Intrinsic value of ManpowerGroup - MAN

Previous Close

$118.83

  Intrinsic Value

$230.45

stock screener

  Rating & Target

str. buy

+94%

  Value-price divergence*

-48%

Previous close

$118.83

 
Intrinsic value

$230.45

 
Up/down potential

+94%

 
Rating

str. buy

 
Value-price divergence*

-48%

*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 8.0

 

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
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  19,654
  20,381
  21,162
  21,997
  22,888
  23,838
  24,847
  25,917
  27,052
  28,253
  29,523
  30,866
  32,283
  33,779
  35,356
  37,019
  38,771
  40,616
  42,559
  44,603
  46,755
  49,019
  51,400
  53,905
  56,538
  59,306
  62,216
  65,274
  68,489
  71,867
  75,416
Variable operating expenses, $m
 
  16,484
  17,110
  17,781
  18,496
  19,258
  20,068
  20,928
  21,838
  22,803
  23,822
  24,776
  25,913
  27,114
  28,380
  29,715
  31,121
  32,602
  34,161
  35,803
  37,530
  39,347
  41,259
  43,269
  45,382
  47,604
  49,940
  52,395
  54,975
  57,687
  60,536
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
  19,646
  20,351
  21,103
  21,901
  22,748
  23,646
  24,595
  25,597
  26,656
  27,771
  28,824
  30,062
  31,367
  32,739
  34,183
  35,701
  37,296
  38,973
  40,735
  42,585
  44,529
  46,570
  48,713
  50,962
  53,323
  55,802
  58,404
  61,134
  64,000
  67,007
Operating income, $m
  751
  735
  810
  894
  987
  1,089
  1,201
  1,323
  1,455
  1,598
  1,752
  2,042
  2,221
  2,412
  2,617
  2,836
  3,070
  3,320
  3,586
  3,869
  4,170
  4,490
  4,831
  5,192
  5,575
  5,982
  6,413
  6,870
  7,354
  7,867
  8,409
EBITDA, $m
  836
  883
  958
  1,043
  1,137
  1,240
  1,353
  1,476
  1,610
  1,754
  1,910
  2,078
  2,258
  2,451
  2,658
  2,879
  3,114
  3,366
  3,634
  3,920
  4,224
  4,547
  4,890
  5,254
  5,640
  6,050
  6,485
  6,945
  7,433
  7,949
  8,496
Interest expense (income), $m
  37
  35
  43
  52
  62
  72
  83
  95
  107
  120
  134
  149
  165
  181
  198
  217
  236
  256
  278
  300
  324
  349
  375
  402
  431
  462
  494
  528
  563
  600
  640
Earnings before tax, $m
  701
  701
  767
  842
  925
  1,017
  1,118
  1,228
  1,348
  1,477
  1,618
  1,893
  2,056
  2,231
  2,419
  2,620
  2,834
  3,064
  3,308
  3,569
  3,846
  4,142
  4,456
  4,790
  5,144
  5,520
  5,919
  6,343
  6,791
  7,266
  7,770
Tax expense, $m
  257
  189
  207
  227
  250
  275
  302
  331
  364
  399
  437
  511
  555
  602
  653
  707
  765
  827
  893
  964
  1,039
  1,118
  1,203
  1,293
  1,389
  1,490
  1,598
  1,712
  1,834
  1,962
  2,098
Net income, $m
  444
  512
  560
  615
  675
  742
  816
  896
  984
  1,079
  1,181
  1,382
  1,501
  1,629
  1,766
  1,912
  2,069
  2,236
  2,415
  2,605
  2,808
  3,023
  3,253
  3,496
  3,755
  4,030
  4,321
  4,630
  4,957
  5,304
  5,672

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
  7,233
  7,510
  7,806
  8,122
  8,459
  8,817
  9,197
  9,600
  10,026
  10,477
  10,953
  11,456
  11,987
  12,547
  13,137
  13,758
  14,413
  15,102
  15,828
  16,592
  17,395
  18,240
  19,129
  20,063
  21,045
  22,078
  23,163
  24,304
  25,503
  26,762
Adjusted assets (=assets-cash), $m
  6,975
  7,233
  7,510
  7,806
  8,122
  8,459
  8,817
  9,197
  9,600
  10,026
  10,477
  10,953
  11,456
  11,987
  12,547
  13,137
  13,758
  14,413
  15,102
  15,828
  16,592
  17,395
  18,240
  19,129
  20,063
  21,045
  22,078
  23,163
  24,304
  25,503
  26,762
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
  469
  487
  506
  526
  548
  571
  596
  622
  650
  679
  710
  743
  777
  813
  851
  892
  934
  979
  1,026
  1,075
  1,127
  1,182
  1,240
  1,300
  1,364
  1,431
  1,501
  1,575
  1,653
  1,735
Working capital, $m
  1,474
  958
  995
  1,034
  1,076
  1,120
  1,168
  1,218
  1,271
  1,328
  1,388
  1,451
  1,517
  1,588
  1,662
  1,740
  1,822
  1,909
  2,000
  2,096
  2,197
  2,304
  2,416
  2,534
  2,657
  2,787
  2,924
  3,068
  3,219
  3,378
  3,545
Total debt, $m
  825
  980
  1,185
  1,405
  1,640
  1,890
  2,155
  2,437
  2,736
  3,052
  3,387
  3,740
  4,113
  4,507
  4,923
  5,360
  5,822
  6,307
  6,819
  7,357
  7,924
  8,520
  9,147
  9,806
  10,500
  11,229
  11,995
  12,800
  13,647
  14,536
  15,471
Total liabilities, $m
  5,212
  5,367
  5,572
  5,792
  6,027
  6,277
  6,542
  6,824
  7,123
  7,439
  7,774
  8,127
  8,500
  8,894
  9,310
  9,747
  10,209
  10,694
  11,206
  11,744
  12,311
  12,907
  13,534
  14,193
  14,887
  15,616
  16,382
  17,187
  18,034
  18,923
  19,858
Total equity, $m
  2,362
  1,866
  1,937
  2,014
  2,096
  2,182
  2,275
  2,373
  2,477
  2,587
  2,703
  2,826
  2,956
  3,093
  3,237
  3,389
  3,550
  3,719
  3,896
  4,084
  4,281
  4,488
  4,706
  4,935
  5,176
  5,430
  5,696
  5,976
  6,270
  6,580
  6,905
Total liabilities and equity, $m
  7,574
  7,233
  7,509
  7,806
  8,123
  8,459
  8,817
  9,197
  9,600
  10,026
  10,477
  10,953
  11,456
  11,987
  12,547
  13,136
  13,759
  14,413
  15,102
  15,828
  16,592
  17,395
  18,240
  19,128
  20,063
  21,046
  22,078
  23,163
  24,304
  25,503
  26,763
Debt-to-equity ratio
  0.349
  0.520
  0.610
  0.700
  0.780
  0.870
  0.950
  1.030
  1.100
  1.180
  1.250
  1.320
  1.390
  1.460
  1.520
  1.580
  1.640
  1.700
  1.750
  1.800
  1.850
  1.900
  1.940
  1.990
  2.030
  2.070
  2.110
  2.140
  2.180
  2.210
  2.240
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
  512
  560
  615
  675
  742
  816
  896
  984
  1,079
  1,181
  1,382
  1,501
  1,629
  1,766
  1,912
  2,069
  2,236
  2,415
  2,605
  2,808
  3,023
  3,253
  3,496
  3,755
  4,030
  4,321
  4,630
  4,957
  5,304
  5,672
Depreciation, amort., depletion, $m
  85
  147
  148
  149
  150
  151
  152
  154
  155
  156
  158
  35
  37
  39
  40
  42
  44
  46
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
Funds from operations, $m
  550
  659
  708
  764
  825
  894
  968
  1,050
  1,139
  1,235
  1,339
  1,417
  1,538
  1,667
  1,806
  1,955
  2,113
  2,283
  2,464
  2,656
  2,861
  3,080
  3,312
  3,558
  3,820
  4,098
  4,392
  4,705
  5,036
  5,387
  5,758
Change in working capital, $m
  -50
  34
  37
  39
  42
  45
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
  118
  124
  130
  137
  144
  151
  159
  167
Cash from operations, $m
  600
  625
  672
  724
  784
  849
  921
  1,000
  1,085
  1,178
  1,279
  1,354
  1,471
  1,597
  1,732
  1,876
  2,031
  2,196
  2,372
  2,560
  2,760
  2,973
  3,200
  3,440
  3,696
  3,968
  4,256
  4,561
  4,885
  5,228
  5,591
Maintenance CAPEX, $m
  0
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
New CAPEX, $m
  -57
  -11
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -78
  -82
Cash from investing activities, $m
  -110
  -34
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -59
  -61
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -91
  -96
  -100
  -106
  -111
  -117
  -123
  -129
  -135
  -141
  -149
  -156
  -164
Free cash flow, $m
  490
  591
  630
  681
  738
  801
  870
  947
  1,030
  1,120
  1,218
  1,290
  1,403
  1,526
  1,657
  1,798
  1,948
  2,109
  2,281
  2,464
  2,660
  2,868
  3,089
  3,324
  3,574
  3,839
  4,121
  4,419
  4,736
  5,072
  5,427
Issuance/(repayment) of debt, $m
  -7
  195
  206
  220
  235
  250
  266
  282
  299
  316
  334
  353
  373
  394
  415
  438
  461
  486
  512
  538
  567
  596
  627
  659
  693
  729
  766
  805
  846
  889
  935
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
  195
  206
  220
  235
  250
  266
  282
  299
  316
  334
  353
  373
  394
  415
  438
  461
  486
  512
  538
  567
  596
  627
  659
  693
  729
  766
  805
  846
  889
  935
Total cash flow (excl. dividends), $m
  -14
  785
  836
  901
  973
  1,051
  1,136
  1,228
  1,328
  1,436
  1,552
  1,643
  1,777
  1,920
  2,072
  2,236
  2,410
  2,595
  2,793
  3,003
  3,226
  3,464
  3,716
  3,983
  4,267
  4,568
  4,887
  5,225
  5,583
  5,961
  6,362
Retained Cash Flow (-), $m
  263
  -63
  -71
  -76
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -144
  -152
  -160
  -169
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -253
  -266
  -280
  -294
  -309
  -325
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
 
  1,281
  764
  825
  891
  964
  1,044
  1,130
  1,224
  1,326
  1,436
  1,520
  1,647
  1,783
  1,928
  2,083
  2,249
  2,426
  2,615
  2,816
  3,029
  3,256
  3,498
  3,754
  4,026
  4,315
  4,621
  4,945
  5,288
  5,652
  6,037
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
 
  1,228
  700
  718
  734
  747
  757
  764
  765
  762
  753
  722
  703
  678
  647
  612
  572
  528
  482
  434
  385
  337
  290
  246
  205
  168
  135
  106
  82
  62
  45
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 17.9
Price to Sales 0.4
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 14.7
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 3.7% 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 67.097 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 $8.0 billion.

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COMPANY NEWS

▶ 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]
▶ Top Ranked Growth Stocks to Buy for April 25th   [Apr-25-17 10:22AM  Zacks]
▶ Company News for April 24, 2017   [Apr-24-17 10:28AM  Zacks]
▶ 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]
Stock chart of MAN Financial statements of MAN Annual reports 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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