or pricing move profit sharply. Revenue growth of 3.8% and an 8.7% return on equity are modest, so this merits a deeper look mainly to test whether the forward earnings estimate is credible.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Earnings falling faster than sales
Revenue grew 3.8% year on year while earnings fell 20.3%. Operating margin of 2.4% and net margin of 1.3% are thin for a staffing business, so small cost or pricing pressure moves profit a lot.
moderate
Leverage well above unity
Debt to equity is 0.94. Combined with a 2.4% operating margin, a downturn in placements would squeeze interest cover quickly.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow of EUR 486M over the last twelve months gives an 11.3% free cash flow yield at today's price.
The company beat expected earnings per share by 24.5% in its latest quarter, with 0.61 reported against 0.49 expected.
Why it could disappoint
Return on invested capital of 3.7% is thin, and a 1.3% net margin leaves little room for error in a staffing business.
Revenue grew 3.8% year over year, slightly above its 3.5% five-year average, so growth is modest rather than accelerating.
The price implies only 2.4% yearly cash flow growth over five years, and the 5.1% risk-free rate used in the DCF is high.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 12, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where ADEN.SW's valuation models land
Price
CHF 23.00
Model fair value
CHF 25.79
Model range
CHF 9.60 to CHF 51.80
Fair value CHF 25.79
Price CHF 23.00
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
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