Intrinsic value of ManpowerGroup - MAN

Previous Close

$122.76

  Intrinsic Value

$204.15

stock screener

  Rating & Target

str. buy

+66%

  Value-price divergence*

-8%

Previous close

$122.76

 
Intrinsic value

$204.15

 
Up/down potential

+66%

 
Rating

str. buy

 
Value-price divergence*

-8%

*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 8.3

 

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
  3.00
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  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
Revenue, $m
  19,654
  20,244
  20,891
  21,598
  22,363
  23,187
  24,073
  25,021
  26,032
  27,110
  28,255
  29,471
  30,759
  32,124
  33,566
  35,091
  36,701
  38,400
  40,192
  42,081
  44,072
  46,168
  48,375
  50,699
  53,144
  55,716
  58,422
  61,268
  64,260
  67,406
  70,713
Variable operating expenses, $m
 
  16,373
  16,893
  17,460
  18,074
  18,736
  19,447
  20,208
  21,020
  21,885
  22,804
  23,656
  24,690
  25,785
  26,944
  28,167
  29,460
  30,824
  32,262
  33,778
  35,376
  37,059
  38,831
  40,696
  42,658
  44,723
  46,895
  49,179
  51,581
  54,106
  56,760
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
  19,535
  20,134
  20,782
  21,479
  22,226
  23,025
  23,875
  24,779
  25,738
  26,753
  27,704
  28,839
  30,038
  31,303
  32,635
  34,040
  35,518
  37,074
  38,710
  40,431
  42,241
  44,142
  46,140
  48,238
  50,442
  52,757
  55,188
  57,740
  60,419
  63,231
Operating income, $m
  751
  708
  757
  815
  883
  961
  1,048
  1,146
  1,254
  1,372
  1,502
  1,767
  1,920
  2,086
  2,264
  2,456
  2,662
  2,883
  3,119
  3,371
  3,641
  3,928
  4,234
  4,560
  4,906
  5,274
  5,665
  6,080
  6,520
  6,987
  7,481
EBITDA, $m
  836
  855
  905
  964
  1,033
  1,111
  1,200
  1,298
  1,407
  1,527
  1,658
  1,801
  1,955
  2,122
  2,302
  2,496
  2,704
  2,926
  3,165
  3,419
  3,691
  3,981
  4,289
  4,618
  4,967
  5,338
  5,732
  6,150
  6,593
  7,064
  7,562
Interest expense (income), $m
  37
  35
  42
  49
  57
  66
  76
  86
  97
  109
  121
  134
  148
  163
  179
  196
  214
  232
  252
  273
  295
  318
  342
  367
  394
  423
  452
  484
  517
  551
  588
Earnings before tax, $m
  701
  674
  715
  766
  826
  895
  973
  1,060
  1,157
  1,264
  1,381
  1,633
  1,772
  1,922
  2,085
  2,260
  2,448
  2,650
  2,867
  3,099
  3,346
  3,610
  3,892
  4,192
  4,512
  4,851
  5,212
  5,596
  6,003
  6,435
  6,893
Tax expense, $m
  257
  182
  193
  207
  223
  242
  263
  286
  312
  341
  373
  441
  478
  519
  563
  610
  661
  716
  774
  837
  903
  975
  1,051
  1,132
  1,218
  1,310
  1,407
  1,511
  1,621
  1,737
  1,861
Net income, $m
  444
  492
  522
  559
  603
  653
  710
  774
  844
  922
  1,008
  1,192
  1,293
  1,403
  1,522
  1,650
  1,787
  1,935
  2,093
  2,262
  2,443
  2,636
  2,841
  3,060
  3,293
  3,541
  3,805
  4,085
  4,382
  4,698
  5,032

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
  7,184
  7,414
  7,664
  7,936
  8,228
  8,542
  8,879
  9,238
  9,620
  10,027
  10,458
  10,915
  11,399
  11,911
  12,453
  13,024
  13,627
  14,263
  14,933
  15,639
  16,383
  17,167
  17,991
  18,859
  19,772
  20,732
  21,742
  22,803
  23,920
  25,093
Adjusted assets (=assets-cash), $m
  6,975
  7,184
  7,414
  7,664
  7,936
  8,228
  8,542
  8,879
  9,238
  9,620
  10,027
  10,458
  10,915
  11,399
  11,911
  12,453
  13,024
  13,627
  14,263
  14,933
  15,639
  16,383
  17,167
  17,991
  18,859
  19,772
  20,732
  21,742
  22,803
  23,920
  25,093
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
  466
  481
  497
  514
  533
  554
  575
  599
  624
  650
  678
  707
  739
  772
  807
  844
  883
  924
  968
  1,014
  1,062
  1,113
  1,166
  1,222
  1,281
  1,344
  1,409
  1,478
  1,550
  1,626
Working capital, $m
  1,474
  951
  982
  1,015
  1,051
  1,090
  1,131
  1,176
  1,224
  1,274
  1,328
  1,385
  1,446
  1,510
  1,578
  1,649
  1,725
  1,805
  1,889
  1,978
  2,071
  2,170
  2,274
  2,383
  2,498
  2,619
  2,746
  2,880
  3,020
  3,168
  3,323
Total debt, $m
  825
  943
  1,114
  1,300
  1,501
  1,718
  1,952
  2,201
  2,467
  2,751
  3,053
  3,373
  3,712
  4,071
  4,451
  4,853
  5,277
  5,724
  6,196
  6,693
  7,217
  7,769
  8,351
  8,962
  9,606
  10,284
  10,996
  11,745
  12,533
  13,361
  14,232
Total liabilities, $m
  5,212
  5,330
  5,501
  5,687
  5,888
  6,105
  6,339
  6,588
  6,854
  7,138
  7,440
  7,760
  8,099
  8,458
  8,838
  9,240
  9,664
  10,111
  10,583
  11,080
  11,604
  12,156
  12,738
  13,349
  13,993
  14,671
  15,383
  16,132
  16,920
  17,748
  18,619
Total equity, $m
  2,362
  1,853
  1,913
  1,977
  2,047
  2,123
  2,204
  2,291
  2,383
  2,482
  2,587
  2,698
  2,816
  2,941
  3,073
  3,213
  3,360
  3,516
  3,680
  3,853
  4,035
  4,227
  4,429
  4,642
  4,866
  5,101
  5,349
  5,609
  5,883
  6,171
  6,474
Total liabilities and equity, $m
  7,574
  7,183
  7,414
  7,664
  7,935
  8,228
  8,543
  8,879
  9,237
  9,620
  10,027
  10,458
  10,915
  11,399
  11,911
  12,453
  13,024
  13,627
  14,263
  14,933
  15,639
  16,383
  17,167
  17,991
  18,859
  19,772
  20,732
  21,741
  22,803
  23,919
  25,093
Debt-to-equity ratio
  0.349
  0.510
  0.580
  0.660
  0.730
  0.810
  0.890
  0.960
  1.040
  1.110
  1.180
  1.250
  1.320
  1.380
  1.450
  1.510
  1.570
  1.630
  1.680
  1.740
  1.790
  1.840
  1.890
  1.930
  1.970
  2.020
  2.060
  2.090
  2.130
  2.170
  2.200
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
  492
  522
  559
  603
  653
  710
  774
  844
  922
  1,008
  1,192
  1,293
  1,403
  1,522
  1,650
  1,787
  1,935
  2,093
  2,262
  2,443
  2,636
  2,841
  3,060
  3,293
  3,541
  3,805
  4,085
  4,382
  4,698
  5,032
Depreciation, amort., depletion, $m
  85
  147
  148
  149
  150
  151
  152
  153
  154
  155
  156
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  74
  77
  81
Funds from operations, $m
  550
  639
  670
  708
  752
  804
  861
  926
  998
  1,078
  1,164
  1,226
  1,329
  1,440
  1,560
  1,690
  1,829
  1,979
  2,139
  2,310
  2,493
  2,688
  2,897
  3,118
  3,354
  3,605
  3,872
  4,155
  4,456
  4,775
  5,113
Change in working capital, $m
  -50
  28
  30
  33
  36
  39
  42
  45
  48
  51
  54
  57
  61
  64
  68
  72
  76
  80
  84
  89
  94
  99
  104
  109
  115
  121
  127
  134
  141
  148
  155
Cash from operations, $m
  600
  611
  640
  675
  717
  765
  820
  882
  951
  1,027
  1,111
  1,168
  1,268
  1,376
  1,493
  1,618
  1,754
  1,899
  2,055
  2,221
  2,400
  2,590
  2,793
  3,009
  3,239
  3,484
  3,745
  4,021
  4,315
  4,627
  4,958
Maintenance CAPEX, $m
  0
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
New CAPEX, $m
  -57
  -8
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
Cash from investing activities, $m
  -110
  -31
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -64
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -98
  -104
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -153
Free cash flow, $m
  490
  580
  602
  635
  674
  720
  773
  832
  899
  972
  1,053
  1,108
  1,205
  1,309
  1,423
  1,545
  1,676
  1,818
  1,969
  2,132
  2,306
  2,491
  2,689
  2,900
  3,125
  3,364
  3,619
  3,889
  4,176
  4,481
  4,804
Issuance/(repayment) of debt, $m
  -7
  158
  171
  186
  201
  217
  233
  250
  266
  284
  302
  320
  339
  359
  380
  401
  424
  447
  472
  497
  524
  552
  581
  612
  644
  677
  712
  749
  788
  828
  871
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
  158
  171
  186
  201
  217
  233
  250
  266
  284
  302
  320
  339
  359
  380
  401
  424
  447
  472
  497
  524
  552
  581
  612
  644
  677
  712
  749
  788
  828
  871
Total cash flow (excl. dividends), $m
  -14
  739
  772
  821
  876
  937
  1,006
  1,082
  1,165
  1,256
  1,355
  1,428
  1,544
  1,669
  1,802
  1,946
  2,100
  2,265
  2,441
  2,629
  2,830
  3,043
  3,270
  3,512
  3,769
  4,042
  4,331
  4,638
  4,964
  5,309
  5,675
Retained Cash Flow (-), $m
  263
  -50
  -59
  -65
  -70
  -76
  -81
  -87
  -93
  -99
  -105
  -111
  -118
  -125
  -132
  -140
  -147
  -156
  -164
  -173
  -182
  -192
  -202
  -213
  -224
  -236
  -248
  -261
  -274
  -288
  -303
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
 
  1,247
  713
  756
  806
  862
  925
  995
  1,073
  1,157
  1,250
  1,317
  1,426
  1,544
  1,670
  1,807
  1,953
  2,110
  2,277
  2,456
  2,647
  2,851
  3,068
  3,299
  3,545
  3,806
  4,083
  4,378
  4,690
  5,021
  5,372
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
 
  1,196
  653
  658
  663
  668
  671
  672
  670
  665
  655
  625
  609
  587
  561
  530
  496
  459
  419
  378
  336
  295
  255
  216
  181
  148
  119
  94
  73
  55
  40
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 18.5
Price to Sales 0.4
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 15.1
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% 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 67.284 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 $8.3 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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