Intrinsic value of ManpowerGroup - MAN

Previous Close

$88.19

  Intrinsic Value

$221.01

stock screener

  Rating & Target

str. buy

+151%

Previous close

$88.19

 
Intrinsic value

$221.01

 
Up/down potential

+151%

 
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 0001), $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 5.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
Revenue, $m
  22,990
  25,030
  27,153
  29,362
  31,658
  34,045
  36,525
  39,103
  41,782
  44,567
  47,463
  50,477
  53,614
  56,881
  60,284
  63,832
  67,532
  71,393
  75,424
  79,633
  84,031
  88,628
  93,434
  98,462
  103,723
  109,229
  114,994
  121,032
  127,356
  133,981
Variable operating expenses, $m
  22,102
  24,048
  26,074
  28,182
  30,373
  32,651
  35,018
  37,477
  40,034
  42,691
  45,293
  48,168
  51,162
  54,279
  57,527
  60,913
  64,444
  68,128
  71,974
  75,991
  80,188
  84,574
  89,161
  93,959
  98,979
  104,234
  109,735
  115,496
  121,531
  127,854
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
  22,102
  24,048
  26,074
  28,182
  30,373
  32,651
  35,018
  37,477
  40,034
  42,691
  45,293
  48,168
  51,162
  54,279
  57,527
  60,913
  64,444
  68,128
  71,974
  75,991
  80,188
  84,574
  89,161
  93,959
  98,979
  104,234
  109,735
  115,496
  121,531
  127,854
Operating income, $m
  889
  982
  1,079
  1,180
  1,285
  1,394
  1,508
  1,626
  1,748
  1,876
  2,171
  2,309
  2,452
  2,601
  2,757
  2,919
  3,089
  3,265
  3,449
  3,642
  3,843
  4,053
  4,273
  4,503
  4,744
  4,996
  5,259
  5,535
  5,825
  6,128
EBITDA, $m
  1,102
  1,200
  1,301
  1,407
  1,517
  1,632
  1,751
  1,874
  2,003
  2,136
  2,275
  2,419
  2,570
  2,726
  2,889
  3,059
  3,237
  3,422
  3,615
  3,817
  4,028
  4,248
  4,478
  4,719
  4,971
  5,235
  5,512
  5,801
  6,104
  6,422
Interest expense (income), $m
  37
  54
  87
  120
  155
  192
  230
  270
  311
  353
  398
  444
  492
  542
  594
  648
  704
  763
  824
  888
  955
  1,025
  1,097
  1,174
  1,253
  1,336
  1,424
  1,515
  1,610
  1,710
  1,815
Earnings before tax, $m
  835
  895
  959
  1,025
  1,093
  1,164
  1,238
  1,315
  1,395
  1,478
  1,727
  1,817
  1,910
  2,008
  2,109
  2,215
  2,326
  2,441
  2,561
  2,687
  2,819
  2,956
  3,100
  3,250
  3,407
  3,572
  3,745
  3,925
  4,114
  4,313
Tax expense, $m
  225
  242
  259
  277
  295
  314
  334
  355
  377
  399
  466
  491
  516
  542
  570
  598
  628
  659
  692
  726
  761
  798
  837
  878
  920
  964
  1,011
  1,060
  1,111
  1,164
Net income, $m
  609
  654
  700
  748
  798
  850
  904
  960
  1,018
  1,079
  1,261
  1,326
  1,395
  1,466
  1,540
  1,617
  1,698
  1,782
  1,870
  1,962
  2,058
  2,158
  2,263
  2,373
  2,487
  2,608
  2,734
  2,865
  3,004
  3,148

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
  9,709
  10,570
  11,467
  12,399
  13,369
  14,377
  15,425
  16,513
  17,644
  18,820
  20,044
  21,316
  22,641
  24,021
  25,458
  26,956
  28,519
  30,149
  31,851
  33,629
  35,486
  37,427
  39,457
  41,580
  43,802
  46,127
  48,562
  51,111
  53,782
  56,580
Adjusted assets (=assets-cash), $m
  9,709
  10,570
  11,467
  12,399
  13,369
  14,377
  15,425
  16,513
  17,644
  18,820
  20,044
  21,316
  22,641
  24,021
  25,458
  26,956
  28,519
  30,149
  31,851
  33,629
  35,486
  37,427
  39,457
  41,580
  43,802
  46,127
  48,562
  51,111
  53,782
  56,580
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
  1,035
  1,126
  1,222
  1,321
  1,425
  1,532
  1,644
  1,760
  1,880
  2,006
  2,136
  2,271
  2,413
  2,560
  2,713
  2,872
  3,039
  3,213
  3,394
  3,583
  3,781
  3,988
  4,205
  4,431
  4,668
  4,915
  5,175
  5,446
  5,731
  6,029
Working capital, $m
  1,241
  1,352
  1,466
  1,586
  1,710
  1,838
  1,972
  2,112
  2,256
  2,407
  2,563
  2,726
  2,895
  3,072
  3,255
  3,447
  3,647
  3,855
  4,073
  4,300
  4,538
  4,786
  5,045
  5,317
  5,601
  5,898
  6,210
  6,536
  6,877
  7,235
Total debt, $m
  1,518
  2,111
  2,728
  3,370
  4,037
  4,730
  5,451
  6,200
  6,978
  7,787
  8,629
  9,504
  10,416
  11,365
  12,354
  13,385
  14,460
  15,581
  16,752
  17,975
  19,253
  20,589
  21,985
  23,446
  24,975
  26,574
  28,249
  30,003
  31,841
  33,766
Total liabilities, $m
  6,680
  7,272
  7,889
  8,531
  9,198
  9,891
  10,612
  11,361
  12,139
  12,948
  13,790
  14,666
  15,577
  16,526
  17,515
  18,546
  19,621
  20,743
  21,914
  23,137
  24,414
  25,750
  27,146
  28,607
  30,136
  31,736
  33,411
  35,165
  37,002
  38,927
Total equity, $m
  3,029
  3,298
  3,578
  3,869
  4,171
  4,486
  4,812
  5,152
  5,505
  5,872
  6,254
  6,651
  7,064
  7,494
  7,943
  8,410
  8,898
  9,407
  9,938
  10,492
  11,072
  11,677
  12,311
  12,973
  13,666
  14,392
  15,151
  15,947
  16,780
  17,653
Total liabilities and equity, $m
  9,709
  10,570
  11,467
  12,400
  13,369
  14,377
  15,424
  16,513
  17,644
  18,820
  20,044
  21,317
  22,641
  24,020
  25,458
  26,956
  28,519
  30,150
  31,852
  33,629
  35,486
  37,427
  39,457
  41,580
  43,802
  46,128
  48,562
  51,112
  53,782
  56,580
Debt-to-equity ratio
  0.500
  0.640
  0.760
  0.870
  0.970
  1.050
  1.130
  1.200
  1.270
  1.330
  1.380
  1.430
  1.470
  1.520
  1.560
  1.590
  1.630
  1.660
  1.690
  1.710
  1.740
  1.760
  1.790
  1.810
  1.830
  1.850
  1.860
  1.880
  1.900
  1.910
Adjusted equity ratio
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  609
  654
  700
  748
  798
  850
  904
  960
  1,018
  1,079
  1,261
  1,326
  1,395
  1,466
  1,540
  1,617
  1,698
  1,782
  1,870
  1,962
  2,058
  2,158
  2,263
  2,373
  2,487
  2,608
  2,734
  2,865
  3,004
  3,148
Depreciation, amort., depletion, $m
  213
  218
  222
  227
  232
  237
  243
  249
  254
  261
  104
  111
  118
  125
  132
  140
  148
  157
  166
  175
  184
  195
  205
  216
  228
  240
  252
  266
  280
  294
Funds from operations, $m
  823
  871
  922
  975
  1,030
  1,087
  1,147
  1,208
  1,273
  1,339
  1,365
  1,437
  1,512
  1,591
  1,672
  1,757
  1,846
  1,939
  2,035
  2,136
  2,242
  2,352
  2,468
  2,589
  2,715
  2,847
  2,986
  3,131
  3,283
  3,442
Change in working capital, $m
  106
  110
  115
  119
  124
  129
  134
  139
  145
  150
  156
  163
  169
  176
  184
  192
  200
  208
  218
  227
  237
  248
  260
  272
  284
  297
  311
  326
  341
  358
Cash from operations, $m
  717
  761
  808
  856
  906
  958
  1,013
  1,069
  1,128
  1,189
  1,208
  1,274
  1,343
  1,414
  1,488
  1,566
  1,646
  1,730
  1,818
  1,909
  2,005
  2,104
  2,208
  2,317
  2,431
  2,550
  2,675
  2,805
  2,942
  3,085
Maintenance CAPEX, $m
  -46
  -50
  -55
  -60
  -64
  -69
  -75
  -80
  -86
  -92
  -98
  -104
  -111
  -118
  -125
  -132
  -140
  -148
  -157
  -166
  -175
  -184
  -195
  -205
  -216
  -228
  -240
  -252
  -266
  -280
New CAPEX, $m
  -92
  -92
  -96
  -99
  -103
  -107
  -112
  -116
  -121
  -125
  -130
  -136
  -141
  -147
  -153
  -160
  -167
  -174
  -181
  -189
  -198
  -207
  -216
  -226
  -237
  -248
  -259
  -272
  -285
  -298
Cash from investing activities, $m
  -138
  -142
  -151
  -159
  -167
  -176
  -187
  -196
  -207
  -217
  -228
  -240
  -252
  -265
  -278
  -292
  -307
  -322
  -338
  -355
  -373
  -391
  -411
  -431
  -453
  -476
  -499
  -524
  -551
  -578
Free cash flow, $m
  579
  619
  657
  697
  738
  782
  826
  873
  922
  972
  980
  1,034
  1,091
  1,149
  1,210
  1,274
  1,340
  1,408
  1,480
  1,554
  1,632
  1,713
  1,797
  1,886
  1,978
  2,075
  2,175
  2,281
  2,391
  2,507
Issuance/(repayment) of debt, $m
  571
  592
  617
  642
  667
  693
  721
  749
  778
  809
  842
  876
  911
  949
  989
  1,031
  1,075
  1,122
  1,171
  1,223
  1,278
  1,336
  1,397
  1,461
  1,528
  1,600
  1,675
  1,754
  1,837
  1,925
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  
  571
  592
  617
  642
  667
  693
  721
  749
  778
  809
  842
  876
  911
  949
  989
  1,031
  1,075
  1,122
  1,171
  1,223
  1,278
  1,336
  1,397
  1,461
  1,528
  1,600
  1,675
  1,754
  1,837
  1,925
Total cash flow (excl. dividends), $m
  1,150
  1,211
  1,274
  1,339
  1,406
  1,475
  1,547
  1,622
  1,700
  1,781
  1,822
  1,910
  2,002
  2,099
  2,199
  2,304
  2,415
  2,530
  2,651
  2,777
  2,910
  3,048
  3,194
  3,347
  3,507
  3,674
  3,850
  4,035
  4,229
  4,432
Retained Cash Flow (-), $m
  -254
  -269
  -280
  -291
  -303
  -314
  -327
  -340
  -353
  -367
  -382
  -397
  -413
  -430
  -448
  -467
  -488
  -509
  -531
  -555
  -579
  -606
  -633
  -662
  -693
  -725
  -760
  -795
  -833
  -873
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
  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
  896
  943
  994
  1,048
  1,103
  1,161
  1,220
  1,282
  1,347
  1,414
  1,440
  1,513
  1,589
  1,668
  1,751
  1,837
  1,927
  2,021
  2,120
  2,222
  2,330
  2,443
  2,561
  2,684
  2,813
  2,949
  3,091
  3,240
  3,395
  3,559
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
  859
  863
  865
  863
  855
  842
  824
  802
  774
  741
  684
  646
  604
  560
  514
  467
  419
  372
  326
  282
  241
  203
  168
  137
  109
  86
  66
  50
  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 13.3
Price to Sales 0.3
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 9.8
Price to Free Cash Flow 10.9
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 $21034.3 million for the last fiscal year's total revenue generated by ManpowerGroup. The default revenue input number comes from 0001 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 9.3% 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%.

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 4.5%.

Life of production assets of 20.5 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 5.4%. 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 - $2774.9 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 64.895 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 $5.7 billion.

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COMPANY NEWS

▶ Milwaukee, Midwest report strong employment outlook in latest ManpowerGroup survey   [Sep-13-18 02:16PM  American City Business Journals]
▶ Is It Time to Invest in Staffing Stocks?   [Aug-27-18 06:47PM  GuruFocus.com]
▶ 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]

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