Manpowergroup Inc.

Consumer Discretionary
Professional Services
www.manpowergroup.com

Earnings Score
Moat Score
Safety Score

Market Cap $2.92B
PE 77
Debt $1.02B
Cash $410.90M
EV $3.53B
FCF $112.40M

Earnings

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Sales & Net Margins

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Earnings	$38.10M
EBIT	$198.30M
ROE	2%
ROA	2%
FCF	$112.40M
Equity	$2.18B
Growth Stability	5%
PE	76.66
PEG	-4.16
PB	1.34
P/FCF	25.99
P/S	0.16
Price/Cash	0.14
Debt/Equity	0.47
Debt/FCF	9.11
Net Margins	1%
Gross Margins	17%
Op. Margins	1%
Earnings CAGR	-17%
Sales Growth YoY	-3%
Sales Growth QoQ	0%
Sales CAGR	-1%
FCF CAGR	-6%
Equity CAGR	-2%
Earnings Stability	0.33
Earnings Growth YoY	-25%
Earnings Growth QoQ	-62%
Earnings CAGR 5Y	-18%

Sales CAGR 5Y	-1%
FCF CAGR 5Y	-30%
Equity CAGR 5Y	-4%
Earnings CAGR 3Y	-5%
Sales CAGR 3Y	-5%
FCF CAGR 3Y	-34%
Equity CAGR 3Y	-6%
Market Cap	$2.92B
Revenue	$18.08B
Dividend Yield	5%
Payout Ratio	380%
Assets	$8.48B
Total Debt	$1.02B
Cash	$410.90M
Shares Outstanding	47.6M
EV	3.53B
Earnings Score	3%
Moat Score	30%
Safety Score	48%
Final Score	27%
Working Capital	657.6M
Current Ratio	1.15
Gross Profit	$3.14B
Shares Growth 3y	-5%
Equity Growth QoQ	1%
Equity Growth YoY	-10%

Assets & ROA

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Stockholders Equity & ROE

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ManpowerGroup is one of the largest firms in the fragmented global staffing industry. It serves each main staffing category--temporary, permanent, and project-based--and offers a suite of human resources outsourcing and outplacement services. Manpower generates annual revenue and operating income of more than $20 billion and nearly $600 million, respectively. A vast majority of sales are generated outside the U.S. from operations in 80 countries. Its 30,000 employees serve an estimated 600,000 clients and place millions of job candidates.

SEC Filings

Direct access to Manpowergroup Inc. (MAN) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Manpowergroup Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Manpowergroup Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -17%

Stability 33%

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Manpowergroup Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Manpowergroup Inc..

Years

Calculation mode

= $771M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$112M	$106M	$100M	$94M	$89M	$84M	$79M	$74M	$70M	$66M	$62M	$624M
DCF		$96M	$83M	$71M	$61M	$52M	$45M	$38M	$33M	$28M	$24M	$241M
Value	$771M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	2%	2%	2%	3%	3%	2%	0%	2%	2%	0%	1%
ROA	-	9%	10%	9%	9%	7%	2%	6%	6%	3%	2%
ROE	-	16%	18%	19%	21%	17%	1%	15%	15%	4%	2%

Bad Net Margins (0.91%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	1.88	1.52	3.95	2.57	1.41	1.27	2.85	2.85	3.72	9.11
Debt over Equity	0.16	0.32	0.34	0.48	0.4	0.39	0.46	0.65	0.4	0.45	0.47
Growth Stability	-	-	-	100%	100%	90%	5%	100%	100%	34%	5%

Bad Debt/FCF ratio (9.11)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.47)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (5%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-7%	2%	7%	5%	-5%	-14%	15%	-4%	-5%	-1%
Earnings YoY growth	-	-2%	6%	23%	2%	-16%	-95%	2K%	-2%	-76%	-18%
Equity YoY growth	-	-9%	-9%	17%	-6%	2%	-11%	3%	-3%	-9%	-4%
FCF YoY growth	-	80%	18%	-36%	21%	82%	16%	-34%	-40%	-22%	-30%