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ManpowerGroup Inc MAN

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Manpower Reports Improved Fourth-Quarter Results, but Uncertainty Still Remains in the Near Term

Joshua Aguilar Equity Analyst

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.

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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 Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 25,000