Analyst Note| Joshua Aguilar |
Manpower’s fourth-quarter results showed sequential improvements compared to the third quarter, but we still see spots of uncertainty in the near term. Parts of the Eurozone are seeing mixed effects from spikes in COVID-19 cases. That said, we maintain our view that the long-term economic outlook looks far better than the short term. We’ve increased our fair value estimate to $82 from $81 to reflect increased revenue and margin assumptions in the back-half of our forecast. We expect revenue to grow on average by 3.4% over the next decade, with a 7.3% rebound in 2021.