Intrinsic value of ManpowerGroup - MAN

Previous Close

$86.55

  Intrinsic Value

$230.07

stock screener

  Rating & Target

str. buy

+166%

Previous close

$86.55

 
Intrinsic value

$230.07

 
Up/down potential

+166%

 
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 2017), $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 5.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  22,506
  24,037
  25,628
  27,283
  29,005
  30,798
  32,665
  34,611
  36,640
  38,755
  40,964
  43,269
  45,677
  48,193
  50,823
  53,573
  56,450
  59,461
  62,613
  65,913
  69,369
  72,989
  76,782
  80,757
  84,924
  89,292
  93,872
  98,675
  103,712
  108,995
Variable operating expenses, $m
  21,640
  23,100
  24,619
  26,198
  27,841
  29,552
  31,334
  33,191
  35,127
  37,146
  39,090
  41,290
  43,588
  45,989
  48,498
  51,123
  53,869
  56,742
  59,749
  62,898
  66,196
  69,651
  73,270
  77,064
  81,040
  85,208
  89,579
  94,162
  98,968
  104,010
Fixed operating expenses, $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
Total operating expenses, $m
  21,640
  23,100
  24,619
  26,198
  27,841
  29,552
  31,334
  33,191
  35,127
  37,146
  39,090
  41,290
  43,588
  45,989
  48,498
  51,123
  53,869
  56,742
  59,749
  62,898
  66,196
  69,651
  73,270
  77,064
  81,040
  85,208
  89,579
  94,162
  98,968
  104,010
Operating income, $m
  867
  937
  1,009
  1,085
  1,164
  1,246
  1,331
  1,420
  1,513
  1,610
  1,873
  1,979
  2,089
  2,204
  2,324
  2,450
  2,582
  2,719
  2,864
  3,015
  3,173
  3,338
  3,512
  3,693
  3,884
  4,084
  4,293
  4,513
  4,743
  4,985
EBITDA, $m
  1,214
  1,296
  1,382
  1,472
  1,564
  1,661
  1,762
  1,867
  1,976
  2,090
  2,209
  2,334
  2,464
  2,599
  2,741
  2,889
  3,045
  3,207
  3,377
  3,555
  3,741
  3,937
  4,141
  4,356
  4,580
  4,816
  5,063
  5,322
  5,594
  5,879
Interest expense (income), $m
  37
  54
  78
  103
  129
  156
  184
  213
  244
  275
  309
  343
  379
  417
  456
  497
  540
  585
  632
  681
  732
  786
  843
  902
  964
  1,029
  1,097
  1,168
  1,243
  1,321
  1,403
Earnings before tax, $m
  813
  859
  907
  956
  1,008
  1,062
  1,118
  1,177
  1,238
  1,301
  1,530
  1,600
  1,672
  1,748
  1,827
  1,910
  1,997
  2,088
  2,183
  2,282
  2,386
  2,495
  2,610
  2,730
  2,855
  2,987
  3,125
  3,270
  3,422
  3,582
Tax expense, $m
  219
  232
  245
  258
  272
  287
  302
  318
  334
  351
  413
  432
  452
  472
  493
  516
  539
  564
  589
  616
  644
  674
  705
  737
  771
  807
  844
  883
  924
  967
Net income, $m
  593
  627
  662
  698
  736
  775
  816
  859
  903
  950
  1,117
  1,168
  1,221
  1,276
  1,334
  1,394
  1,458
  1,524
  1,593
  1,666
  1,742
  1,822
  1,905
  1,993
  2,085
  2,181
  2,282
  2,387
  2,498
  2,615

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  9,504
  10,151
  10,823
  11,522
  12,249
  13,006
  13,794
  14,616
  15,473
  16,366
  17,299
  18,272
  19,289
  20,352
  21,462
  22,624
  23,839
  25,110
  26,441
  27,835
  29,294
  30,823
  32,425
  34,104
  35,863
  37,708
  39,642
  41,670
  43,797
  46,028
Adjusted assets (=assets-cash), $m
  9,504
  10,151
  10,823
  11,522
  12,249
  13,006
  13,794
  14,616
  15,473
  16,366
  17,299
  18,272
  19,289
  20,352
  21,462
  22,624
  23,839
  25,110
  26,441
  27,835
  29,294
  30,823
  32,425
  34,104
  35,863
  37,708
  39,642
  41,670
  43,797
  46,028
Revenue / Adjusted assets
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
  2.368
Average production assets, $m
  1,846
  1,971
  2,102
  2,237
  2,378
  2,525
  2,679
  2,838
  3,004
  3,178
  3,359
  3,548
  3,745
  3,952
  4,167
  4,393
  4,629
  4,876
  5,134
  5,405
  5,688
  5,985
  6,296
  6,622
  6,964
  7,322
  7,697
  8,091
  8,504
  8,938
Working capital, $m
  -2,431
  -2,596
  -2,768
  -2,947
  -3,133
  -3,326
  -3,528
  -3,738
  -3,957
  -4,186
  -4,424
  -4,673
  -4,933
  -5,205
  -5,489
  -5,786
  -6,097
  -6,422
  -6,762
  -7,119
  -7,492
  -7,883
  -8,292
  -8,722
  -9,172
  -9,644
  -10,138
  -10,657
  -11,201
  -11,771
Total debt, $m
  1,366
  1,804
  2,260
  2,734
  3,227
  3,740
  4,275
  4,832
  5,412
  6,018
  6,650
  7,311
  8,000
  8,720
  9,473
  10,261
  11,085
  11,947
  12,849
  13,794
  14,783
  15,820
  16,906
  18,044
  19,237
  20,488
  21,799
  23,174
  24,616
  26,129
Total liabilities, $m
  6,444
  6,882
  7,338
  7,812
  8,305
  8,818
  9,353
  9,910
  10,491
  11,096
  11,729
  12,389
  13,078
  13,798
  14,551
  15,339
  16,163
  17,025
  17,927
  18,872
  19,861
  20,898
  21,984
  23,122
  24,315
  25,566
  26,877
  28,252
  29,694
  31,207
Total equity, $m
  3,060
  3,269
  3,485
  3,710
  3,944
  4,188
  4,442
  4,706
  4,982
  5,270
  5,570
  5,884
  6,211
  6,553
  6,911
  7,285
  7,676
  8,086
  8,514
  8,963
  9,433
  9,925
  10,441
  10,981
  11,548
  12,142
  12,765
  13,418
  14,103
  14,821
Total liabilities and equity, $m
  9,504
  10,151
  10,823
  11,522
  12,249
  13,006
  13,795
  14,616
  15,473
  16,366
  17,299
  18,273
  19,289
  20,351
  21,462
  22,624
  23,839
  25,111
  26,441
  27,835
  29,294
  30,823
  32,425
  34,103
  35,863
  37,708
  39,642
  41,670
  43,797
  46,028
Debt-to-equity ratio
  0.450
  0.550
  0.650
  0.740
  0.820
  0.890
  0.960
  1.030
  1.090
  1.140
  1.190
  1.240
  1.290
  1.330
  1.370
  1.410
  1.440
  1.480
  1.510
  1.540
  1.570
  1.590
  1.620
  1.640
  1.670
  1.690
  1.710
  1.730
  1.750
  1.760
Adjusted equity ratio
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  593
  627
  662
  698
  736
  775
  816
  859
  903
  950
  1,117
  1,168
  1,221
  1,276
  1,334
  1,394
  1,458
  1,524
  1,593
  1,666
  1,742
  1,822
  1,905
  1,993
  2,085
  2,181
  2,282
  2,387
  2,498
  2,615
Depreciation, amort., depletion, $m
  347
  360
  373
  386
  401
  415
  431
  447
  463
  480
  336
  355
  375
  395
  417
  439
  463
  488
  513
  540
  569
  599
  630
  662
  696
  732
  770
  809
  850
  894
Funds from operations, $m
  940
  987
  1,035
  1,085
  1,136
  1,190
  1,247
  1,305
  1,367
  1,430
  1,453
  1,523
  1,595
  1,671
  1,751
  1,834
  1,921
  2,012
  2,107
  2,206
  2,311
  2,420
  2,535
  2,655
  2,781
  2,913
  3,051
  3,196
  3,349
  3,508
Change in working capital, $m
  -159
  -165
  -172
  -179
  -186
  -194
  -202
  -210
  -219
  -229
  -238
  -249
  -260
  -272
  -284
  -297
  -311
  -325
  -340
  -356
  -373
  -391
  -410
  -429
  -450
  -472
  -495
  -519
  -544
  -571
Cash from operations, $m
  1,099
  1,152
  1,206
  1,263
  1,322
  1,384
  1,448
  1,516
  1,586
  1,659
  1,692
  1,772
  1,855
  1,943
  2,035
  2,131
  2,231
  2,337
  2,447
  2,563
  2,684
  2,811
  2,945
  3,084
  3,231
  3,385
  3,546
  3,715
  3,893
  4,079
Maintenance CAPEX, $m
  -173
  -185
  -197
  -210
  -224
  -238
  -253
  -268
  -284
  -300
  -318
  -336
  -355
  -375
  -395
  -417
  -439
  -463
  -488
  -513
  -540
  -569
  -599
  -630
  -662
  -696
  -732
  -770
  -809
  -850
New CAPEX, $m
  -112
  -125
  -130
  -136
  -141
  -147
  -153
  -160
  -166
  -174
  -181
  -189
  -197
  -206
  -216
  -226
  -236
  -247
  -258
  -271
  -283
  -297
  -311
  -326
  -342
  -358
  -376
  -394
  -413
  -433
Cash from investing activities, $m
  -285
  -310
  -327
  -346
  -365
  -385
  -406
  -428
  -450
  -474
  -499
  -525
  -552
  -581
  -611
  -643
  -675
  -710
  -746
  -784
  -823
  -866
  -910
  -956
  -1,004
  -1,054
  -1,108
  -1,164
  -1,222
  -1,283
Free cash flow, $m
  814
  842
  879
  917
  957
  999
  1,043
  1,088
  1,136
  1,185
  1,193
  1,247
  1,303
  1,362
  1,424
  1,489
  1,556
  1,627
  1,701
  1,779
  1,860
  1,946
  2,035
  2,129
  2,227
  2,330
  2,438
  2,552
  2,671
  2,795
Issuance/(repayment) of debt, $m
  418
  438
  456
  474
  493
  513
  535
  557
  581
  606
  632
  660
  689
  720
  753
  787
  824
  862
  902
  945
  989
  1,037
  1,086
  1,138
  1,193
  1,251
  1,311
  1,375
  1,442
  1,513
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  418
  438
  456
  474
  493
  513
  535
  557
  581
  606
  632
  660
  689
  720
  753
  787
  824
  862
  902
  945
  989
  1,037
  1,086
  1,138
  1,193
  1,251
  1,311
  1,375
  1,442
  1,513
Total cash flow (excl. dividends), $m
  1,232
  1,280
  1,335
  1,391
  1,451
  1,513
  1,577
  1,645
  1,716
  1,791
  1,825
  1,907
  1,993
  2,083
  2,177
  2,276
  2,380
  2,489
  2,603
  2,724
  2,850
  2,982
  3,121
  3,267
  3,420
  3,581
  3,750
  3,927
  4,113
  4,308
Retained Cash Flow (-), $m
  -202
  -208
  -216
  -225
  -234
  -244
  -254
  -265
  -276
  -288
  -300
  -313
  -327
  -342
  -358
  -374
  -391
  -409
  -429
  -449
  -470
  -492
  -516
  -541
  -567
  -594
  -623
  -653
  -685
  -718
Prev. year cash balance distribution, $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 flow adjustment, $m
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  56
  59
  63
  66
  69
  73
  77
  81
  85
  89
  94
  99
  104
Cash available for distribution, $m
  1,030
  1,072
  1,118
  1,166
  1,216
  1,269
  1,323
  1,381
  1,440
  1,503
  1,525
  1,593
  1,665
  1,740
  1,819
  1,902
  1,989
  2,080
  2,175
  2,275
  2,380
  2,490
  2,605
  2,726
  2,853
  2,987
  3,127
  3,274
  3,428
  3,590
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
  987
  981
  973
  960
  943
  921
  894
  863
  827
  788
  724
  680
  633
  584
  534
  483
  433
  383
  335
  289
  246
  207
  171
  139
  111
  87
  67
  51
  37
  27
Current shareholders' claim on cash, %
  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 13.1
Price to Sales 0.3
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow 10.7
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 $21034 million for the last fiscal year's total revenue generated by ManpowerGroup. The default revenue input number comes from 2017 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% 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 96.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 5.7% 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 0.1%.

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 8.2%.

Life of production assets of 10 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 -10.8%. 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 - $2858 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 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 $5.8 billion.

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COMPANY NEWS

▶ Manpower: 2Q Earnings Snapshot   [07:49AM  Associated Press]
▶ ManpowerGroup's Earnings Preview   [Jul-19-18 03:32PM  Benzinga]
▶ Why ShiftPixy Stock Needs to Cool Off Before Its Buy-Worthy   [Jul-16-18 11:51AM  InvestorPlace]
▶ [$$] US companies turn to felons to fill labour shortages   [Jul-02-18 09:44PM  Financial Times]
▶ Top NasdaqCM Companies To Buy For Cheap   [Jun-27-18 10:02AM  Simply Wall St.]
▶ [$$] Big Businesses Can't Find Enough Workers, Either   [Jun-26-18 01:47PM  The Wall Street Journal]
▶ Report: Dayton employers to increase hiring efforts   [Jun-13-18 06:00AM  American City Business Journals]
▶ ManpowerGroup Increases Dividend 8.6 Percent   [May-04-18 04:30PM  PR Newswire]
▶ Manpower: 1Q Earnings Snapshot   [07:49AM  Associated Press]
▶ Top Stock Picks for the Week of March 26th   [Mar-26-18 02:23PM  Zacks]
▶ A Look At The Intrinsic Value Of ManpowerGroup Inc (NYSE:MAN)   [Mar-17-18 07:10PM  Simply Wall St.]
▶ Wisconsin ties for best nationwide employment outlook in latest ManpowerGroup survey   [Mar-13-18 03:10PM  American City Business Journals]
▶ Manpower beats Street 4Q forecasts   [Feb-02-18 07:59AM  Associated Press]
▶ Calculating The Intrinsic Value Of ManpowerGroup Inc (MAN)   [Nov-24-17 05:25PM  Simply Wall St.]
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