ManpowerGroup Inc.

NYSE:MAN Stock Report

Market Cap: US$2.7b

ManpowerGroup Valuation

Is MAN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MAN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MAN ($56.9) is trading below our estimate of fair value ($217.35)

Significantly Below Fair Value: MAN is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MAN?

Key metric: As MAN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MAN. This is calculated by dividing MAN's market cap by their current earnings.
What is MAN's PE Ratio?
PE Ratio70.1x
EarningsUS$38.10m
Market CapUS$2.68b

Price to Earnings Ratio vs Peers

How does MAN's PE Ratio compare to its peers?

The above table shows the PE ratio for MAN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average20x
KFY Korn Ferry
14.1x12.1%US$3.5b
NSP Insperity
24x-0.4%US$2.9b
TNET TriNet Group
16.7x2.9%US$4.4b
UPWK Upwork
25.3x18.0%US$2.2b
MAN ManpowerGroup
70.1x52.8%US$2.7b

Price-To-Earnings vs Peers: MAN is expensive based on its Price-To-Earnings Ratio (70.1x) compared to the peer average (20x).

Price to Earnings Ratio vs Industry

How does MAN's PE Ratio compare vs other companies in the US Professional Services Industry?

9 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CNDT Conduent
1.6x-104.3%US$674.73m
ALJJ ALJ Regional Holdings
0.7xn/aUS$70.26m
VCIG VCI Global
1.8xn/aUS$16.34m
LICN Lichen China
0.8xn/aUS$6.89m
MAN 70.1xIndustry Avg. 24.0xNo. of Companies10PE01224364860+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MAN is expensive based on its Price-To-Earnings Ratio (70.1x) compared to the US Professional Services industry average (24.1x).

Price to Earnings Ratio vs Fair Ratio

What is MAN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MAN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio70.1x
Fair PE Ratio43.9x

Price-To-Earnings vs Fair Ratio: MAN is expensive based on its Price-To-Earnings Ratio (70.1x) compared to the estimated Fair Price-To-Earnings Ratio (43.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MAN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$56.90
US$71.10
+25.0%
9.8%US$82.00US$56.00n/a10
Dec ’25US$64.37
US$70.50
+9.5%
9.3%US$82.00US$56.00n/a10
Nov ’25US$63.30
US$70.50
+11.4%
9.3%US$82.00US$56.00n/a10
Oct ’25US$72.62
US$78.00
+7.4%
9.1%US$90.00US$68.00n/a10
Sep ’25US$73.92
US$76.82
+3.9%
10.1%US$90.00US$65.00n/a11
Aug ’25US$74.34
US$77.55
+4.3%
10.8%US$90.00US$65.00n/a11
Jul ’25US$69.44
US$78.45
+13.0%
11.3%US$90.00US$65.00n/a11
Jun ’25US$74.62
US$76.91
+3.1%
10.6%US$90.00US$65.00n/a11
May ’25US$75.17
US$76.91
+2.3%
10.6%US$90.00US$65.00n/a11
Apr ’25US$75.51
US$76.55
+1.4%
11.1%US$90.00US$65.00n/a11
Mar ’25US$73.31
US$76.55
+4.4%
11.1%US$90.00US$65.00n/a11
Feb ’25US$74.14
US$77.08
+4.0%
10.8%US$90.00US$65.00n/a12
Jan ’25US$79.47
US$75.92
-4.5%
12.5%US$90.00US$55.00n/a12
Dec ’24US$75.87
US$75.33
-0.7%
12.0%US$90.00US$55.00US$64.3712
Nov ’24US$69.60
US$78.31
+12.5%
15.5%US$102.00US$55.00US$63.3013
Oct ’24US$73.32
US$85.46
+16.6%
14.6%US$109.00US$62.00US$72.6213
Sep ’24US$79.38
US$84.88
+6.9%
13.8%US$106.00US$62.00US$73.9213
Aug ’24US$78.44
US$84.81
+8.1%
13.2%US$106.00US$62.00US$74.3413
Jul ’24US$79.40
US$82.19
+3.5%
14.2%US$102.00US$67.00US$69.4413
Jun ’24US$72.07
US$81.17
+12.6%
14.2%US$102.00US$67.00US$74.6212
May ’24US$75.78
US$81.55
+7.6%
14.7%US$102.00US$67.00US$75.1711
Apr ’24US$82.53
US$87.18
+5.6%
13.2%US$101.00US$70.00US$75.5111
Mar ’24US$85.35
US$87.18
+2.1%
13.2%US$101.00US$70.00US$73.3111
Feb ’24US$88.98
US$86.64
-2.6%
12.7%US$101.00US$70.00US$74.1411
Jan ’24US$83.21
US$82.00
-1.5%
15.7%US$100.00US$61.00US$79.4711
Dec ’23US$88.00
US$80.55
-8.5%
16.5%US$100.00US$61.00US$75.8711

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/19 02:46
End of Day Share Price 2024/12/19 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

ManpowerGroup Inc. is covered by 32 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jasper HellwegArgus Research Company
Randle ReeceAvondale Partners
Mark MarconBaird