Intrinsic value of ManpowerGroup - MAN

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$100.34

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$100.34

 
Intrinsic value

$168.84

 
Up/down potential

+68%

 
Rating

str. buy

 
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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of MAN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.68
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  19,654
  20,047
  20,508
  21,035
  21,627
  22,283
  23,002
  23,785
  24,633
  25,547
  26,527
  27,576
  28,695
  29,887
  31,153
  32,497
  33,922
  35,429
  37,023
  38,708
  40,486
  42,363
  44,342
  46,428
  48,626
  50,941
  53,378
  55,944
  58,643
  61,483
  64,471
Variable operating expenses, $m
 
  16,216
  16,586
  17,009
  17,484
  18,010
  18,588
  19,216
  19,897
  20,630
  21,417
  22,135
  23,034
  23,990
  25,007
  26,085
  27,228
  28,439
  29,718
  31,070
  32,498
  34,004
  35,593
  37,267
  39,032
  40,890
  42,846
  44,905
  47,072
  49,352
  51,750
Fixed operating expenses, $m
 
  3,162
  3,241
  3,322
  3,405
  3,490
  3,578
  3,667
  3,759
  3,853
  3,949
  4,048
  4,149
  4,253
  4,359
  4,468
  4,580
  4,694
  4,812
  4,932
  5,055
  5,182
  5,311
  5,444
  5,580
  5,719
  5,862
  6,009
  6,159
  6,313
  6,471
Total operating expenses, $m
  18,903
  19,378
  19,827
  20,331
  20,889
  21,500
  22,166
  22,883
  23,656
  24,483
  25,366
  26,183
  27,183
  28,243
  29,366
  30,553
  31,808
  33,133
  34,530
  36,002
  37,553
  39,186
  40,904
  42,711
  44,612
  46,609
  48,708
  50,914
  53,231
  55,665
  58,221
Operating income, $m
  751
  669
  681
  704
  738
  782
  837
  902
  978
  1,064
  1,161
  1,393
  1,513
  1,644
  1,788
  1,944
  2,113
  2,296
  2,493
  2,706
  2,933
  3,177
  3,438
  3,717
  4,014
  4,332
  4,670
  5,029
  5,412
  5,818
  6,250
EBITDA, $m
  836
  816
  829
  852
  887
  932
  987
  1,053
  1,130
  1,217
  1,315
  1,425
  1,546
  1,678
  1,823
  1,981
  2,152
  2,337
  2,536
  2,750
  2,979
  3,226
  3,489
  3,770
  4,070
  4,390
  4,731
  5,093
  5,479
  5,888
  6,323
Interest expense (income), $m
  37
  35
  39
  45
  51
  58
  65
  73
  83
  92
  103
  114
  126
  139
  153
  168
  183
  200
  217
  236
  255
  276
  298
  321
  345
  370
  397
  425
  455
  486
  519
Earnings before tax, $m
  701
  635
  642
  660
  687
  725
  772
  829
  895
  972
  1,058
  1,279
  1,386
  1,505
  1,635
  1,776
  1,930
  2,096
  2,276
  2,470
  2,678
  2,901
  3,140
  3,396
  3,670
  3,961
  4,272
  4,604
  4,957
  5,332
  5,730
Tax expense, $m
  257
  171
  173
  178
  186
  196
  208
  224
  242
  262
  286
  345
  374
  406
  441
  480
  521
  566
  615
  667
  723
  783
  848
  917
  991
  1,070
  1,154
  1,243
  1,338
  1,440
  1,547
Net income, $m
  444
  463
  469
  482
  502
  529
  563
  605
  653
  709
  772
  934
  1,012
  1,099
  1,193
  1,297
  1,409
  1,530
  1,662
  1,803
  1,955
  2,118
  2,292
  2,479
  2,679
  2,892
  3,119
  3,361
  3,618
  3,892
  4,183

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  599
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,574
  7,114
  7,278
  7,465
  7,675
  7,907
  8,163
  8,441
  8,741
  9,066
  9,414
  9,786
  10,183
  10,606
  11,055
  11,532
  12,037
  12,572
  13,138
  13,736
  14,367
  15,033
  15,735
  16,476
  17,255
  18,077
  18,942
  19,852
  20,810
  21,818
  22,878
Adjusted assets (=assets-cash), $m
  6,975
  7,114
  7,278
  7,465
  7,675
  7,907
  8,163
  8,441
  8,741
  9,066
  9,414
  9,786
  10,183
  10,606
  11,055
  11,532
  12,037
  12,572
  13,138
  13,736
  14,367
  15,033
  15,735
  16,476
  17,255
  18,077
  18,942
  19,852
  20,810
  21,818
  22,878
Revenue / Adjusted assets
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
  2.818
Average production assets, $m
  458
  461
  472
  484
  497
  512
  529
  547
  567
  588
  610
  634
  660
  687
  717
  747
  780
  815
  852
  890
  931
  974
  1,020
  1,068
  1,118
  1,172
  1,228
  1,287
  1,349
  1,414
  1,483
Working capital, $m
  1,474
  942
  964
  989
  1,016
  1,047
  1,081
  1,118
  1,158
  1,201
  1,247
  1,296
  1,349
  1,405
  1,464
  1,527
  1,594
  1,665
  1,740
  1,819
  1,903
  1,991
  2,084
  2,182
  2,285
  2,394
  2,509
  2,629
  2,756
  2,890
  3,030
Total debt, $m
  825
  892
  1,013
  1,152
  1,308
  1,480
  1,670
  1,876
  2,099
  2,340
  2,598
  2,874
  3,169
  3,482
  3,816
  4,170
  4,545
  4,942
  5,361
  5,805
  6,273
  6,767
  7,289
  7,838
  8,417
  9,026
  9,668
  10,343
  11,054
  11,802
  12,589
Total liabilities, $m
  5,212
  5,279
  5,400
  5,539
  5,695
  5,867
  6,057
  6,263
  6,486
  6,727
  6,985
  7,261
  7,556
  7,869
  8,203
  8,557
  8,932
  9,329
  9,748
  10,192
  10,660
  11,154
  11,676
  12,225
  12,804
  13,413
  14,055
  14,730
  15,441
  16,189
  16,976
Total equity, $m
  2,362
  1,835
  1,878
  1,926
  1,980
  2,040
  2,106
  2,178
  2,255
  2,339
  2,429
  2,525
  2,627
  2,736
  2,852
  2,975
  3,106
  3,244
  3,390
  3,544
  3,707
  3,878
  4,060
  4,251
  4,452
  4,664
  4,887
  5,122
  5,369
  5,629
  5,903
Total liabilities and equity, $m
  7,574
  7,114
  7,278
  7,465
  7,675
  7,907
  8,163
  8,441
  8,741
  9,066
  9,414
  9,786
  10,183
  10,605
  11,055
  11,532
  12,038
  12,573
  13,138
  13,736
  14,367
  15,032
  15,736
  16,476
  17,256
  18,077
  18,942
  19,852
  20,810
  21,818
  22,879
Debt-to-equity ratio
  0.349
  0.490
  0.540
  0.600
  0.660
  0.730
  0.790
  0.860
  0.930
  1.000
  1.070
  1.140
  1.210
  1.270
  1.340
  1.400
  1.460
  1.520
  1.580
  1.640
  1.690
  1.740
  1.800
  1.840
  1.890
  1.940
  1.980
  2.020
  2.060
  2.100
  2.130
Adjusted equity ratio
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  444
  463
  469
  482
  502
  529
  563
  605
  653
  709
  772
  934
  1,012
  1,099
  1,193
  1,297
  1,409
  1,530
  1,662
  1,803
  1,955
  2,118
  2,292
  2,479
  2,679
  2,892
  3,119
  3,361
  3,618
  3,892
  4,183
Depreciation, amort., depletion, $m
  85
  147
  147
  148
  149
  149
  150
  151
  152
  153
  154
  32
  33
  34
  36
  37
  39
  41
  42
  44
  46
  48
  51
  53
  56
  58
  61
  64
  67
  70
  74
Funds from operations, $m
  550
  610
  616
  630
  650
  678
  714
  756
  806
  862
  927
  965
  1,045
  1,133
  1,229
  1,334
  1,448
  1,571
  1,704
  1,847
  2,001
  2,166
  2,343
  2,532
  2,734
  2,950
  3,180
  3,425
  3,685
  3,962
  4,257
Change in working capital, $m
  -50
  18
  22
  25
  28
  31
  34
  37
  40
  43
  46
  49
  53
  56
  60
  63
  67
  71
  75
  79
  84
  88
  93
  98
  103
  109
  115
  121
  127
  133
  140
Cash from operations, $m
  600
  575
  594
  605
  623
  648
  680
  719
  766
  820
  881
  916
  992
  1,077
  1,169
  1,271
  1,381
  1,500
  1,629
  1,768
  1,917
  2,078
  2,250
  2,434
  2,631
  2,841
  3,065
  3,304
  3,559
  3,829
  4,117
Maintenance CAPEX, $m
  0
  -23
  -23
  -23
  -24
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
New CAPEX, $m
  -57
  -4
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
Cash from investing activities, $m
  -110
  -27
  -34
  -35
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -58
  -60
  -63
  -67
  -70
  -74
  -78
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -139
Free cash flow, $m
  490
  549
  561
  569
  585
  608
  638
  675
  719
  770
  829
  861
  935
  1,016
  1,106
  1,204
  1,311
  1,427
  1,552
  1,687
  1,832
  1,989
  2,156
  2,336
  2,527
  2,732
  2,951
  3,184
  3,432
  3,697
  3,977
Issuance/(repayment) of debt, $m
  -7
  107
  121
  139
  156
  173
  189
  206
  223
  241
  258
  276
  295
  314
  333
  354
  375
  397
  420
  444
  468
  494
  521
  549
  579
  610
  642
  676
  711
  748
  787
Issuance/(repurchase) of shares, $m
  -482
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -480
  107
  121
  139
  156
  173
  189
  206
  223
  241
  258
  276
  295
  314
  333
  354
  375
  397
  420
  444
  468
  494
  521
  549
  579
  610
  642
  676
  711
  748
  787
Total cash flow (excl. dividends), $m
  -14
  656
  682
  708
  741
  780
  827
  881
  942
  1,011
  1,087
  1,138
  1,230
  1,330
  1,440
  1,558
  1,686
  1,823
  1,971
  2,130
  2,301
  2,483
  2,677
  2,885
  3,106
  3,342
  3,593
  3,860
  4,143
  4,444
  4,764
Retained Cash Flow (-), $m
  263
  -32
  -42
  -48
  -54
  -60
  -66
  -72
  -78
  -84
  -90
  -96
  -102
  -109
  -116
  -123
  -130
  -138
  -146
  -154
  -163
  -172
  -181
  -191
  -201
  -212
  -223
  -235
  -247
  -260
  -273
Prev. year cash balance distribution, $m
 
  559
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,182
  640
  660
  687
  720
  761
  809
  865
  927
  997
  1,042
  1,127
  1,221
  1,324
  1,435
  1,555
  1,685
  1,826
  1,976
  2,138
  2,311
  2,496
  2,694
  2,905
  3,130
  3,370
  3,625
  3,896
  4,184
  4,491
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,133
  586
  574
  565
  558
  553
  547
  540
  533
  523
  495
  481
  464
  444
  421
  395
  367
  336
  304
  272
  239
  207
  177
  148
  122
  98
  78
  60
  46
  34
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

ManpowerGroup Inc. provides workforce solutions and services in the Americas, Southern Europe, Northern Europe, and the Asia Pacific Middle East region. The company’s recruitment service portfolio includes permanent, temporary, and contract recruitment of professionals, as well as administrative and industrial positions. It also offers various assessment services; career management; training and development services; and outsourcing services related to human resources functions primarily in the areas of large-scale recruiting and workforce-intensive initiatives. In addition, the company provides workforce consulting services; professional resourcing and project-based solutions in information technology, engineering, and finance fields; contingent staffing and permanent recruitment services; solutions in the areas of organizational efficiency, individual development, and career management; and talent based outsourcing services, TAPFIN managed services, and recruitment process outsourcing services, as well as Proservia services in the areas of digital services market and IT infrastructure sector. It operates through a network of approximately 2,800 offices in 80 countries and territories. The company was founded in 1948 and is headquartered in Milwaukee, Wisconsin.

FINANCIAL RATIOS  of  ManpowerGroup (MAN)

Valuation Ratios
P/E Ratio 15.1
Price to Sales 0.3
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 12.4
Growth Rates
Sales Growth Rate 1.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.6%
Cap. Spend. - 3 Yr. Gr. Rate 4.8%
Financial Strength
Quick Ratio 15
Current Ratio 0
LT Debt to Equity 33.2%
Total Debt to Equity 34.9%
Interest Coverage 20
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 13.3%
Ret/ On T. Cap. - 3 Yr. Avg. 12.7%
Return On Equity 17.8%
Return On Equity - 3 Yr. Avg. 15.8%
Asset Turnover 2.6
Profitability Ratios
Gross Margin 17%
Gross Margin - 3 Yr. Avg. 16.9%
EBITDA Margin 4.2%
EBITDA Margin - 3 Yr. Avg. 4%
Operating Margin 3.8%
Oper. Margin - 3 Yr. Avg. 3.6%
Pre-Tax Margin 3.6%
Pre-Tax Margin - 3 Yr. Avg. 3.4%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 36.7%
Eff/ Tax Rate - 3 Yr. Avg. 36.8%
Payout Ratio 26.6%

MAN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MAN stock intrinsic value calculation we used $19654 million for the last fiscal year's total revenue generated by ManpowerGroup. The default revenue input number comes from 2016 income statement of ManpowerGroup. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MAN stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for MAN is calculated based on our internal credit rating of ManpowerGroup, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of ManpowerGroup.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MAN stock the variable cost ratio is equal to 80.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3085 million in the base year in the intrinsic value calculation for MAN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.4% for ManpowerGroup.

Corporate tax rate of 27% is the nominal tax rate for ManpowerGroup. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MAN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MAN are equal to 2.3%.

Life of production assets of 20.1 years is the average useful life of capital assets used in ManpowerGroup operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MAN is equal to 4.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2362 million for ManpowerGroup - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 67.369 million for ManpowerGroup is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of ManpowerGroup at the current share price and the inputted number of shares is $6.8 billion.


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COMPANY NEWS

▶ Earnings Reports In Focus   [Apr-21-17 10:55AM  Zacks]
▶ Manpower misses 1Q profit forecasts   [07:49AM  Associated Press]
▶ Ciber selling its Spanish operation   [Feb-15-17 01:29PM  at bizjournals.com]
▶ Grim job prospects for early 2017 in Chicago, report says   [Dec-13-16 02:50PM  at bizjournals.com]
▶ What Hedge Funds Think about Donaldson Company, Inc. (DCI)?   [Dec-12-16 10:28AM  at Insider Monkey]
▶ ManpowerGroup Inc. (MAN): Are Hedge Funds Right About This Stock?   [Dec-01-16 10:35PM  at Insider Monkey]
▶ ManpowerGroup Declares 86 Cent Dividend   [04:45PM  PR Newswire]
Stock chart of MAN Financial statements of MAN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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