Hays plc (HAS.L) | Investment Case

1. Company Snapshot

1.a. Company Description

Hays plc operates as a recruitment company in Australia, New Zealand, Germany, the United Kingdom, Ireland, and internationally.The company offers permanent, temporary, and contractor recruitment services, such as qualified, professional, and skilled recruitment to public and private sectors.It also specializes in offering recruitment services in the areas of accountancy and finance, construction and property, technology, life sciences, sales and marketing, banking and capital markets, contact centers, education, engineering and manufacturing, executive, financial services, health and social care, human resources, legal, office support, energy, oil and gas, procurement, retail, resources and mining, and telecoms.

Hays plc was founded in 1968 and is headquartered in London, the United Kingdom.

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1.b. Last Insights on HAS

Hays plc's recent performance was negatively impacted by a sharp drop in permanent hiring, with the company flagging challenging job market conditions. Its full-year 2025 earnings revealed a significant loss of UK£0.49 per share, compared to a loss of UK£0.003 in FY 2024. Revenue declined 4.9% to UK£6.61 billion. Wage pressures are driving UK firms to automate more work, according to Hays, with staff no longer prioritizing loyalty to their employer. This trend may affect the company's business.

1.c. Company Highlights

Last Price	54.2
Change Percentage	-1.81%
Open	55.6
Previous Close	55.2
Market Cap ( Millions)	862
Volume	1461367
Year High	89.85
Year Low	52.8
M A 50	57.7
M A 200	65.81

FCF Yield	11.49%
Dividend Yield	2.29%
ROE	-1.64%
Debt / Equity	66.90%
Net Debt / EBIDTA	224.88%
Price To Book	1.85
Price Earnings Ratio	-110.5
Price To FCF	8.71
Price To sales	0.13
EV / EBITDA	15.74

2. Transcript Summary

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3. NewsRoom

Why Analysts Are Split on Hays as New Developments Shift the Company’s Story

Nov -28

Source:

Undervalued European Small Caps With Insider Action For November 2025

Nov -21

Source:

What Recent Analyst Shifts Mean for Hays’s Valuation and Growth Story

Nov -14

Source:

Exploring the Narrative for Hays as Analyst Views Shift After Buyback and Market Updates

Oct -31

Source:

Exploring 3 Undervalued Small Caps In The European Market With Insider Action

Oct -22

Source:

How Recent Shifts Are Reshaping the Hays Story for Investors

Oct -17

Source:

Wage pressures pushing UK firms to automate more work, Hays says

Sep -30

Source:

3 Promising Undervalued Small Caps With Insider Action In Global Markets

Sep -23

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.86%)

6. Segments

Professional

Expected Growth: 6.5%

Strong demand for skilled professionals, particularly in IT and Life Sciences, drives Hays plc's growth. The company's diversified geographic presence, especially in Europe and Asia, contributes to its success. Additionally, Hays' expertise in temporary and contract recruitment, as well as its investment in digital platforms, enhances its competitive advantage, resulting in a 6.5% growth rate.

Technical

Expected Growth: 7.5%

Hays plc's 7.5% growth is driven by increasing demand for temporary and contract workers, expansion into new markets, and strategic acquisitions. The company's focus on digital transformation, improving candidate experience, and enhancing employer branding also contribute to its growth. Additionally, Hays' diversified sector exposure and strong presence in Europe, Asia, and the Americas support its growth momentum.

7. Detailed Products

Permanent Recruitment

Hays plc provides permanent recruitment services, connecting clients with qualified candidates for permanent positions across various industries.

Temporary and Contract Recruitment

Hays plc offers temporary and contract recruitment services, providing clients with flexible staffing solutions for short-term or project-based needs.

Executive Search

Hays plc's executive search service specializes in recruiting senior-level executives and professionals for key leadership positions.

Recruitment Process Outsourcing (RPO)

Hays plc's RPO service provides clients with a customized recruitment solution, managing the entire recruitment process from job posting to onboarding.

Managed Service Provider (MSP)

Hays plc's MSP service provides clients with a comprehensive workforce management solution, managing contingent labor and non-employee workers.

Statement of Work (SOW) Services

Hays plc's SOW services provide clients with a customized solution for managing complex projects and services, including procurement, management, and delivery.

8. Hays plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Hays plc operates in a highly competitive market, but the threat of substitutes is medium due to the specialized nature of recruitment services.

Bargaining Power Of Customers

Hays plc's customers have a high bargaining power due to the availability of alternative recruitment agencies and the ease of switching providers.

Bargaining Power Of Suppliers

Hays plc has a large pool of candidates to choose from, reducing the bargaining power of suppliers.

Threat Of New Entrants

While there are barriers to entry in the recruitment industry, new entrants can still pose a threat to Hays plc's market share.

Intensity Of Rivalry

The recruitment industry is highly competitive, with many established players competing for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	7.11%
Debt Cost	5.49%
Equity Weight	92.89%
Equity Cost	9.46%
WACC	9.18%
Leverage	7.65%

11. Quality Control: Hays plc passed 5 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Brunel International

A-Score: 6.1/10

Value: 6.8

Growth: 6.1

Quality: 5.2

Yield: 8.8

Momentum: 3.0

Volatility: 6.7

1-Year Total Return ->

Grupa Pracuj

A-Score: 6.0/10

Value: 3.1

Growth: 5.4

Quality: 8.7

Yield: 6.9

Momentum: 8.0

Volatility: 3.7

1-Year Total Return ->

Synergie

A-Score: 5.4/10

Value: 7.7

Growth: 3.7

Quality: 4.7

Yield: 3.1

Momentum: 6.0

Volatility: 7.0

1-Year Total Return ->

Amadeus FiRe

A-Score: 5.0/10

Value: 6.0

Growth: 5.3

Quality: 6.0

Yield: 8.1

Momentum: 0.5

Volatility: 4.0

1-Year Total Return ->

Ework

A-Score: 4.9/10

Value: 6.1

Growth: 7.3

Quality: 4.5

Yield: 8.8

Momentum: 0.5

Volatility: 2.0

1-Year Total Return ->

Hays

A-Score: 3.8/10

Value: 6.7

Growth: 1.9

Quality: 2.8

Yield: 6.2

Momentum: 1.0

Volatility: 4.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-3.13%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

9.18%

Hays plc - GB0004161021

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on HAS

1.c. Company Highlights

Weak Momentum

Medium Volatility

Average Growth

Average Yield

Stable Momentum

Higher Yield

Average Quality

Lower Growth

Lower Quality

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.86%)

6. Segments

Professional

Expected Growth: 6.5%

Technical

Expected Growth: 7.5%

7. Detailed Products

Permanent Recruitment

Temporary and Contract Recruitment

Executive Search

Recruitment Process Outsourcing (RPO)

Managed Service Provider (MSP)

Statement of Work (SOW) Services

8. Hays plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Hays plc passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.54$

Current Price

0.54$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA