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ManpowerGroup Inc MAN

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Manpower Posts Strong Operating Profit; We Increase FVE to $85

Joshua Aguilar Equity Analyst

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.

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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.

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

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