AD
ADR.JSE Adcorp
- Market cap
- ZAC 656M
- P/E
- 455.9x
- P/B
- 42.79x
- ROE
- 9.5%
- Dividend yield
- 11.56%
- Fundamental score
- 3.4/5
Ratios use the latest price and the fiscal year ending Feb 2026.
Is ADR.JSE undervalued?
Graham numberThe Graham number of Adcorp cannot be estimated reliably (the estimate is too far from the market price).
Graham number = √(22.5 × EPS × book value per share): the most a defensive investor should pay according to Benjamin Graham. An estimate, not a recommendation to buy or sell. How is it calculated?
Adcorp fundamental analysis
16 of 22 checks passedROE 0/2
Low return on equity (9.5%), below 10%.
ROA 1/1
Return on assets (4.8%) is above the industry median (3.6%).
Profit Consistency 2/2
Profitable for 6 consecutive years.
Earnings Growth 5Y 1/1
Earnings per share grew over the past 5 years.
Earnings Acceleration 0/1
Last year's EPS growth (4.6%) is not above the 5-year average (94.4% a year).
Earnings Growth vs Industry 0/1
Last year's EPS growth (4.6%) is below the industry median (5.1%).
Revenue Growth 1/2
Revenue grew 1.1% a year over the past 3 years.
Short-term Liquidity 1/1
Current assets cover short-term liabilities.
Long-term Liabilities 1/1
Current assets cover long-term liabilities.
Debt to Equity 2/2
Low debt to equity (22.4%), 40% or less.
Debt Trend 1/1
Debt to equity has not risen over the past 5 years.
Debt Coverage 0/1
Operating cash flow does not cover 20% of total debt.
Interest Coverage 0/1
EBIT is 3.5x against interest expense, below 5x.
PE vs Market 1/1
PE (4.6x) is below the market median (9.1x).
PE vs Industry 1/1
PE (4.6x) is below the industry median (13.8x).
PBV 1/1
Price to book (0.4x) is below the industry median (1.3x).
Graham Number 1/1
The price is below the Graham number (PE x PB = 2.0, limit 22.5).
PEG 1/1
PEG on 5-year earnings growth is 0.05, growth is cheap.
Dividend Yield 2/2
Dividend yield (11.7%) is in the top 25% of dividend payers in the market.
Dividend Stability 0/2
Dividends were not paid steadily for the past 5 years.
Dividend Growth 1/1
Dividends paid grew over the past 5 years.
Payout Ratio 1/1
Payout ratio is 53.5%, covered by earnings.
Each check is worth 1 or 2 points by how much it says about the quality of the company. The score is the share of points earned, out of 5. Ask AI to explain this score
Adcorp stock price
Prices on the chart can differ slightly from the closing prices StockSummer uses for its ratios.
About Adcorp
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, teleco…
Full company profileAdcorp financial statements
Adcorp annual financial statements (ZAR; K = thousand, M = million, B = billion, T = trillion)
| Item | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||
| Revenue | 0.00 | 15.3B | 15.1B | 13.1B | 11.7B | 11.5B | 12.0B | 13.0B | 13.2B | 12.5B |
| Gross Profit | 0.00 | 2.23B | 2.03B | 1.56B | 1.14B | 1.22B | 1.28B | 1.26B | 1.30B | 1.24B |
| Operating Income | -752K | 210M | 388M | 195M | 80.2M | 199M | 169M | 129M | 172M | 146M |
| EBITDA | - | -140M | 458M | -319M | 269M | 295M | 255M | 220M | 255M | 216M |
| Net Income | -790K | -421M | 262M | -609M | 5.42M | 116M | 121M | 86.2M | 139M | 146M |
| EPS | - | -3.86 | 2.34 | -5.65 | 0.05 | 1.03 | 1.13 | 0.81 | 1.30 | 1.36 |
| Balance Sheet | ||||||||||
| Total Assets | 3.08K | 4.53B | 4.36B | 4.01B | 3.52B | 3.20B | 3.16B | 3.12B | 3.27B | 3.03B |
| Total Liabilities | 865K | 2.93B | 2.45B | 2.83B | 2.16B | 1.73B | 1.63B | 1.66B | 1.78B | 1.49B |
| Shareholders' Equity | -862K | 1.60B | 1.91B | 1.17B | 1.35B | 1.48B | 1.54B | 1.46B | 1.49B | 1.53B |
| Cash & Short-term Investments | 2.76K | 373M | 370M | 314M | 474M | 331M | 312M | 207M | 494M | 389M |
| Total Debt | - | 1.23B | 896M | 1.50B | 901M | 557M | 409M | 379M | 379M | 343M |
| Cash Flow | ||||||||||
| Operating Cash Flow | -200K | 133M | 350M | -18.1M | 771M | 146M | 260M | 64.4M | 335M | 34.0M |
| Capital Expenditure | 0.00 | 27.2M | 32.1M | 101M | 16.7M | 11.6M | 32.8M | 8.21M | 8.01M | 2.41M |
| Free Cash Flow | - | 106M | 318M | -119M | 754M | 134M | 227M | 56.2M | 327M | 31.6M |
| Ratios | ||||||||||
| ROE | - | -26.3% | 13.7% | -52.0% | 0.4% | 7.9% | 7.9% | 5.9% | 9.3% | 9.5% |
| ROA | -25,684.2% | -9.3% | 6.0% | -15.2% | 0.2% | 3.6% | 3.8% | 2.8% | 4.2% | 4.8% |
| Net Profit Margin | - | -2.7% | 1.7% | -4.7% | 0.0% | 1.0% | 1.0% | 0.7% | 1.0% | 1.2% |
| Debt to Equity | - | 0.77x | 0.47x | 1.28x | 0.67x | 0.38x | 0.27x | 0.26x | 0.25x | 0.22x |
What these items mean
- Revenue
- Total sales of goods and services in the period.
- Gross Profit
- Revenue minus the direct cost of producing what was sold.
- Operating Income
- Profit from the core business after operating expenses.
- EBITDA
- Earnings before interest, taxes, depreciation and amortization.
- Net Income
- Profit left for shareholders after all expenses, interest and taxes.
- EPS
- Net income divided by shares outstanding.
- Total Assets
- Everything the company owns.
- Total Liabilities
- Everything the company owes.
- Shareholders' Equity
- Assets minus liabilities: the book value that belongs to shareholders.
- Cash & Short-term Investments
- Cash and investments that can be turned into cash quickly.
- Total Debt
- Short and long-term borrowings.
- Operating Cash Flow
- Cash generated by the core business.
- Capital Expenditure
- Cash spent on property, plant and equipment.
- Free Cash Flow
- Operating cash flow minus capital expenditure: cash left for dividends, buybacks or debt repayment.
- ROE
- Return on equity: net income divided by shareholders' equity.
- ROA
- Return on assets: net income divided by total assets.
- Net Profit Margin
- Net income as a share of revenue.
- Debt to Equity
- Total debt divided by shareholders' equity.
Adcorp dividends
- Dividend yield
- 11.56%
- Forward dividend
- 0.72 ZAC
- Payout ratio
- 53.5%
- Ex-dividend date
- Aug 12, 2026
| Fiscal year | Dividends paid | Per share | Payout ratio |
|---|---|---|---|
| 2026 | ZAR 78.1M | 0.73 | 53.5% |
| 2025 | ZAR 39.2M | 0.37 | 28.3% |
| 2024 | ZAR 128M | 1.21 | 148.3% |
| 2023 | ZAR 61.8M | 0.58 | 51.2% |
| 2022 | ZAR 1.99M | 0.02 | 1.7% |
| 2021 | ZAR 1.99M | 0.02 | 36.7% |
| 2020 | ZAR 106M | 0.98 | - |
| 2019 | ZAR 2.23M | 0.02 | 0.9% |
| 2018 | ZAR 1.29M | 0.01 | - |
| 2017 | - | - | - |
From the cash flow statement: dividends paid in the fiscal year, divided by that year's shares outstanding. Payout ratio = dividends paid / net income.
Who owns Adcorp
- Insiders 12.69%
- Institutions 79.72%
- Public & others 7.59%
- Shares outstanding 106M
- Free float 66.9M
Adcorp company profile
- Company name
- Adcorp
- Ticker
- ADR.JSE
- ISIN
- ZAE000000139
- Exchange
- Johannesburg Exchange
- Sector
- Industrials
- Industry
- Professional Services
- Employees
- 1,600
- Fiscal year end
- February
- Address
- Adcorp Place, Johannesburg, South Africa, 2191
- Phone
- 27 10 800 0000
- Website
- adcorpgroup.com
About Adcorp
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.
Adcorp management
9- Dr. John Peter WentzelCEO & Executive Director · born 1967
- Mr. Noel Patrick PrendergastCFO & Executive Director · born 1973
- Mr. Bruce ToerienManaging Director of Contingent Staffing South Africa
- Ms. Natasha ParmanandManaging Director of Staffing Solutions - South Africa
- Mr. Zeb RiddellManaging Director of Contingent Staffing Australia
- Mr. Darran ButcherManaging Director of Professional Services Australia
- Ms. Charissa de JagerChief Governance Officer, Head of Investor Relations & Company Secretary
- Mr. Bhabhalazi Enock BulungaExecutive Director of Business Development & Corporate Affairs · born 1956
- Neil LundManaging Director of Professional Services South Africa