Intrinsic value of ManpowerGroup - MAN

Previous Close

$126.18

  Intrinsic Value

$387.71

stock screener

  Rating & Target

str. buy

+207%

Previous close

$126.18

 
Intrinsic value

$387.71

 
Up/down potential

+207%

 
Rating

str. buy

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 8.4

 

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
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  19,654
  21,108
  22,620
  24,190
  25,823
  27,521
  29,287
  31,125
  33,039
  35,032
  37,109
  39,275
  41,535
  43,893
  46,355
  48,928
  51,616
  54,426
  57,365
  60,440
  63,658
  67,027
  70,554
  74,249
  78,119
  82,174
  86,425
  90,880
  95,551
  100,448
  105,584
Variable operating expenses, $m
 
  17,068
  18,281
  19,541
  20,852
  22,215
  23,632
  25,108
  26,644
  28,244
  29,911
  31,526
  33,339
  35,232
  37,209
  39,274
  41,431
  43,687
  46,047
  48,515
  51,098
  53,802
  56,633
  59,599
  62,705
  65,961
  69,372
  72,949
  76,698
  80,629
  84,752
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
  20,230
  21,522
  22,863
  24,257
  25,705
  27,210
  28,775
  30,403
  32,097
  33,860
  35,574
  37,488
  39,485
  41,568
  43,742
  46,011
  48,381
  50,859
  53,447
  56,153
  58,984
  61,944
  65,043
  68,285
  71,680
  75,234
  78,958
  82,857
  86,942
  91,223
Operating income, $m
  751
  879
  1,098
  1,327
  1,566
  1,816
  2,077
  2,350
  2,636
  2,935
  3,249
  3,702
  4,046
  4,408
  4,787
  5,186
  5,605
  6,045
  6,507
  6,994
  7,505
  8,043
  8,610
  9,206
  9,834
  10,494
  11,190
  11,922
  12,694
  13,506
  14,362
EBITDA, $m
  836
  1,027
  1,248
  1,478
  1,719
  1,971
  2,234
  2,510
  2,798
  3,099
  3,415
  3,746
  4,094
  4,458
  4,840
  5,242
  5,664
  6,107
  6,573
  7,063
  7,578
  8,120
  8,691
  9,291
  9,923
  10,588
  11,289
  12,026
  12,803
  13,621
  14,483
Interest expense (income), $m
  37
  35
  52
  69
  87
  106
  126
  146
  168
  190
  213
  237
  262
  288
  315
  344
  374
  405
  438
  472
  507
  544
  584
  624
  667
  712
  759
  808
  860
  914
  971
Earnings before tax, $m
  701
  844
  1,046
  1,258
  1,479
  1,710
  1,951
  2,204
  2,468
  2,746
  3,036
  3,465
  3,784
  4,120
  4,472
  4,842
  5,231
  5,640
  6,070
  6,522
  6,998
  7,499
  8,026
  8,582
  9,166
  9,782
  10,431
  11,114
  11,834
  12,592
  13,391
Tax expense, $m
  257
  228
  283
  340
  399
  462
  527
  595
  666
  741
  820
  935
  1,022
  1,112
  1,207
  1,307
  1,412
  1,523
  1,639
  1,761
  1,889
  2,025
  2,167
  2,317
  2,475
  2,641
  2,816
  3,001
  3,195
  3,400
  3,616
Net income, $m
  444
  616
  764
  918
  1,079
  1,248
  1,424
  1,609
  1,802
  2,004
  2,216
  2,529
  2,762
  3,007
  3,264
  3,535
  3,818
  4,117
  4,431
  4,761
  5,109
  5,474
  5,859
  6,265
  6,692
  7,141
  7,615
  8,113
  8,639
  9,192
  9,775

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
  7,491
  8,027
  8,584
  9,164
  9,766
  10,393
  11,045
  11,724
  12,431
  13,169
  13,937
  14,739
  15,576
  16,450
  17,363
  18,316
  19,314
  20,357
  21,448
  22,590
  23,785
  25,037
  26,348
  27,721
  29,161
  30,669
  32,250
  33,907
  35,645
  37,468
Adjusted assets (=assets-cash), $m
  6,975
  7,491
  8,027
  8,584
  9,164
  9,766
  10,393
  11,045
  11,724
  12,431
  13,169
  13,937
  14,739
  15,576
  16,450
  17,363
  18,316
  19,314
  20,357
  21,448
  22,590
  23,785
  25,037
  26,348
  27,721
  29,161
  30,669
  32,250
  33,907
  35,645
  37,468
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
  485
  520
  556
  594
  633
  674
  716
  760
  806
  854
  903
  955
  1,010
  1,066
  1,125
  1,187
  1,252
  1,319
  1,390
  1,464
  1,542
  1,623
  1,708
  1,797
  1,890
  1,988
  2,090
  2,198
  2,310
  2,428
Working capital, $m
  1,474
  992
  1,063
  1,137
  1,214
  1,293
  1,376
  1,463
  1,553
  1,646
  1,744
  1,846
  1,952
  2,063
  2,179
  2,300
  2,426
  2,558
  2,696
  2,841
  2,992
  3,150
  3,316
  3,490
  3,672
  3,862
  4,062
  4,271
  4,491
  4,721
  4,962
Total debt, $m
  825
  1,171
  1,569
  1,983
  2,412
  2,859
  3,325
  3,808
  4,312
  4,837
  5,384
  5,954
  6,549
  7,170
  7,819
  8,496
  9,204
  9,944
  10,718
  11,527
  12,375
  13,262
  14,190
  15,163
  16,182
  17,250
  18,369
  19,542
  20,772
  22,062
  23,414
Total liabilities, $m
  5,212
  5,558
  5,956
  6,370
  6,799
  7,246
  7,712
  8,195
  8,699
  9,224
  9,771
  10,341
  10,936
  11,557
  12,206
  12,883
  13,591
  14,331
  15,105
  15,914
  16,762
  17,649
  18,577
  19,550
  20,569
  21,637
  22,756
  23,929
  25,159
  26,449
  27,801
Total equity, $m
  2,362
  1,933
  2,071
  2,215
  2,364
  2,520
  2,681
  2,850
  3,025
  3,207
  3,397
  3,596
  3,803
  4,019
  4,244
  4,480
  4,726
  4,983
  5,252
  5,534
  5,828
  6,137
  6,460
  6,798
  7,152
  7,523
  7,913
  8,320
  8,748
  9,196
  9,667
Total liabilities and equity, $m
  7,574
  7,491
  8,027
  8,585
  9,163
  9,766
  10,393
  11,045
  11,724
  12,431
  13,168
  13,937
  14,739
  15,576
  16,450
  17,363
  18,317
  19,314
  20,357
  21,448
  22,590
  23,786
  25,037
  26,348
  27,721
  29,160
  30,669
  32,249
  33,907
  35,645
  37,468
Debt-to-equity ratio
  0.349
  0.610
  0.760
  0.900
  1.020
  1.130
  1.240
  1.340
  1.430
  1.510
  1.580
  1.660
  1.720
  1.780
  1.840
  1.900
  1.950
  2.000
  2.040
  2.080
  2.120
  2.160
  2.200
  2.230
  2.260
  2.290
  2.320
  2.350
  2.370
  2.400
  2.420
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
  616
  764
  918
  1,079
  1,248
  1,424
  1,609
  1,802
  2,004
  2,216
  2,529
  2,762
  3,007
  3,264
  3,535
  3,818
  4,117
  4,431
  4,761
  5,109
  5,474
  5,859
  6,265
  6,692
  7,141
  7,615
  8,113
  8,639
  9,192
  9,775
Depreciation, amort., depletion, $m
  85
  148
  150
  152
  154
  155
  158
  160
  162
  164
  166
  45
  48
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  89
  94
  99
  104
  109
  115
  121
Funds from operations, $m
  550
  764
  914
  1,070
  1,233
  1,404
  1,582
  1,768
  1,964
  2,168
  2,383
  2,574
  2,810
  3,058
  3,317
  3,591
  3,878
  4,179
  4,496
  4,830
  5,181
  5,551
  5,940
  6,350
  6,781
  7,235
  7,714
  8,217
  8,748
  9,307
  9,896
Change in working capital, $m
  -50
  68
  71
  74
  77
  80
  83
  86
  90
  94
  98
  102
  106
  111
  116
  121
  126
  132
  138
  145
  151
  158
  166
  174
  182
  191
  200
  209
  220
  230
  241
Cash from operations, $m
  600
  696
  843
  996
  1,156
  1,324
  1,499
  1,682
  1,874
  2,075
  2,285
  2,472
  2,704
  2,947
  3,202
  3,470
  3,751
  4,047
  4,358
  4,686
  5,030
  5,393
  5,774
  6,176
  6,599
  7,045
  7,514
  8,008
  8,529
  9,077
  9,655
Maintenance CAPEX, $m
  0
  -23
  -24
  -26
  -28
  -30
  -31
  -34
  -36
  -38
  -40
  -42
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -115
New CAPEX, $m
  -57
  -28
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -113
  -118
Cash from investing activities, $m
  -110
  -51
  -59
  -62
  -66
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -137
  -143
  -150
  -158
  -166
  -174
  -182
  -192
  -201
  -211
  -222
  -233
Free cash flow, $m
  490
  645
  784
  934
  1,091
  1,255
  1,427
  1,606
  1,794
  1,991
  2,197
  2,380
  2,607
  2,845
  3,095
  3,357
  3,633
  3,923
  4,228
  4,549
  4,887
  5,242
  5,616
  6,010
  6,425
  6,862
  7,322
  7,807
  8,317
  8,855
  9,422
Issuance/(repayment) of debt, $m
  -7
  386
  398
  414
  430
  447
  465
  484
  504
  525
  547
  570
  595
  621
  648
  677
  708
  740
  774
  810
  847
  887
  929
  973
  1,019
  1,068
  1,119
  1,173
  1,230
  1,290
  1,352
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
  386
  398
  414
  430
  447
  465
  484
  504
  525
  547
  570
  595
  621
  648
  677
  708
  740
  774
  810
  847
  887
  929
  973
  1,019
  1,068
  1,119
  1,173
  1,230
  1,290
  1,352
Total cash flow (excl. dividends), $m
  -14
  1,031
  1,182
  1,348
  1,521
  1,702
  1,892
  2,090
  2,298
  2,516
  2,744
  2,950
  3,202
  3,466
  3,743
  4,035
  4,341
  4,663
  5,002
  5,359
  5,734
  6,129
  6,545
  6,983
  7,444
  7,930
  8,441
  8,980
  9,547
  10,145
  10,774
Retained Cash Flow (-), $m
  263
  -130
  -138
  -144
  -149
  -155
  -162
  -168
  -175
  -182
  -190
  -198
  -207
  -216
  -225
  -236
  -246
  -257
  -269
  -282
  -295
  -308
  -323
  -338
  -354
  -371
  -389
  -408
  -428
  -448
  -470
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
 
  1,461
  1,043
  1,204
  1,371
  1,547
  1,730
  1,922
  2,123
  2,333
  2,554
  2,752
  2,995
  3,250
  3,518
  3,799
  4,095
  4,406
  4,733
  5,077
  5,440
  5,821
  6,222
  6,645
  7,090
  7,558
  8,052
  8,572
  9,119
  9,696
  10,304
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
 
  1,401
  955
  1,048
  1,129
  1,199
  1,256
  1,298
  1,327
  1,340
  1,339
  1,307
  1,278
  1,236
  1,181
  1,115
  1,041
  959
  872
  782
  691
  602
  516
  436
  361
  294
  235
  184
  141
  106
  78
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. is a provider of workforce solutions and services. The Company's segments include Americas, Southern Europe, Northern Europe, Asia Pacific Middle East (APME), Right Management and Corporate. The Company's Americas segment includes operations in the United States and Other Americas. Its Southern Europe segment includes operations in France, Italy and Other Southern Europe. Its Northern Europe segment includes operations in the United Kingdom, the Nordics, Germany and the Netherlands. The Company's APME operations provide a range of workforce solutions and services offered through Manpower, Experis and ManpowerGroup Solutions, including permanent, temporary and contract recruitment, assessment and selection, training and outsourcing. The Company's Right Management segment provides talent and career management workforce solutions. The Company provides services under its Experis brand, particularly in the areas of information technology (IT), engineering and finance.

FINANCIAL RATIOS  of  ManpowerGroup (MAN)

Valuation Ratios
P/E Ratio 19
Price to Sales 0.4
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 15.6
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 7.4% 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 66.726 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 $8.4 billion.

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COMPANY NEWS

▶ First veterans graduate from ManpowerGroup, Rockwell training program   [Nov-13-17 06:05PM  American City Business Journals]
▶ ManpowerGroup Declares 93 Cent Dividend   [04:30PM  PR Newswire]
▶ ManpowerGroup earnings climb 6% for Q3   [Oct-20-17 05:20PM  American City Business Journals]
▶ Manpower beats Street 3Q forecasts   [07:35AM  Associated Press]
▶ Wisconsin employers grow optimistic about hiring trends: ManpowerGroup   [06:30AM  American City Business Journals]
▶ [$$] British employers optimistic about their hiring plans   [Sep-11-17 07:05PM  Financial Times]
▶ Top Stock Picks for the Week of August 28th   [Aug-29-17 03:03PM  Zacks]
▶ Manpower tops Street 2Q forecasts   [Jul-24-17 10:43PM  Associated Press]
▶ ManpowerGroup appoints PepsiCo executive to lead North American operations   [Jun-22-17 03:30PM  American City Business Journals]
▶ Rockwell, ManpowerGroup partner for new program to train 1,000 veterans   [Jun-13-17 02:40PM  American City Business Journals]
▶ ETFs with exposure to ManpowerGroup, Inc. : May 12, 2017   [May-12-17 04:11PM  Capital Cube]
▶ ManpowerGroup Increases Dividend 8 Percent   [May-02-17 04:30PM  PR Newswire]
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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