Relative Value

The Relative Value of one HAY stock under the Base Case scenario is 1.51 EUR. Compared to the current market price of 0.6 EUR, Hays PLC is Undervalued by 60%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

HAY Relative Value
Base Case
1.51 EUR
Undervaluation 60%
Relative Value
Price
Worst Case
Base Case
Best Case

Valuation Multiples

vs History
98
vs Industry
86
Median 3Y
0.2
Median 5Y
0.2
Industry
1.3
Forward
0.1
vs History
vs Industry
40
Median 3Y
10.7
Median 5Y
10.9
Industry
18.5
Forward
36.5
vs History
90
vs Industry
34
Median 3Y
9.7
Median 5Y
9.8
Industry
12.8
vs History
85
vs Industry
11
Median 3Y
16.7
Median 5Y
17.1
Industry
17.2
vs History
96
vs Industry
35
Median 3Y
2.4
Median 5Y
2.4
Industry
2.5
vs History
98
vs Industry
84
Median 3Y
0.2
Median 5Y
0.2
Industry
1.4
Forward
0.2
vs History
50
vs Industry
72
Median 3Y
1
Median 5Y
1
Industry
3.3
vs History
31
vs Industry
18
Median 3Y
7.7
Median 5Y
8.3
Industry
9.6
Forward
8.3
vs History
28
vs Industry
4
Median 3Y
11
Median 5Y
11.6
Industry
12.3
Forward
18.5
vs History
80
vs Industry
30
Median 3Y
9.9
Median 5Y
9.9
Industry
11.8
vs History
63
vs Industry
23
Median 3Y
12
Median 5Y
11.6
Industry
13.9
vs History
98
vs Industry
35
Median 3Y
2
Median 5Y
2
Industry
1.8

Multiples Across Competitors

HAY Competitors Multiples
Hays PLC Competitors

All Multiples
P/S
P/E
EV/EBITDA
EV/EBIT
All Countries
Close
Market Cap P/S P/E EV/EBITDA EV/EBIT
UK
Hays PLC
DUS:HAY
867.6m EUR 0.1 -111.2 12.1 54.3
JP
Recruit Holdings Co Ltd
TSE:6098
12.6T JPY 3.5 28.9 18.9 22.7
NL
Randstad NV
AEX:RAND
5.5B EUR 0.2 106.6 8.2 18.4
CH
Adecco Group AG
SIX:ADEN
3.8B CHF 0.2 14.5 8.2 11.5
US
Robert Half Inc
SWB:RHJ
3.9B EUR 0.8 29.6 24.7 35.8
CN
51job Inc
F:IWQ
3.9B EUR 7.3 50 40.3 41
JP
Persol Holdings Co Ltd
TSE:2181
643.4B JPY 0.4 19.2 6.7 10.7
US
Korn Ferry
NYSE:KFY
3.6B USD 1.3 13.9 6.8 8.4
JP
TechnoPro Holdings Inc
TSE:6028
502.9B JPY 2.1 30.7 17 19.2
PL
Benefit Systems SA
WSE:BFT
11.1B PLN 2.7 21.3 11.1 18.4
US
TriNet Group Inc
NYSE:TNET
3B USD 0.6 22.3 11.6 15
P/E Multiple
Earnings Growth PEG
UK
Hays PLC
DUS:HAY
Average P/E: 33.7
Negative Multiple: -111.2
N/A N/A
JP
Recruit Holdings Co Ltd
TSE:6098
28.9
17%
1.7
NL
R
Randstad NV
AEX:RAND
106.6
77%
1.4
CH
A
Adecco Group AG
SIX:ADEN
14.5
22%
0.7
US
R
Robert Half Inc
SWB:RHJ
29.6
6%
4.9
CN
5
51job Inc
F:IWQ
50
N/A N/A
JP
P
Persol Holdings Co Ltd
TSE:2181
19.2
14%
1.4
US
Korn Ferry
NYSE:KFY
13.9
12%
1.2
JP
TechnoPro Holdings Inc
TSE:6028
30.7
20%
1.5
PL
B
Benefit Systems SA
WSE:BFT
21.3
26%
0.8
US
TriNet Group Inc
NYSE:TNET
22.3
17%
1.3
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
UK
Hays PLC
DUS:HAY
Average EV/EBITDA: 15
12.1
39%
0.3
JP
Recruit Holdings Co Ltd
TSE:6098
18.9
12%
1.6
NL
R
Randstad NV
AEX:RAND
8.2
6%
1.4
CH
A
Adecco Group AG
SIX:ADEN
8.2
8%
1
US
R
Robert Half Inc
SWB:RHJ
24.7
16%
1.5
CN
5
51job Inc
F:IWQ
40.3
N/A N/A
JP
P
Persol Holdings Co Ltd
TSE:2181
6.7
8%
0.8
US
Korn Ferry
NYSE:KFY
6.8
9%
0.8
JP
TechnoPro Holdings Inc
TSE:6028
17
12%
1.4
PL
B
Benefit Systems SA
WSE:BFT
11.1
26%
0.4
US
TriNet Group Inc
NYSE:TNET
11.6
5%
2.3
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
UK
Hays PLC
DUS:HAY
Average EV/EBIT: 23.2
54.3
98%
0.6
JP
Recruit Holdings Co Ltd
TSE:6098
22.7
N/A N/A
NL
R
Randstad NV
AEX:RAND
18.4
19%
1
CH
A
Adecco Group AG
SIX:ADEN
11.5
14%
0.8
US
R
Robert Half Inc
SWB:RHJ
35.8
18%
2
CN
5
51job Inc
F:IWQ
41
N/A N/A
JP
P
Persol Holdings Co Ltd
TSE:2181
10.7
N/A N/A
US
Korn Ferry
NYSE:KFY
8.4
10%
0.8
JP
TechnoPro Holdings Inc
TSE:6028
19.2
N/A N/A
PL
B
Benefit Systems SA
WSE:BFT
18.4
27%
0.7
US
TriNet Group Inc
NYSE:TNET
15
1%
15