Analyst Note| Joshua Aguilar |
Manpower posted first-quarter results that illustrated gradual improvement in global hiring activity. While these improvements are encouraging, uncertainties still remain. Spikes in COVID-19 cases during the spring have caused some countries, specifically those in the Eurozone, to tighten restrictions or go into lockdowns. Despite these concerns, we maintain our long-term economic outlook as many firms continue to prepare for a post-pandemic world. We raise our fair value estimate to $85 from $82, due to a slight increase in revenue and margin assumptions in our forecast.