<ul>
<li>想知道阿德科集团是否在市场忽视的情况下悄然提供价值吗？让我们来解读一下这些数字真正传达的信息。</li>
<li>股价在过去一周下滑了约 9.6%，而在过去一年大致持平，这暗示尽管过去五年约 45.1% 的长期下滑可能已经冲淡了一些乐观情绪，但市场情绪依然谨慎。</li>
<li>最近的头条新闻集中在阿德科的战略举措上，旨在精简运营并更加专注于高利润的人力资源解决方案，同时继续投资于数字化招聘平台和人工智能驱动的匹配工具。这些发展有助于解释市场为何重新评估当前股价中蕴含的增长潜力和风险。</li>
<li>目前，阿德科的估值检查评分为 5/6，表明在我们跟踪的大多数指标上，它被视为被低估。接下来，我们将分解这些传统的估值方法，然后以更全面的方式来判断该股票是否真正提供了优势。</li>
</ul>
<p>阿德科集团在过去一年交出了-0.1% 的回报。看看这与专业服务行业的其他公司相比如何。</p>
<h3>方法一：阿德科集团折现现金流（DCF）分析</h3>
<p>折现现金流模型通过预测公司未来能够产生的现金流，并将这些现金流折现回今天，来估算公司的价值。</p>
<p>对于阿德科集团，该模型以过去 12 个月的自由现金流约为 4.63 亿欧元为起点，然后使用分析师对未来几年的预测，再进一步推算趋势。到 2029 年，自由现金流预计将达到约 5.06 亿欧元，随后几年逐渐降低，而不是假设激进的、持续的增长。这种两阶段的自由现金流到股权的方法旨在平衡短期预期与更保守的长期轨迹。</p>
<p>基于此，内在价值估计为每股 47.85 瑞士法郎，使用 DCF 公允价值作为参考。与当前市场价格相比，该模型暗示阿德科的交易价格大约有 53.3% 的折扣。如果这些现金流假设大致准确，这表明可能被低估。</p>
<p><strong>结果：被低估</strong></p>
<p>我们的折现现金流（DCF）分析表明阿德科集团被低估了 53.3%。将其添加到您的观察列表或投资组合中，或发现 925 只基于现金流的被低估股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ce856b46-ebfc-452c-88d0-dd2833aa9d7c/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ce856b46-ebfc-452c-88d0-dd2833aa9d7c/chart/dcf"/></p>
<p>截至 2025 年 12 月的 ADEN 折现现金流</p>
<p>前往我们公司报告的估值部分，了解我们如何得出阿德科集团的公允价值的更多细节。</p>
<h3>方法二：阿德科集团市盈率与收益</h3>
<p>对于像阿德科集团这样的盈利公司，市盈率（PE）是衡量投资者愿意为每单位当前收益支付多少的实用方法。较高的市盈率通常反映出对更快增长或较低风险的预期，而较低的市盈率则可能表明增长前景较慢、不确定性较高，或者如果市场过于悲观，则仅仅是一个便宜的选择。</p>
<p>阿德科目前的市盈率为 14.31 倍，低于专业服务行业平均的约 17.63 倍和更广泛的同行平均的约 42.41 倍。为了超越简单的比较，Simply Wall St 计算了一个专有的公允比率，对于阿德科来说是 19.86 倍。这个公允比率代表了根据公司的收益增长特征、利润率、风险因素、行业特征和市值可能预期的市盈率。</p>
<p>因为公允比率将这些基本面因素融合成一个单一的标准，它提供了比原始行业或同行平均值更量身定制的基准。由于阿德科的实际市盈率 14.31 倍远低于公允比率 19.86 倍，当前股票在收益倍数基础上交易时存在折扣。</p>
<p><strong>结果：被低估</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ce856b46-ebfc-452c-88d0-dd2833aa9d7c/chart/pe-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ce856b46-ebfc-452c-88d0-dd2833aa9d7c/chart/pe-multiple-vs-industry"/></p>
<p>截至 2025 年 12 月的 SWX:ADEN 市盈率</p>
<p>市盈率讲述了一个故事，但如果真正的机会在其他地方呢？发现 1441 家公司，内部人士正在大举押注于爆炸性增长。</p>
<h3>提升您的决策能力：选择您的阿德科集团叙述</h3>
<p>我们之前提到过，有一种更好的方式来理解估值，因此让我们向您介绍叙述，这只是您关于公司的故事，直接与您认为其未来收入、收益、利润率和公允价值的数字相关联。</p>
<p>在 Simply Wall St 的社区页面上，数百万投资者使用叙述使这个过程变得简单，通过将您对阿德科集团的看法转化为结构化的预测和相应的公允价值。这使您能够快速查看您的叙述是否表明该股票的价值高于或低于今天的价格，从而判断它可能是买入、持有还是卖出。</p>
<p>因为叙述是动态的，当新信息到达时，例如收益更新、重大新闻或分析师预期变化，它们会自动刷新。这意味着您的观点保持活跃，而不是变成静态快照。</p>
<p>例如，一位投资者可能会建立一个看涨的阿德科叙述，接近分析师价格目标的上限约为 42.73 瑞士法郎，假设人工智能平台、技能提升需求和利润扩张都表现强劲。另一位投资者可能会建立一个更谨慎的叙述，接近 18.62 瑞士法郎，如果他们认为自动化、监管风险和利润压力将限制长期增长。然后，两位投资者可以立即比较自己的公允价值与当前股价，以指导他们的决策。</p>
<p>您认为阿德科集团的故事还有更多内容吗？前往我们的社区，看看其他人怎么说！</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ce856b46-ebfc-452c-88d0-dd2833aa9d7c/chart/community-fair-value?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ce856b46-ebfc-452c-88d0-dd2833aa9d7c/chart/community-fair-value"/></p>
<p>截至 2025 年 12 月的 SWX:ADEN 社区公允价值</p>
<p><em>这篇来自 Simply Wall St 的文章具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也不考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</em></p>

阿第克(ADR)

<p>阿德科集团的股票本周下跌了 9.6%，引发了对其价值的质疑。尽管长期以来一直在下滑，但在人力资源解决方案和数字化招聘方面的战略举措正在重塑市场认知。现金流折现（DCF）分析表明，该股票被低估了 53.3%，市盈率低于行业平均水平，显示出潜在的低估。投资者被鼓励考虑叙述，以便进行全面的估值分析</p>

<ul>
<li>Wondering if Adecco Group is quietly offering value while the market looks the other way? Let us unpack what the numbers are really saying about the stock.</li>
<li>The share price has slipped about 9.6% over the last week and is roughly flat over 1 year, which hints that sentiment is cautious even though the long term decline of around 45.1% over 5 years may already have washed out some optimism.</li>
<li>Recent headlines have focused on Adecco's strategic moves to streamline operations and sharpen its focus on higher margin HR solutions, alongside continued investment in digital staffing platforms and AI driven matching tools. These developments help explain why the market is reassessing both the growth potential and the risks baked into the current share price.</li>
<li>Right now, Adecco scores a 5/6 valuation check rating, suggesting it screens as undervalued on most of the metrics we track. Next, we will break down those traditional valuation approaches and then finish with a more holistic way to judge whether the stock truly offers an edge.</li>
</ul>
<div class="lb-trans"><ul>
<li>想知道阿德科集团是否在市场忽视的情况下悄然提供价值吗？让我们来解读一下这些数字真正传达的信息。</li>
<li>股价在过去一周下滑了约 9.6%，而在过去一年大致持平，这暗示尽管过去五年约 45.1% 的长期下滑可能已经冲淡了一些乐观情绪，但市场情绪依然谨慎。</li>
<li>最近的头条新闻集中在阿德科的战略举措上，旨在精简运营并更加专注于高利润的人力资源解决方案，同时继续投资于数字化招聘平台和人工智能驱动的匹配工具。这些发展有助于解释市场为何重新评估当前股价中蕴含的增长潜力和风险。</li>
<li>目前，阿德科的估值检查评分为 5/6，表明在我们跟踪的大多数指标上，它被视为被低估。接下来，我们将分解这些传统的估值方法，然后以更全面的方式来判断该股票是否真正提供了优势。</li>
</ul>
</div><p>Adecco Group delivered -0.1% returns over the last year. See how this stacks up to the rest of the Professional Services industry.</p>
<div class="lb-trans"><p>阿德科集团在过去一年交出了-0.1% 的回报。看看这与专业服务行业的其他公司相比如何。</p>
</div><h3>Approach 1: Adecco Group Discounted Cash Flow (DCF) Analysis</h3>
<div class="lb-trans"><h3>方法一：阿德科集团折现现金流（DCF）分析</h3>
</div><p>A Discounted Cash Flow model estimates what a company is worth by projecting the cash it can generate in the future and discounting those streams back to today.</p>
<div class="lb-trans"><p>折现现金流模型通过预测公司未来能够产生的现金流，并将这些现金流折现回今天，来估算公司的价值。</p>
</div><p>For Adecco Group, the model starts with last twelve month Free Cash Flow of about €463 Million, then uses analyst forecasts for the next few years before extrapolating trends further out. By 2029, Free Cash Flow is projected to be around €506 Million, with subsequent years gradually easing lower rather than assuming aggressive, uninterrupted growth. This two stage Free Cash Flow to Equity approach aims to balance near term expectations with a more conservative long term trajectory.</p>
<div class="lb-trans"><p>对于阿德科集团，该模型以过去 12 个月的自由现金流约为 4.63 亿欧元为起点，然后使用分析师对未来几年的预测，再进一步推算趋势。到 2029 年，自由现金流预计将达到约 5.06 亿欧元，随后几年逐渐降低，而不是假设激进的、持续的增长。这种两阶段的自由现金流到股权的方法旨在平衡短期预期与更保守的长期轨迹。</p>
</div><p>On this basis, the intrinsic value is estimated at CHF 47.85 per share, using the DCF fair value as the reference. Compared with the current market price, the model implies Adecco is trading at roughly a 53.3% discount. This points to potential undervaluation if these cash flow assumptions prove broadly accurate.</p>
<div class="lb-trans"><p>基于此，内在价值估计为每股 47.85 瑞士法郎，使用 DCF 公允价值作为参考。与当前市场价格相比，该模型暗示阿德科的交易价格大约有 53.3% 的折扣。如果这些现金流假设大致准确，这表明可能被低估。</p>
</div><p><strong>Result: UNDERVALUED</strong></p>
<div class="lb-trans"><p><strong>结果：被低估</strong></p>
</div><p>Our Discounted Cash Flow (DCF) analysis suggests Adecco Group is undervalued by 53.3%. Track this in your watchlist or portfolio, or discover 925 more undervalued stocks based on cash flows.</p>
<div class="lb-trans"><p>我们的折现现金流（DCF）分析表明阿德科集团被低估了 53.3%。将其添加到您的观察列表或投资组合中，或发现 925 只基于现金流的被低估股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ce856b46-ebfc-452c-88d0-dd2833aa9d7c/chart/dcf" alt="" original-src="https://images.simplywall.st/company/ce856b46-ebfc-452c-88d0-dd2833aa9d7c/chart/dcf"/></p>
<p>ADEN Discounted Cash Flow as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 ADEN 折现现金流</p>
</div><p>Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Adecco Group.</p>
<div class="lb-trans"><p>前往我们公司报告的估值部分，了解我们如何得出阿德科集团的公允价值的更多细节。</p>
</div><h3>Approach 2: Adecco Group Price vs Earnings</h3>
<div class="lb-trans"><h3>方法二：阿德科集团市盈率与收益</h3>
</div><p>For profitable companies like Adecco Group, the Price to Earnings (PE) ratio is a practical way to gauge how much investors are willing to pay today for each unit of current earnings. A higher PE often reflects expectations of faster growth or lower perceived risk, while a lower PE can signal slower growth prospects, higher uncertainty, or simply a bargain if the market is too pessimistic.</p>
<div class="lb-trans"><p>对于像阿德科集团这样的盈利公司，市盈率（PE）是衡量投资者愿意为每单位当前收益支付多少的实用方法。较高的市盈率通常反映出对更快增长或较低风险的预期，而较低的市盈率则可能表明增长前景较慢、不确定性较高，或者如果市场过于悲观，则仅仅是一个便宜的选择。</p>
</div><p>Adecco currently trades on a PE of 14.31x, which sits below both the Professional Services industry average of about 17.63x and the broader peer group average of around 42.41x. To move beyond simple comparisons, Simply Wall St calculates a proprietary Fair Ratio, which for Adecco is 19.86x. This Fair Ratio represents the PE that might be expected given the company’s earnings growth profile, profit margins, risk factors, industry characteristics and market capitalization.</p>
<div class="lb-trans"><p>阿德科目前的市盈率为 14.31 倍，低于专业服务行业平均的约 17.63 倍和更广泛的同行平均的约 42.41 倍。为了超越简单的比较，Simply Wall St 计算了一个专有的公允比率，对于阿德科来说是 19.86 倍。这个公允比率代表了根据公司的收益增长特征、利润率、风险因素、行业特征和市值可能预期的市盈率。</p>
</div><p>Because the Fair Ratio blends these fundamentals into a single yardstick, it offers a more tailored benchmark than raw industry or peer averages. With Adecco’s actual PE of 14.31x trading well below the Fair Ratio of 19.86x, the shares currently trade at a discount on an earnings multiple basis.</p>
<div class="lb-trans"><p>因为公允比率将这些基本面因素融合成一个单一的标准，它提供了比原始行业或同行平均值更量身定制的基准。由于阿德科的实际市盈率 14.31 倍远低于公允比率 19.86 倍，当前股票在收益倍数基础上交易时存在折扣。</p>
</div><p><strong>Result: UNDERVALUED</strong></p>
<div class="lb-trans"><p><strong>结果：被低估</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ce856b46-ebfc-452c-88d0-dd2833aa9d7c/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/ce856b46-ebfc-452c-88d0-dd2833aa9d7c/chart/pe-multiple-vs-industry"/></p>
<p>SWX:ADEN PE Ratio as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 SWX:ADEN 市盈率</p>
</div><p>PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1441 companies where insiders are betting big on explosive growth.</p>
<div class="lb-trans"><p>市盈率讲述了一个故事，但如果真正的机会在其他地方呢？发现 1441 家公司，内部人士正在大举押注于爆炸性增长。</p>
</div><h3>Upgrade Your Decision Making: Choose your Adecco Group Narrative</h3>
<div class="lb-trans"><h3>提升您的决策能力：选择您的阿德科集团叙述</h3>
</div><p>Earlier we mentioned that there is an even better way to understand valuation, so let us introduce you to Narratives, which are simply your own story about a company linked directly to the numbers you think are realistic for its future revenue, earnings, margins, and fair value.</p>
<div class="lb-trans"><p>我们之前提到过，有一种更好的方式来理解估值，因此让我们向您介绍叙述，这只是您关于公司的故事，直接与您认为其未来收入、收益、利润率和公允价值的数字相关联。</p>
</div><p>On Simply Wall St’s Community page, used by millions of investors, Narratives make this process easy by turning your view on Adecco Group into a structured forecast and a resulting fair value. This allows you to quickly see whether your Narrative suggests the stock is worth more or less than today’s price and therefore whether it might be a buy, hold, or sell.</p>
<div class="lb-trans"><p>在 Simply Wall St 的社区页面上，数百万投资者使用叙述使这个过程变得简单，通过将您对阿德科集团的看法转化为结构化的预测和相应的公允价值。这使您能够快速查看您的叙述是否表明该股票的价值高于或低于今天的价格，从而判断它可能是买入、持有还是卖出。</p>
</div><p>Because Narratives are dynamic, they automatically refresh when new information arrives, such as earnings updates, major news, or changes in analyst expectations. This means your view stays live instead of becoming a static snapshot.</p>
<div class="lb-trans"><p>因为叙述是动态的，当新信息到达时，例如收益更新、重大新闻或分析师预期变化，它们会自动刷新。这意味着您的观点保持活跃，而不是变成静态快照。</p>
</div><p>For example, one investor might build a bullish Adecco Narrative closer to the upper analyst price target of about CHF 42.73, assuming AI platforms, upskilling demand, and margin expansion all play out strongly. Another investor could build a more cautious Narrative closer to CHF 18.62 if they think automation, regulatory risks, and margin pressure will limit long term growth. Both investors can then instantly compare their own fair value to the current share price to guide their decisions.</p>
<div class="lb-trans"><p>例如，一位投资者可能会建立一个看涨的阿德科叙述，接近分析师价格目标的上限约为 42.73 瑞士法郎，假设人工智能平台、技能提升需求和利润扩张都表现强劲。另一位投资者可能会建立一个更谨慎的叙述，接近 18.62 瑞士法郎，如果他们认为自动化、监管风险和利润压力将限制长期增长。然后，两位投资者可以立即比较自己的公允价值与当前股价，以指导他们的决策。</p>
</div><p>Do you think there's more to the story for Adecco Group? Head over to our Community to see what others are saying!</p>
<div class="lb-trans"><p>您认为阿德科集团的故事还有更多内容吗？前往我们的社区，看看其他人怎么说！</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ce856b46-ebfc-452c-88d0-dd2833aa9d7c/chart/community-fair-value" alt="" original-src="https://images.simplywall.st/company/ce856b46-ebfc-452c-88d0-dd2833aa9d7c/chart/community-fair-value"/></p>
<p>SWX:ADEN Community Fair Values as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 SWX:ADEN 社区公允价值</p>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇来自 Simply Wall St 的文章具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也不考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</em></p>
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Adecco 集团在本周股价下跌 9.6% 后是否仍具投资价值？