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Adcorp Holdings

JSE:ADR
Snowflake Description

Unattractive dividend payer with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ADR
JSE
ZAR1B
Market Cap
  1. Home
  2. ZA
  3. Commercial Services
Company description

Adcorp Holdings Limited provides workplace solutions in South Africa and Australia. The last earnings update was 26 days ago. More info.


Add to Portfolio Compare Print
  • Adcorp Holdings has significant price volatility in the past 3 months.
ADR Share Price and Events
7 Day Returns
-18%
JSE:ADR
-0.3%
Global Professional Services
1%
ZA Market
1 Year Returns
-42.1%
JSE:ADR
16.4%
Global Professional Services
-3.9%
ZA Market
ADR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Adcorp Holdings (ADR) -18% -26.9% -50.9% -42.1% -22.5% -65.8%
Global Professional Services -0.3% -0.3% -0.4% 16.4% 39.8% 61.5%
ZA Market 1% 1.2% -3.3% -3.9% 5% 0.3%
1 Year Return vs Industry and Market
  • ADR underperformed the Professional Services industry which returned 16.4% over the past year.
  • ADR underperformed the Market in South Africa which returned -3.9% over the past year.
Price Volatility
ADR
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Adcorp Holdings's competitors could be found in our database.

Value

 Is Adcorp Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Adcorp Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Adcorp Holdings.

JSE:ADR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-08-31) in ZAR ZAR .961000
Payout Ratio Company Filings (2019-08-31) -690.6%
Discount Rate (Cost of Equity) See below 8.2%
Perpetual Growth Rate 10-Year ZA Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for JSE:ADR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year ZA Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Professional Services Unlevered Beta Simply Wall St/ S&P Global 0.83
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.828 (1 + (1- 28%) (128.04%))
0.923
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.92
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.923 * 5.96%)
8.23%

Discounted Cash Flow Calculation for JSE:ADR using Dividend Discount Model Model

The calculations below outline how an intrinsic value for Adcorp Holdings is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

JSE:ADR Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= ZAR0.96 / (8.23% - 2.73%)
ZAR6.94
JSE:ADR Discount to Share Price
Calculation Result
Value per share (ZAR) From above. ZAR6.94
Current discount Discount to share price of ZAR11.00
= -1 x (ZAR11.00 - ZAR6.94) / ZAR6.94
-58.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Adcorp Holdings is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Adcorp Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Adcorp Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
JSE:ADR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-08-31) in ZAR ZAR-2.61
JSE:ADR Share Price ** JSE (2019-11-08) in ZAR ZAR11
Global Professional Services Industry PE Ratio Median Figure of 237 Publicly-Listed Professional Services Companies 19.43x
South Africa Market PE Ratio Median Figure of 207 Publicly-Listed Companies 10.88x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Adcorp Holdings.

JSE:ADR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= JSE:ADR Share Price ÷ EPS (both in ZAR)

= 11 ÷ -2.61

-4.21x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Adcorp Holdings is loss making, we can't compare its value to the Global Professional Services industry average.
  • Adcorp Holdings is loss making, we can't compare the value of its earnings to the South Africa market.
Price based on expected Growth
Does Adcorp Holdings's expected growth come at a high price?
Raw Data
JSE:ADR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -4.21x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Global Professional Services Industry PEG Ratio Median Figure of 116 Publicly-Listed Professional Services Companies 1.32x
South Africa Market PEG Ratio Median Figure of 75 Publicly-Listed Companies 1.11x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Adcorp Holdings, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Adcorp Holdings's assets?
Raw Data
JSE:ADR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-08-31) in ZAR ZAR12.46
JSE:ADR Share Price * JSE (2019-11-08) in ZAR ZAR11
Global Professional Services Industry PB Ratio Median Figure of 332 Publicly-Listed Professional Services Companies 2.07x
South Africa Market PB Ratio Median Figure of 267 Publicly-Listed Companies 0.91x
JSE:ADR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= JSE:ADR Share Price ÷ Book Value per Share (both in ZAR)

= 11 ÷ 12.46

0.88x

* Primary Listing of Adcorp Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Adcorp Holdings is good value based on assets compared to the Global Professional Services industry average.
X
Value checks
We assess Adcorp Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Professional Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Professional Services industry average (and greater than 0)? (1 check)
  5. Adcorp Holdings has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Adcorp Holdings expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Adcorp Holdings has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
22.5%
Expected Professional Services industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Adcorp Holdings expected to grow at an attractive rate?
  • Unable to compare Adcorp Holdings's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Adcorp Holdings's earnings growth to the South Africa market average as no estimate data is available.
  • Unable to compare Adcorp Holdings's revenue growth to the South Africa market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
JSE:ADR Future Growth Rates Data Sources
Data Point Source Value (per year)
Global Professional Services Industry Earnings Growth Rate Market Cap Weighted Average 22.5%
Global Professional Services Industry Revenue Growth Rate Market Cap Weighted Average 6%
South Africa Market Earnings Growth Rate Market Cap Weighted Average 16.3%
South Africa Market Revenue Growth Rate Market Cap Weighted Average 8.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
JSE:ADR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in ZAR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
JSE:ADR Past Financials Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income *
2019-08-31 14,281 163 -283
2019-05-31 14,673 258 -11
2019-02-28 15,065 352 262
2018-11-30 15,307 362 -12
2018-08-31 15,548 372 -285
2018-05-31 15,437 253 -354
2018-02-28 15,325 134 -423
2017-11-30 15,495 150 -321
2017-08-31 15,664 166 -220
2017-05-31 15,734 125 -132
2017-02-28 15,804 84 -45
2016-11-30 15,786 -100 68

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Adcorp Holdings is high growth as no earnings estimate data is available.
  • Unable to determine if Adcorp Holdings is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
JSE:ADR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Adcorp Holdings Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

JSE:ADR Past Financials Data
Date (Data in ZAR Millions) EPS *
2019-08-31 -2.61
2019-05-31 -0.10
2019-02-28 2.40
2018-11-30 -0.11
2018-08-31 -2.62
2018-05-31 -3.25
2018-02-28 -3.88
2017-11-30 -2.95
2017-08-31 -2.02
2017-05-31 -1.22
2017-02-28 -0.42
2016-11-30 0.63

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Adcorp Holdings will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Take a look at our analysis of ADR’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
  2. Adcorp Holdings's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Commercial Services companies here
  3. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Adcorp Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Global market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Global market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Adcorp Holdings has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Adcorp Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Adcorp Holdings's growth in the last year to its industry (Professional Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Adcorp Holdings does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Adcorp Holdings's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Adcorp Holdings's 1-year growth to the Global Professional Services industry average as it is not currently profitable.
Earnings and Revenue History
Adcorp Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Adcorp Holdings Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

JSE:ADR Past Revenue, Cash Flow and Net Income Data
Date (Data in ZAR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-08-31 14,281.00 -283.42 1,377.38
2019-05-31 14,673.19 -10.78 1,469.03
2019-02-28 15,065.37 261.85 1,560.68
2018-11-30 15,306.61 -11.56 1,641.77
2018-08-31 15,547.85 -284.97 1,722.87
2018-05-31 15,436.62 -353.96 1,810.62
2018-02-28 15,325.39 -422.96 1,898.37
2017-11-30 15,494.58 -321.31 2,044.03
2017-08-31 15,663.76 -219.66 2,189.70
2017-05-31 15,733.92 -132.50 2,098.15
2017-02-28 15,804.08 -45.34 2,006.61
2016-11-30 15,785.79 67.74 1,945.79
2016-08-31 15,673.67 247.46 1,890.61
2016-05-31 15,629.71 227.57 1,904.93
2016-02-29 15,585.75 207.67 1,919.26
2015-11-30 15,173.31 198.08 1,869.78
2015-08-31 14,760.87 188.49 1,820.30
2015-05-31 14,041.63 216.52 1,726.73
2015-02-28 13,322.40 244.54 1,633.16
2014-11-30 12,908.91 270.24 1,556.67
2014-08-31 12,495.43 295.95 1,480.18
2014-05-31 12,148.92 230.48 1,492.55
2014-02-28 11,802.42 165.02 1,504.92
2013-11-30 11,033.90 131.20 1,437.47
2013-08-31 10,265.39 97.38 1,370.02
2013-05-31 9,441.12 136.20 1,261.42
2013-02-28 8,616.84 175.01 1,152.82
2012-11-30 8,108.28 169.14 1,099.12

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Adcorp Holdings has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Adcorp Holdings has efficiently used its assets last year compared to the Global Professional Services industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Adcorp Holdings improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Adcorp Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Professional Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Adcorp Holdings has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Adcorp Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Adcorp Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Adcorp Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Adcorp Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Adcorp Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Adcorp Holdings Company Filings, last reported 2 months ago.

JSE:ADR Past Debt and Equity Data
Date (Data in ZAR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-08-31 1,350.75 1,070.91 405.41
2019-05-31 1,350.75 1,070.91 405.41
2019-02-28 1,905.47 885.53 373.78
2018-11-30 1,905.47 885.53 373.78
2018-08-31 1,851.21 1,231.76 599.37
2018-05-31 1,851.21 1,231.76 599.37
2018-02-28 1,602.59 1,218.56 378.08
2017-11-30 1,602.59 1,218.56 378.08
2017-08-31 2,219.42 1,621.46 323.75
2017-05-31 2,219.42 1,621.46 323.75
2017-02-28 2,215.41 1,809.88 543.36
2016-11-30 2,301.99 1,829.70 727.78
2016-08-31 2,708.94 1,855.21 818.45
2016-05-31 2,708.94 1,855.21 818.45
2016-02-29 2,685.30 2,009.86 854.42
2015-11-30 2,685.30 2,009.86 854.42
2015-08-31 2,621.76 1,684.30 869.88
2015-05-31 2,621.76 1,684.30 869.88
2015-02-28 2,465.03 1,380.18 685.62
2014-11-30 2,465.03 1,380.18 685.62
2014-08-31 2,340.69 1,141.62 594.38
2014-05-31 2,340.69 1,141.62 594.38
2014-02-28 2,097.58 1,243.21 481.11
2013-11-30 2,097.58 1,243.21 481.11
2013-08-31 1,959.56 1,026.91 543.96
2013-05-31 1,959.56 1,026.91 543.96
2013-02-28 1,895.66 1,084.07 631.63
2012-11-30 1,895.66 1,084.07 631.63
  • Adcorp Holdings's level of debt (79.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (48.7% vs 79.3% today).
  • Debt is not well covered by operating cash flow (15.2%, less than 20% of total debt).
  • Adcorp Holdings is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Adcorp Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Adcorp Holdings has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Adcorp Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.74%
Current annual income from Adcorp Holdings dividends.
If you bought ZAR2,000 of Adcorp Holdings shares you are expected to receive ZAR175 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Adcorp Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in South Africa (3.23%).
  • Adcorp Holdings's dividend is above the markets top 25% of dividend payers in South Africa (8.67%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
JSE:ADR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Global Professional Services Industry Average Dividend Yield Market Cap Weighted Average of 172 Stocks 2.1%
South Africa Market Average Dividend Yield Market Cap Weighted Average of 179 Stocks 4%
South Africa Minimum Threshold Dividend Yield 10th Percentile 1.9%
South Africa Bottom 25% Dividend Yield 25th Percentile 3.2%
South Africa Top 25% Dividend Yield 75th Percentile 8.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

JSE:ADR Past Annualized Dividends Data
Date (Data in ZAR) Dividend per share (annual) Avg. Yield (%)
2019-06-28 0.961 5.076
2019-05-20 0.961 3.965
2018-10-15 0.000 0.000
2018-06-29 0.000 0.000
2018-05-18 0.000 0.000
2017-10-30 0.000 0.000
2017-07-24 0.000 0.000
2017-05-23 0.000 0.000
2016-07-22 1.350 9.083
2016-05-24 1.350 7.634
2015-07-28 1.480 7.344
2015-05-26 1.480 4.498
2014-08-01 1.400 4.336
2013-10-21 1.400 4.268
2013-05-24 1.400 4.402
2012-10-17 1.400 4.638
2012-05-23 1.370 5.072
2011-10-12 1.780 6.718
2011-05-25 1.750 6.559
2010-06-23 1.650 5.980
2010-03-15 1.650 6.188
2009-03-02 2.220 9.374

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Adcorp Holdings's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Adcorp Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Adcorp Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Adcorp Holdings has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Adcorp Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
CJ Kujenga
COMPENSATION ZAR5,661,000
AGE 40
TENURE AS CEO 0.1 years
CEO Bio

Ms. Cheryl-Jane Kujenga, also known as CJ, CA(SA), CA(Z), Executive MBA (UCT), serves as Interim Chief Executive Officer at Adcorp Holdings Limited since October 8, 2019. She has been the Chief Financial Officer and Executive Director of Adcorp Holdings Limited since July 01, 2017. Ms. Kujenga has 20 years' commercial experience with the previous nine years having been spent as a partner at EY. At EY, she has been involved in an advisory capacity to various industries including technology, telecommunications, manufacturing, infrastructure, retail, healthcare and financial services and also served on the Accounting Standards Board (South Africa) for six years.

CEO Compensation
  • CJ's compensation has increased whilst company is loss making.
  • CJ's remuneration is about average for companies of similar size in South Africa.
Management Team Tenure

Average tenure and age of the Adcorp Holdings management team in years:

1.3
Average Tenure
49
Average Age
  • The average tenure for the Adcorp Holdings management team is less than 2 years, this suggests a new team.
Management Team

CJ Kujenga

TITLE
CFO, Interim CEO & Executive Director
COMPENSATION
ZAR6M
AGE
40
TENURE
0.1 yrs

Kay Vittee

TITLE
Managing Director of Outsourcing
COMPENSATION
ZAR4M
AGE
52
TENURE
12.3 yrs

Rob Grooth

TITLE
Managing Director of Resourcing
COMPENSATION
ZAR4M
AGE
49
TENURE
15.9 yrs

Ursula Fear

TITLE
Managing Director of Training
COMPENSATION
ZAR2M
AGE
47
TENURE
0.8 yrs

Vinolia Singh

TITLE
Chief People Office
AGE
43
TENURE
1.2 yrs

H. Lamprecht

TITLE
Chief Audit Executive

R. Horst

TITLE
Chief Client Officer
COMPENSATION
ZAR5M

Vikela Rankin

TITLE
Chief Commercial Officer
AGE
51
TENURE
1.4 yrs

Trevor Fowler

TITLE
Managing Director of Financial Services
AGE
62
TENURE
12.8 yrs

Zernobia Lachporia

TITLE
Company Secretary
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the Adcorp Holdings board of directors in years:

2.3
Average Tenure
52
Average Age
  • The average tenure for the Adcorp Holdings board of directors is less than 3 years, this suggests a new board.
Board of Directors

Gloria Serobe

TITLE
Independent Chairperson of the Board
COMPENSATION
ZAR1M
AGE
59
TENURE
2.3 yrs

CJ Kujenga

TITLE
CFO, Interim CEO & Executive Director
COMPENSATION
ZAR6M
AGE
40
TENURE
2.3 yrs

Sindi Mabaso-Koyana

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR640K
AGE
50
TENURE
7.2 yrs

Cecil Maswanganyi

TITLE
Non-Executive Director
COMPENSATION
ZAR397K
AGE
53
TENURE
2.7 yrs

Sam Sithole

TITLE
Non-Executive Director
COMPENSATION
ZAR425K
AGE
46
TENURE
2.3 yrs

Gugu Dingaan

TITLE
Non-Executive Director
COMPENSATION
ZAR366K
AGE
43
TENURE
9.3 yrs

Michael Spicer

TITLE
Non–Executive Director
COMPENSATION
ZAR580K
AGE
65
TENURE
6.3 yrs

Fholisani Mufamadi

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR400K
AGE
60
TENURE
2.3 yrs

Herman Singh

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR250K
AGE
59
TENURE
1.2 yrs

Phumla Mnganga

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR203K
AGE
51
TENURE
1.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (ZAR) Value (ZAR)
05. Nov 19 Buy Value Capital Partners Company 31. Oct 19 31. Oct 19 1,603,013 ZAR13.00 ZAR20,839,157
19. Dec 18 Buy Value Capital Partners Company 14. Dec 18 14. Dec 18 4,000,000 ZAR19.00 ZAR75,999,997
06. Dec 18 Buy Value Capital Partners Company 03. Dec 18 03. Dec 18 169,791 ZAR20.30 ZAR3,446,758
07. Dec 18 Buy Value Capital Partners Company 03. Dec 18 03. Dec 18 93,810 ZAR20.30 ZAR1,904,344
X
Management checks
We assess Adcorp Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Adcorp Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Adcorp Holdings Limited provides workplace solutions in South Africa and Australia. It operates through Industrial Services, Support Services, Professional Services, Financial Services, and Training segments. The company offers recruitment and selection services, workforce scheduling, time and attendance management, HR management, payroll processing, productivity management, digital learning, and support services. It also provides training and staffing services, as well as professional information technology, project management, shared, agency agreement, and financial services. The company was founded in 1968 and is headquartered in Bryanston, South Africa.

Details
Name: Adcorp Holdings Limited
ADR
Exchange: JSE
Founded: 1968
ZAR1,202,927,748
109,357,068
Website: http://www.adcorpgroup.com
Address: Adcorp Holdings Limited
Nicolway Bryanston,
Cnr William Nicol and Wedgewood Link,
Bryanston,
Gauteng, 2021,
South Africa
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
JSE ADR Ordinary Shares The Johannesburg Securities Exchange ZA ZAR 02. Oct 1992
Number of employees
Current staff
Staff numbers
2,543
Adcorp Holdings employees.
Industry
Human Resource and Employment Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/11 16:31
End of day share price update: 2019/11/08 00:00
Last earnings filing: 2019/10/16
Last earnings reported: 2019/08/31
Last annual earnings reported: 2019/02/28


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.