Maharah Human Resources Co (1831) Fair Value & Analysis
Industrials · SA · Market cap 3.1B SAR (≈ $813M) · ISIN SA14QH2GSJH8
What is Maharah Human Resources Co really worth?
A solid business, trading 33% below our fair value of 6.87 SAR.
Strengths
Risks
For context
Fair value as of: Sep 1, 2026
From 26 valuation models · updated 4 days ago
Share price −13.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The model range is unusually wide (3.50 SAR to 9.54 SAR). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.
How to read this chart
60‑month range 2.90 SAR – 58.17 SAR · fair‑value band 3.50 SAR – 9.54 SAR · the 4.63 SAR price screens below the 6.87 SAR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.
Analysis
Maharah Human Resources Co (1831) currently trades at 4.63 SAR, while our model-based Fair Value estimate is 6.87 SAR, implying the stock looks roughly 32.6% undervalued today. The Quality Score stands at 65/100 (solid quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of 11.32 SAR per share, and 15 of the 26 models we run sit above the 4.63 SAR price. Bear case: the Asset-Based group reads lowest at 1.03 SAR, and 11 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Maharah Human Resources Co generated revenue of 3.3B SAR at a net margin of 8.8%. Revenue grew 29.9% year over year. It earns a return on equity of 37.7%. Net debt stands at 239M SAR. Fundamentals as of Sep 1, 2026
Our scenario range runs from 3.50 SAR (bear case) to 9.54 SAR (bull case); at 4.63 SAR, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Industrials peers we cover trades at 16% fair-value upside, at 48%, 1831 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.2382 SAR per share, which is 3.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth Earnings (11.32 SAR) versus Asset-Based (1.03 SAR). Highest evidence: Growth DCF (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 45
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Maharah for Human Resources Company engages in the provision of manpower services for the public and private sectors in Saudi Arabia and the United Arab Emirates. The company operates through three segments: Corporate, Individual, and Facilities Management.
Full company description
Maharah for Human Resources Company engages in the provision of manpower services for the public and private sectors in Saudi Arabia and the United Arab Emirates. The company operates through three segments: Corporate, Individual, and Facilities Management. It offers recruitment, labor, and logistics services, as well as monthly, elite, and hourly services to individuals. The company was formerly known as Maharah Recruitment Company and changed its name to Maharah for Human Resources Company in April 2017. Maharah for Human Resources Company was incorporated in 2013 and is headquartered in Riyadh, the Kingdom of Saudi Arabia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Maharah Human Resources Co reported revenue of 3.1B SAR in FY2025 versus 1.3B SAR in FY2021, a compound +23.9%/yr. Reported net income was 273M SAR in FY2025, compounding +17.1%/yr from FY2021.
of which total revenue +11.8 % · buybacks/dilution −9.7 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Staffing & Employment Services · 80 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Staffing & Employment Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Staffing & Employment Services stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Adecco Group ADEN | CHF 24.06 | CHF 24.15 | +0% |
| Korn Ferry, KFY | $83.30 | $114.56 | +38% |
| Robert Half Inc RHI | $43.55 | $20.51 | −53% |
| TriNet Group TNET | $69.61 | $97.07 | +39% |
| ManpowerGroup Inc MAN | $61.19 | $23.19 | −62% |
| Insperity, Inc NSP | $51.40 | $17.34 | −66% |
| FESCO Group 600861 | ¥13.02 | ¥45.46 | +249% |
| Grupa Pracuj S.A GPP | 53.50 PLN | 65.45 PLN | +22% |
| Barrett Business Services, Inc BBSI | $32.95 | $38.11 | +16% |
| Kforce Inc KFRC | $57.71 | $31.40 | −46% |
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