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ManpowerGroup Inc MAN

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Manpower Reports Q3 Results In Line With Our Expectations; Tight Labor Market Drives Margins

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

Manpower’s third-quarter results were in line with our expectations, but growth remained constrained by tight labor markets and supply chain challenges. In Manpower’s key markets, people have not returned to the workforce fast enough to meet demand. In the automotive sector, global supply chain constraints have weighed down hiring due to chip shortages. Nonetheless, we believe these issues are transitory and that Manpower is well positioned to meet demand as economic activity rebounds. We are raising our fair value estimate to $91 from $89 primarily due to the time value of money and marginally increased midcycle assumptions.

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Company Profile

Business Description

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 also offers a suite of HR outsourcing and outplacement services. Manpower generates annual revenue and operating income of more than $18 billion and nearly $200 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.

100 Manpower Place
Milwaukee, WI, 53212
T +1 414 961-1000
Sector Industrials
Industry Staffing & Employment Services
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 25,000