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ManpowerGroup Inc. provides workforce solutions and services in the Americas, Southern Europe, Northern Europe, and the Asia Pacific Middle East region. The last earnings update was 18 days ago. More info.
7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
---|---|---|---|---|---|---|
ManpowerGroup (MPW) | 6.4% | 16.1% | 10% | -24.4% | 6.9% | 36.9% |
Europe Professional Services | 2.3% | 3.5% | 6.7% | 4.7% | 36.8% | 45.5% |
DE Market | 2.9% | 0.8% | 0.2% | -12.1% | 11.8% | 4.9% |
Is ManpowerGroup undervalued based on future cash flows and its price relative to the stock market?
Below are the data sources, inputs and calculation used to determine the intrinsic value for ManpowerGroup.
Data Point | Source | Value |
---|---|---|
Valuation Model | 2 Stage Free Cash Flow to Equity | |
Levered Free Cash Flow | Average of 12 Analyst Estimates (S&P Global) | See below |
Discount Rate (Cost of Equity) | See below | 8% |
Perpetual Growth Rate | 10-Year DE Government Bond Rate | 0.2% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
Data Point | Calculation/ Source | Result |
---|---|---|
Risk-Free Rate | 10-Year DE Govt Bond Rate | 0.2% |
Equity Risk Premium | S&P Global | 9.8% |
Professional Services Unlevered Beta | Simply Wall St/ S&P Global | 0.6 |
Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.599 (1 + (1- 21%) (20.6%)) |
0.696 |
Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 9.77%) |
8.05% |
Discounted Cash Flow Calculation for DB:MPW using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for ManpowerGroup is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.
2019 | 2020 | 2021 | 2022 | 2023 | |
Levered FCF (USD, Millions) | 385.90 | 440.45 | 446.79 | 453.22 | 459.75 |
Source | Analyst x4 | Analyst x4 | Est @ 1.44% | Est @ 1.44% | Est @ 1.44% |
Present Value Discounted (@ 8.05%) |
357.16 | 377.30 | 354.23 | 332.57 | 312.24 |
Present value of next 5 years cash flows | $1,733.50 |
Calculation | Result | |
---|---|---|
Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= $459.75 × (1 + 0.23%) ÷ (8.05% – 0.23%) |
$5,894.34 |
Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= $5,894.34 ÷ (1 + 8.05%)5 |
$4,003.13 |
Calculation | Result | |
---|---|---|
Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= $1,733.50 + $4,003.13 |
$5,736.63 |
Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $5,736.63 / 61.83 |
$81.59 |
Calculation | Result | |
---|---|---|
Non-primary Listing Adjustment Factor |
1 share in DB:MPW
represents 0.87943x
of
NYSE:MAN
(This could be a different class, a depositary receipt, a different currency, or all of these things.) |
0.87943x |
Value per Share (Listing Adjusted, EUR) |
= Value per Share (USD) x Listing Adjustment Factor
= $ 92.78 x 0.87943 |
€81.59 |
Value per share (EUR) | From above. | €81.59 |
Current discount | Discount to share price of
€74.25
= -1 x (€74.25 - €81.59) / €81.59 |
9% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Data Point | Source | Value |
---|---|---|
Earnings Per Share * | Company Filings (2018-12-31) in USD | $8.62 |
NYSE:MAN Share Price ** | NYSE (2019-02-18) in USD | $84.43 |
Europe Professional Services Industry PE Ratio | Median Figure of 93 Publicly-Listed Professional Services Companies | 16.26x |
Germany Market PE Ratio | Median Figure of 420 Publicly-Listed Companies | 18.16x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of ManpowerGroup.
Calculation | Outcome | |
---|---|---|
PE Ratio | = NYSE:MAN Share Price ÷ EPS (both in USD) = 84.43 ÷ 8.62 |
9.8x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
PE Ratio | See PE Ratio Section | 9.8x |
Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts |
-6.9%per year |
Europe Professional Services Industry PEG Ratio | Median Figure of 59 Publicly-Listed Professional Services Companies | 1.41x |
Germany Market PEG Ratio | Median Figure of 277 Publicly-Listed Companies | 1.39x |
*Line of best fit is calculated by linear regression .
Calculation | Outcome | |
---|---|---|
PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 9.8x ÷ -6.9% |
-1.42x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
Book Value per Share | Company Filings (2018-12-31) in USD | $42.41 |
NYSE:MAN Share Price * | NYSE (2019-02-18) in USD | $84.43 |
Europe Professional Services Industry PB Ratio | Median Figure of 123 Publicly-Listed Professional Services Companies | 2.05x |
Germany Market PB Ratio | Median Figure of 566 Publicly-Listed Companies | 1.79x |
Calculation | Outcome | |
---|---|---|
PB Ratio | = NYSE:MAN Share Price ÷ Book Value per Share (both in USD) = 84.43 ÷ 42.41 |
1.99x |
* Primary Listing of ManpowerGroup.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value (per year) |
---|---|---|
DB:MPW Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts | -6.9% |
DB:MPW Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts | 0.4% |
Europe Professional Services Industry Earnings Growth Rate | Market Cap Weighted Average | 7.7% |
Europe Professional Services Industry Revenue Growth Rate | Market Cap Weighted Average | 5.2% |
Germany Market Earnings Growth Rate | Market Cap Weighted Average | 9.7% |
Germany Market Revenue Growth Rate | Market Cap Weighted Average | 4.7% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (1 month ago) | See Below |
Future Estimates | Average of up to 12 Analyst Estimates (S&P Global) | See Below |
Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
---|---|---|---|---|
2021-12-31 | 23,386 | 2 | ||
2020-12-31 | 21,697 | 510 | 489 | 12 |
2019-12-31 | 21,177 | 530 | 470 | 12 |
Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
---|---|---|---|
2018-12-31 | 21,991 | 483 | 557 |
2018-09-30 | 22,236 | 415 | 615 |
2018-06-30 | 22,282 | 429 | 594 |
2018-03-31 | 21,800 | 152 | 568 |
2017-12-31 | 21,034 | 401 | 545 |
2017-09-30 | 20,353 | 485 | 457 |
2017-06-30 | 19,976 | 486 | 448 |
2017-03-31 | 19,824 | 626 | 446 |
2016-12-31 | 19,654 | 600 | 444 |
2016-09-30 | 19,652 | 631 | 440 |
2016-06-30 | 19,536 | 735 | 435 |
2016-03-31 | 19,375 | 654 | 425 |
*GAAP earnings excluding extraordinary items.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (1 month ago) | See Below |
Future Estimates | Average of up to 12 Analyst Estimates (S&P Global) | See Below |
All data from ManpowerGroup Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
---|---|---|---|---|
2021-12-31 | ||||
2020-12-31 | 8.26 | 8.48 | 7.95 | 6.00 |
2019-12-31 | 7.68 | 7.85 | 7.50 | 6.00 |
Date (Data in USD Millions) | EPS * |
---|---|
2018-12-31 | 8.62 |
2018-09-30 | 9.34 |
2018-06-30 | 8.97 |
2018-03-31 | 8.51 |
2017-12-31 | 8.13 |
2017-09-30 | 6.77 |
2017-06-30 | 6.61 |
2017-03-31 | 6.49 |
2016-12-31 | 6.33 |
2016-09-30 | 6.14 |
2016-06-30 | 5.90 |
2016-03-31 | 5.64 |
*GAAP earnings excluding extraordinary items.
How has ManpowerGroup performed over the past 5 years?
All data from ManpowerGroup Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
---|---|---|---|---|
2018-12-31 | 21,991.20 | 556.70 | 2,782.30 | |
2018-09-30 | 22,235.50 | 614.70 | 2,779.00 | |
2018-06-30 | 22,281.60 | 594.40 | 2,777.10 | |
2018-03-31 | 21,799.50 | 568.00 | 2,734.20 | |
2017-12-31 | 21,034.30 | 545.40 | 2,662.90 | |
2017-09-30 | 20,352.90 | 456.50 | 2,589.20 | |
2017-06-30 | 19,976.30 | 448.00 | 2,571.80 | |
2017-03-31 | 19,823.60 | 446.40 | 2,579.90 | |
2016-12-31 | 19,654.10 | 443.70 | 2,585.20 | |
2016-09-30 | 19,651.90 | 440.20 | 2,612.30 | |
2016-06-30 | 19,536.20 | 434.90 | 2,602.80 | |
2016-03-31 | 19,375.40 | 425.20 | 2,590.00 | |
2015-12-31 | 19,329.90 | 419.20 | 2,587.10 | |
2015-09-30 | 19,497.10 | 412.50 | 2,612.40 | |
2015-06-30 | 19,940.60 | 419.10 | 2,659.90 | |
2015-03-31 | 20,401.00 | 423.20 | 2,708.90 | |
2014-12-31 | 20,762.80 | 427.60 | 2,759.30 | |
2014-09-30 | 20,893.80 | 411.60 | 2,776.90 | |
2014-06-30 | 20,666.60 | 375.80 | 2,766.70 | |
2014-03-31 | 20,385.60 | 334.20 | 2,754.10 | |
2013-12-31 | 20,250.50 | 288.00 | 2,765.40 | |
2013-09-30 | 20,201.00 | 240.10 | 2,817.50 | |
2013-06-30 | 20,184.50 | 208.50 | 2,870.80 | |
2013-03-31 | 20,350.50 | 181.30 | 2,918.90 | |
2012-12-31 | 20,678.00 | 197.60 | 2,971.50 | |
2012-09-30 | 20,959.40 | 207.90 | 3,010.70 | |
2012-06-30 | 21,569.40 | 224.40 | 3,067.10 | |
2012-03-31 | 22,030.00 | 256.10 | 3,140.70 |
*GAAP earnings excluding extraordinary items.
How is ManpowerGroup's financial health and their level of debt?
All data from ManpowerGroup Company Filings, last reported 1 month ago.
Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
---|---|---|---|
2018-12-31 | 2,698.50 | 1,075.40 | 591.90 |
2018-09-30 | 2,810.20 | 1,078.70 | 682.60 |
2018-06-30 | 2,847.50 | 1,088.60 | 767.50 |
2018-03-31 | 2,939.00 | 970.00 | 552.20 |
2017-12-31 | 2,857.60 | 947.50 | 689.00 |
2017-09-30 | 2,722.70 | 923.30 | 666.90 |
2017-06-30 | 2,599.40 | 890.60 | 573.10 |
2017-03-31 | 2,532.10 | 833.60 | 724.40 |
2016-12-31 | 2,446.40 | 825.40 | 598.50 |
2016-09-30 | 2,472.80 | 875.70 | 503.10 |
2016-06-30 | 2,514.80 | 854.00 | 546.30 |
2016-03-31 | 2,674.70 | 879.60 | 747.60 |
2015-12-31 | 2,692.50 | 855.10 | 730.50 |
2015-09-30 | 2,685.20 | 878.70 | 652.50 |
2015-06-30 | 2,858.00 | 430.20 | 465.90 |
2015-03-31 | 2,860.40 | 421.70 | 627.60 |
2014-12-31 | 2,943.00 | 467.80 | 699.20 |
2014-09-30 | 3,039.90 | 483.90 | 660.70 |
2014-06-30 | 3,082.40 | 528.90 | 638.50 |
2014-03-31 | 2,975.80 | 529.70 | 696.50 |
2013-12-31 | 2,914.20 | 517.90 | 737.60 |
2013-09-30 | 2,793.40 | 516.50 | 488.70 |
2013-06-30 | 2,532.50 | 534.10 | 280.90 |
2013-03-31 | 2,501.10 | 751.10 | 583.40 |
2012-12-31 | 2,500.80 | 770.10 | 648.10 |
2012-09-30 | 2,568.40 | 751.00 | 444.60 |
2012-06-30 | 2,510.90 | 755.10 | 454.60 |
2012-03-31 | 2,568.50 | 721.80 | 553.50 |
What is ManpowerGroup's current dividend yield, its reliability and sustainability?
Data Point | Source | Value |
---|---|---|
Past Annualized Dividend Yield | S&P Global Market Data | See Below |
Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
Future Dividends per Share Estimates | Average of up to 12 Analyst Estimates (S&P Global) | See Below |
Europe Professional Services Industry Average Dividend Yield | Market Cap Weighted Average of 74 Stocks | 2.7% |
Germany Market Average Dividend Yield | Market Cap Weighted Average of 332 Stocks | 3% |
Germany Minimum Threshold Dividend Yield | 10th Percentile | 0.9% |
Germany Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
Germany Top 25% Dividend Yield | 75th Percentile | 4% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
---|---|---|
2021-12-31 | 2.67 | 1.00 |
2020-12-31 | 2.29 | 6.00 |
2019-12-31 | 2.13 | 6.00 |
Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
---|---|---|
2018-11-09 | 2.020 | 2.738 |
2018-10-19 | 2.020 | 2.616 |
2018-05-04 | 2.020 | 2.277 |
2017-11-01 | 1.860 | 1.544 |
2017-10-20 | 1.860 | 1.508 |
2017-05-02 | 1.860 | 1.689 |
2016-11-02 | 1.720 | 1.835 |
2016-10-21 | 1.720 | 2.217 |
2016-05-03 | 1.720 | 2.406 |
2015-10-29 | 1.600 | 1.975 |
2015-10-21 | 1.600 | 1.843 |
2015-07-31 | 1.600 | 1.838 |
2015-05-01 | 1.600 | 1.813 |
2014-10-29 | 0.980 | 1.328 |
2014-10-21 | 0.980 | 1.522 |
2014-04-29 | 0.980 | 1.264 |
2013-10-29 | 0.920 | 1.155 |
2013-10-21 | 0.920 | 1.168 |
2013-04-30 | 0.920 | 1.458 |
2012-10-31 | 0.860 | 1.835 |
2012-10-19 | 0.860 | 2.239 |
2012-05-02 | 0.860 | 2.348 |
2011-11-03 | 0.800 | 1.956 |
2011-10-21 | 0.800 | 1.871 |
2011-05-03 | 0.800 | 1.752 |
2010-10-27 | 0.740 | 1.187 |
2010-10-20 | 0.740 | 1.324 |
2010-04-27 | 0.740 | 1.558 |
2009-10-28 | 0.740 | 1.360 |
2009-10-21 | 0.740 | 1.456 |
2009-04-29 | 0.740 | 1.556 |
2009-02-19 | 0.740 | 2.387 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Mr. Jonas Prising has been the Chairman and Chief Executive Officer of ManpowerGroup Inc. since December 31, 2015 and May 1, 2014 respectively. Mr. Prising has been the President of The Americas Operations at Manpower Inc. since January 2009 and also as its Executive Vice President since January 2006. He served as the President of ManpowerGroup Inc. from November 15, 2012 to April 30, 2014 and also served as its Executive Vice President for the Americas & Southern Europe. He runs ManpowerGroup's $12 billion operations in North, Central and South America and Southern Europe. He also has responsibility for Right Management, the global leader in talent and career management workforce solutions within ManpowerGroup, as well as its ManpowerGroup Solutions business. Mr. Prising served as Executive Vice President at Experis US, Inc. He joined ManpowerGroup in 1999. He served as an Executive Vice President at ManpowerGroup Inc. since January 2006 until November 15, 2012. He has been Independent Director at Kohl's Corporation since August 17, 2015. He served as the President of United States and Canadian Operations of Manpower Inc. from January 2006 to December 2008. Mr. Prising served as an Executive Vice President of U S and Canadian Operations and Managing Director of Manpower Italy of Manpower Inc., from January 1, 2006 to December 2008 and from 2002 to January 1, 2006, respectively and also served as Director of Manpower Global Accounts of EMEA from June 1999 to June 2002. He served as President of North America and President of the Americas at Manpower Inc. He joined Manpower in 1999 as Sales Director of EMEA region. Prior to Manpower, he served multiple international management positions with Electrolux from 1989 to May 1999. In addition, he serves as a co-chair of MiKE, an organization focused on supporting innovation and entrepreneurial leadership. A recognized expert on domestic and international labor markets and work trends, Mr. Prising regularly presents at conferences and summits around the world. He serves as a Director of JA Worldwide, JA USA and JA of Wisconsin Inc. He serves as a Director at Junior Achievement, Inc. He has been a Director of ManpowerGroup Inc. since 2015. Mr. Prising has participated in Executive Programs at Stanford, INSEAD and Yale. He holds MBA (equivalent) from the Stockholm School of Economics. He speaks five languages: English, French, German, Swedish and Italian.
Average tenure and age of the ManpowerGroup management team in years:
Average tenure and age of the ManpowerGroup board of directors in years:
Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (€) | Value (€) | |
---|---|---|---|---|---|---|---|---|---|---|
13. Feb 19 | Sell | Richard Buchband | Individual | 12. Feb 19 | 12. Feb 19 | -3,471 | €73.48 | €-255,048 | ||
29. Nov 18 | Buy | William Downe | Individual | 28. Nov 18 | 28. Nov 18 | 4,000 | €71.98 | €287,906 | ||
16. Nov 18 | Sell | John Walter | Individual | 15. Nov 18 | 15. Nov 18 | -7,403 | €68.71 | €-508,693 | ||
05. Sep 18 | Sell | Mara Swan | Individual | 31. Aug 18 | 31. Aug 18 | -11,192 | €80.78 | €-904,122 | ||
10. Aug 18 | Sell | Ulice Payne | Individual | 10. Aug 18 | 10. Aug 18 | -1,350 | €78.33 | €-105,748 | ||
02. Mar 18 | Sell | Darryl Green | Individual | 01. Mar 18 | 02. Mar 18 | -10,000 | €95.98 | €-952,294 | ||
01. Mar 18 | Sell | Sriram Chandrashekar | Individual | 28. Feb 18 | 28. Feb 18 | -26,172 | €98.30 | €-2,557,895 | ||
01. Mar 18 | Sell | Richard Buchband | Individual | 01. Mar 18 | 01. Mar 18 | -1,000 | €97.20 | €-97,197 | ||
01. Mar 18 | Sell | Mara Swan | Individual | 27. Feb 18 | 27. Feb 18 | -6,995 | €99.18 | €-692,262 |
ManpowerGroup Inc. provides workforce solutions and services in the Americas, Southern Europe, Northern Europe, and the Asia Pacific Middle East region. The company’s recruitment service portfolio includes permanent, temporary, and contract recruitment of professionals, as well as administrative and industrial positions. It also offers various assessment services; training and development services; career management; and outsourcing services related to human resources functions primarily in the areas of large-scale recruiting and workforce-intensive initiatives. In addition, the company provides workforce consulting services; contingent staffing and permanent recruitment services; professional resourcing and project-based solutions in information technology, engineering, and finance fields; solutions in the areas of organizational efficiency, individual development, and career mobility; and recruitment process outsourcing, TAPFIN managed, and talent based outsourcing services, as well as Proservia services in the areas of digital services market and IT infrastructure sector. It operates through a network of approximately 2,700 offices in 80 countries and territories. The company was founded in 1948 and is based in Milwaukee, Wisconsin.
Name: | ManpowerGroup Inc. |
MPW | |
Exchange: | DB |
Founded: | 1948 |
$4,615,907,191 | |
61,831,498 | |
Website: | http://www.manpowergroup.com |
Address: |
ManpowerGroup Inc. 100 Manpower Place, Milwaukee, Wisconsin, 53212, United States |
Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
---|---|---|---|---|---|---|---|
NYSE | MAN | Common Stock | New York Stock Exchange | US | USD | 09. May 1991 | |
DB | MPW | Common Stock | Deutsche Boerse AG | DE | EUR | 09. May 1991 |
Human Resource and Employment Services | |
Commercial Services |
Area | Date (UTC time) |
---|---|
Company Analysis updated: | 2019/02/18 20:57 |
End of day share price update: | 2019/02/18 00:00 |
Last estimates confirmation: | 2019/02/08 |
Last earnings filing: | 2019/01/31 |
Last earnings reported: | 2018/12/31 |
Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.