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ManpowerGroup

NYSE:MAN
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MAN
NYSE
$3B
Market Cap
  1. Home
  2. US
  3. Commercial Services
Company description

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 43 days ago. More info.


Add to Portfolio Compare Print
  • ManpowerGroup has significant price volatility in the past 3 months.
MAN Share Price and Events
7 Day Returns
4.5%
NYSE:MAN
-3.6%
US Professional Services
-4.1%
US Market
1 Year Returns
-35.4%
NYSE:MAN
-11.9%
US Professional Services
-14.9%
US Market
MAN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ManpowerGroup (MAN) 4.5% -22.5% -43.1% -35.4% -43.2% -34.6%
US Professional Services -3.6% -20.5% -21.8% -11.9% 13.1% 24.7%
US Market -4.1% -19.1% -23.4% -14.9% 3.5% 14.5%
1 Year Return vs Industry and Market
  • MAN underperformed the Professional Services industry which returned -11.9% over the past year.
  • MAN underperformed the Market in United States of America which returned -14.9% over the past year.
Price Volatility
MAN
Industry
5yr Volatility vs Market

MAN Value

 Is ManpowerGroup undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of ManpowerGroup to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for ManpowerGroup.

NYSE:MAN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.4%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:MAN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
Professional Services Unlevered Beta Simply Wall St/ S&P Global 0.78
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.777 (1 + (1- 21%) (47.17%))
1.044
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.04
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (1.044 * 5.44%)
7.42%

Discounted Cash Flow Calculation for NYSE:MAN 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 try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

NYSE:MAN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.42%)
2020 697.18 Analyst x4 649.01
2021 545.08 Analyst x4 472.36
2022 391.00 Analyst x1 315.43
2023 335.65 Est @ -14.15% 252.07
2024 304.15 Est @ -9.39% 212.63
2025 285.75 Est @ -6.05% 185.97
2026 275.14 Est @ -3.71% 166.69
2027 269.43 Est @ -2.08% 151.95
2028 266.92 Est @ -0.93% 140.14
2029 266.58 Est @ -0.13% 130.28
Present value of next 10 years cash flows $2,676.00
NYSE:MAN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $266.58 × (1 + 1.74%) ÷ (7.42% – 1.74%)
$4,773.31
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $4,773.31 ÷ (1 + 7.42%)10
$2,332.88
NYSE:MAN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,676.00 + $2,332.88
$5,008.88
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $5,008.88 / 58.68
$85.36
NYSE:MAN Discount to Share Price
Calculation Result
Value per share (USD) From above. $85.36
Current discount Discount to share price of $55.36
= -1 x ($55.36 - $85.36) / $85.36
35.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price ManpowerGroup is available for.
Intrinsic value
35%
Share price is $55.36 vs Future cash flow value of $85.36
Current Discount Checks
For ManpowerGroup to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • ManpowerGroup's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • ManpowerGroup's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for ManpowerGroup's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ManpowerGroup's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:MAN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $7.77
NYSE:MAN Share Price ** NYSE (2020-04-03) in USD $55.36
United States of America Professional Services Industry PE Ratio Median Figure of 36 Publicly-Listed Professional Services Companies 11.92x
United States of America Market PE Ratio Median Figure of 2,944 Publicly-Listed Companies 12.5x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of ManpowerGroup.

NYSE:MAN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:MAN Share Price ÷ EPS (both in USD)

= 55.36 ÷ 7.77

7.12x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ManpowerGroup is good value based on earnings compared to the US Professional Services industry average.
  • ManpowerGroup is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does ManpowerGroup's expected growth come at a high price?
Raw Data
NYSE:MAN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.12x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
-3.7%per year
United States of America Professional Services Industry PEG Ratio Median Figure of 29 Publicly-Listed Professional Services Companies 1.36x
United States of America Market PEG Ratio Median Figure of 2,008 Publicly-Listed Companies 0.91x

*Line of best fit is calculated by linear regression .

NYSE:MAN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.12x ÷ -3.7%

-1.92x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ManpowerGroup earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on ManpowerGroup's assets?
Raw Data
NYSE:MAN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $46.75
NYSE:MAN Share Price * NYSE (2020-04-03) in USD $55.36
United States of America Professional Services Industry PB Ratio Median Figure of 57 Publicly-Listed Professional Services Companies 1.74x
United States of America Market PB Ratio Median Figure of 5,142 Publicly-Listed Companies 1.22x
NYSE:MAN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:MAN Share Price ÷ Book Value per Share (both in USD)

= 55.36 ÷ 46.75

1.18x

* Primary Listing of ManpowerGroup.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ManpowerGroup is good value based on assets compared to the US Professional Services industry average.
X
Value checks
We assess ManpowerGroup's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Professional Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Professional Services industry average (and greater than 0)? (1 check)
  5. ManpowerGroup has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MAN Future Performance

 How is ManpowerGroup expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-3.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ManpowerGroup expected to grow at an attractive rate?
  • ManpowerGroup's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.7%.
Growth vs Market Checks
  • ManpowerGroup's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • ManpowerGroup's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:MAN Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:MAN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts -3.7%
NYSE:MAN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts -1.6%
United States of America Professional Services Industry Earnings Growth Rate Market Cap Weighted Average 23.2%
United States of America Professional Services Industry Revenue Growth Rate Market Cap Weighted Average 5.7%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 12.2%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*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.

Analysts growth expectations
Raw Data
NYSE:MAN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:MAN Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 20,668 2
2021-12-31 19,790 562 430 13
2020-12-31 18,815 858 352 12
2020-04-04
NYSE:MAN Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 20,864 814 466
2019-09-30 21,060 677 485
2019-06-30 21,230 585 497
2019-03-31 21,514 643 513
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

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • ManpowerGroup's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • ManpowerGroup's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:MAN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from ManpowerGroup Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:MAN Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 7.13 8.45 4.00 8.00
2020-12-31 5.81 7.65 2.00 7.00
2020-04-04
NYSE:MAN Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 7.77
2019-09-30 8.01
2019-06-30 8.04
2019-03-31 8.12
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

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • ManpowerGroup is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess ManpowerGroup's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
ManpowerGroup has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MAN Past Performance

  How has ManpowerGroup performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare ManpowerGroup's growth in the last year to its industry (Professional Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • ManpowerGroup's year on year earnings growth rate has been positive over the past 5 years.
  • ManpowerGroup's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • ManpowerGroup's 1-year earnings growth is negative, it can't be compared to the US Professional Services industry average.
Earnings and Revenue History
ManpowerGroup's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from ManpowerGroup Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:MAN Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 20,863.50 465.70 2,653.00
2019-09-30 21,060.10 485.20 2,649.70
2019-06-30 21,229.90 497.10 2,671.00
2019-03-31 21,513.70 513.20 2,697.70
2018-12-31 21,991.20 556.70 2,743.00
2018-09-30 22,235.50 614.70 2,776.40
2018-06-30 22,281.60 594.40 2,775.20
2018-03-31 21,799.50 568.00 2,732.70
2017-12-31 21,034.30 545.40 2,660.90
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 2,583.00
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

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • ManpowerGroup has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • ManpowerGroup used its assets less efficiently than the US Professional Services industry average last year based on Return on Assets.
  • ManpowerGroup's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess ManpowerGroup's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Professional Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
ManpowerGroup has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MAN Health

 How is ManpowerGroup's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up ManpowerGroup's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • ManpowerGroup is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • ManpowerGroup's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of ManpowerGroup's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from ManpowerGroup Company Filings, last reported 3 months ago.

NYSE:MAN Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 2,761.50 1,073.40 1,025.80
2019-09-30 2,716.10 1,030.20 807.10
2019-06-30 2,694.50 1,073.50 770.40
2019-03-31 2,649.90 1,055.90 566.30
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
  • ManpowerGroup's level of debt (38.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (15.9% vs 38.9% today).
  • Debt is well covered by operating cash flow (75.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 18.8x coverage).
X
Financial health checks
We assess ManpowerGroup's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. ManpowerGroup has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MAN Dividends

 What is ManpowerGroup's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.94%
Current annual income from ManpowerGroup dividends. Estimated to be 4.36% next year.
If you bought $2,000 of ManpowerGroup shares you are expected to receive $79 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • ManpowerGroup's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (2.04%).
  • ManpowerGroup's dividend is below the markets top 25% of dividend payers in United States of America (5.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:MAN Annualized Past and Future Dividends
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 13 Analyst Estimates (S&P Global) See Below
United States of America Professional Services Industry Average Dividend Yield Market Cap Weighted Average of 20 Stocks 1.3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1941 Stocks 3.1%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 2%
United States of America Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:MAN Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 2.94 1.00
2021-12-31 2.44 7.00
2020-12-31 2.31 7.00
2020-04-04
NYSE:MAN Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-11-07 2.180 2.607
2019-11-01 2.180 2.336
2019-10-18 2.180 2.406
2019-05-10 2.180 2.481
2018-11-09 2.020 2.549
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

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of ManpowerGroup's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.8x coverage).
X
Income/ dividend checks
We assess ManpowerGroup's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can ManpowerGroup afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ManpowerGroup has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MAN Management

 What is the CEO of ManpowerGroup's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jonas Prising
COMPENSATION $12,545,932
AGE 54
TENURE AS CEO 5.9 years
CEO Bio

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 2014. 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.

CEO Compensation
  • Jonas's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Jonas's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the ManpowerGroup management team in years:

4.7
Average Tenure
53
Average Age
  • The tenure for the ManpowerGroup management team is about average.
Management Team

Jonas Prising

TITLE
Chairman & CEO
COMPENSATION
$13M
AGE
54
TENURE
5.9 yrs

Jack McGinnis

TITLE
Executive VP
COMPENSATION
$4M
AGE
52
TENURE
4.2 yrs

Richard Buchband

TITLE
Senior VP
COMPENSATION
$2M
AGE
55
TENURE
7.3 yrs

Ganesh Ramakrishnan

TITLE
Chief Technology Officer
TENURE
5.3 yrs

April Dunn

TITLE
Senior VP & Chief Marketing Officer
TENURE
2.9 yrs

Michelle Nettles

TITLE
Chief People and Culture Officer
AGE
47
TENURE
0.8 yrs

Stefano Scabbio

TITLE
President of Southern Europe & Talent Solutions Global Brand Leader
TENURE
17.3 yrs

Alain Roumilhac

TITLE
Regional President of France
TENURE
7.4 yrs

Michael Stull

TITLE
Senior Vice President of North America
TENURE
3.3 yrs

Becky Frankiewicz

TITLE
Regional President of North American
TENURE
2.8 yrs
Board of Directors Tenure

Average tenure and age of the ManpowerGroup board of directors in years:

7.2
Average Tenure
63
Average Age
  • The tenure for the ManpowerGroup board of directors is about average.
Board of Directors

Jonas Prising

TITLE
Chairman & CEO
COMPENSATION
$13M
AGE
54
TENURE
4.3 yrs

Libby Sartain

TITLE
Independent Director
COMPENSATION
$288K
AGE
64
TENURE
9.7 yrs

Pat Hemingway Hall

TITLE
Independent Director
COMPENSATION
$302K
AGE
66
TENURE
9 yrs

Paul Read

TITLE
Independent Director
COMPENSATION
$303K
AGE
53
TENURE
5.3 yrs

Bill Downe

TITLE
Lead Independent Director
COMPENSATION
$357K
AGE
66
TENURE
2.9 yrs

Mike Van Handel

TITLE
Director
COMPENSATION
$283K
AGE
59
TENURE
2.3 yrs

Gina Boswell

TITLE
Independent Director
COMPENSATION
$275K
AGE
56
TENURE
13.2 yrs

Cari Dominguez

TITLE
Independent Director
COMPENSATION
$275K
AGE
67
TENURE
12.9 yrs

Ulice Payne

TITLE
Independent Director
COMPENSATION
$283K
AGE
63
TENURE
12.5 yrs

John Ferraro

TITLE
Independent Director
COMPENSATION
$298K
AGE
63
TENURE
4.3 yrs
Who owns this company?
Recent Insider Trading
  • ManpowerGroup individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
07. Feb 20 Sell Mara Swan Individual 06. Feb 20 06. Feb 20 -2,530 $95.71 $-242,146
05. Feb 20 Sell Gina Boswell Individual 04. Feb 20 04. Feb 20 -5,000 $94.44 $-472,200
13. Nov 19 Sell Ulice Payne Individual 12. Nov 19 12. Nov 19 -475 $93.17 $-44,256
13. Nov 19 Sell Cari Dominguez Individual 11. Nov 19 11. Nov 19 -6,000 $93.68 $-562,080
04. Nov 19 Sell Michael Van Handel Individual 01. Nov 19 01. Nov 19 -9,000 $92.09 $-828,810
30. Oct 19 Sell Mara Swan Individual 29. Oct 19 29. Oct 19 -2,198 $92.02 $-202,260
23. Aug 19 Sell Richard Buchband Individual 22. Aug 19 22. Aug 19 -1,750 $85.43 $-149,503
22. Aug 19 Sell Mara Swan Individual 20. Aug 19 20. Aug 19 -14,871 $84.48 $-1,256,302
X
Management checks
We assess ManpowerGroup's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. ManpowerGroup has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MAN News

Simply Wall St News

Is ManpowerGroup Inc.’s (NYSE:MAN) 17% ROCE Any Good?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for ManpowerGroup: 0.17 = US$775m ÷ (US$9.0b - US$4.4b) (Based on the trailing twelve months to June 2019.) Therefore, ManpowerGroup has an ROCE of 17%. … Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual. … What We Can Learn From ManpowerGroup's ROCE With a decent ROCE, the company could be interesting, but remember that the level of current liabilities make the ROCE look better.

Simply Wall St -

Here's Why ManpowerGroup (NYSE:MAN) Can Manage Its Debt Responsibly

NYSE:MAN Historical Debt, July 17th 2019 A Look At ManpowerGroup's Liabilities We can see from the most recent balance sheet that ManpowerGroup had liabilities of US$4.22b falling due within a year, and liabilities of US$1.95b due beyond that. … Either way, since ManpowerGroup does have more debt than cash, it's worth keeping an eye on its balance sheet. … Over the most recent three years, ManpowerGroup recorded free cash flow worth 52% of its EBIT, which is around normal, given free cash flow excludes interest and tax.

Simply Wall St -

At US$96.17, Is It Time To Put ManpowerGroup Inc. (NYSE:MAN) On Your Watch List?

(NYSE:MAN), which is in the professional services business, and is based in United States, saw a decent share price growth in the teens level on the NYSE over the last few months. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price. … If you are no longer interested in ManpowerGroup, you can use our free platform to see my list of over 50 other stocks with a high growth potential.

Simply Wall St -

The ManpowerGroup (NYSE:MAN) Share Price Has Gained 51% And Shareholders Are Hoping For More

(NYSE:MAN) shareholders have seen the share price rise 51% over three years, well in excess of the market return (39%, not including dividends). … When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. … We note that for ManpowerGroup the TSR over the last 3 years was 60%, which is better than the share price return mentioned above.

Simply Wall St -

These Factors Make ManpowerGroup Inc. (NYSE:MAN) An Interesting Investment

MAN's shares are now trading at a price below its true value based on its discounted cash flows, indicating a relatively pessimistic market sentiment. … Investors have the opportunity to buy into the stock to reap capital gains, if MAN's projected earnings trajectory does follow analyst consensus growth, which determines my intrinsic value of the company. … NYSE:MAN Intrinsic value, June 27th 2019 MAN is also a dividend company, with ample net income to cover its dividend payout, which has been consistently growing over the past decade, keeping income investors happy.

Simply Wall St -

Is ManpowerGroup Inc. (NYSE:MAN) Trading At A 22% Discount?

Using the most recent financial data, we'll take a look at whether the stock is fairly priced by estimating the company's future cash flows and discounting them to their present value. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF ($, Millions) $395.44 $434.99 $467.49 $495.77 $520.82 $543.51 $564.54 $584.45 $603.67 $622.51 Growth Rate Estimate Source Analyst x5 Analyst x7 Est @ 7.47% Est @ 6.05% Est @ 5.05% Est @ 4.36% Est @ 3.87% Est @ 3.53% Est @ 3.29% Est @ 3.12% Present Value ($, Millions) Discounted @ 9.43% $361.36 $363.24 $356.73 $345.71 $331.88 $316.48 $300.39 $284.19 $268.23 $252.76 Present Value of 10-year Cash Flow (PVCF)= $3.18b "Est" = FCF growth rate estimated by Simply Wall St We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = US$623m × (1 + 2.7%) ÷ (9.4% – 2.7%) = US$9.5b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = $US$9.5b ÷ ( 1 + 9.4%)10 = $3.87b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is $7.06b.

Simply Wall St -

Is It Worth Buying ManpowerGroup Inc. (NYSE:MAN) For Its 2.1% Dividend Yield?

(NYSE:MAN) a good dividend stock? … A dividend paying company with growing earnings can be rewarding in the long term. … Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments.

Simply Wall St -

Should ManpowerGroup Inc.'s (NYSE:MAN) Recent Earnings Decline Worry You?

Today I will assess MAN's recent performance announced on 31 March 2019 and compare these figures to its historical trend and industry movements. … MAN's trailing twelve-month earnings (from 31 March 2019) of US$513m has. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 9.0%, indicating the rate at which MAN is growing has slowed down

Simply Wall St -

ManpowerGroup Inc. (NYSE:MAN) Is Employing Capital Very Effectively

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Understanding Return On Capital Employed (ROCE). … How Do You Calculate Return On Capital Employed

Simply Wall St -

ManpowerGroup Inc. (NYSE:MAN): What’s In It For The Shareholders?

I’ve analysed below, the health and outlook of ManpowerGroup’s cash flow, which will help you understand the stock from a cash standpoint. … ManpowerGroup generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating. … I will be analysing ManpowerGroup’s FCF by looking at its FCF yield and its operating cash flow growth.

Simply Wall St -

MAN Company Info

Description

ManpowerGroup Inc. provides workforce solutions and services in the Americas, Southern Europe, Northern Europe, and the Asia Pacific Middle East region. The company offers recruitment services, including permanent, temporary, and contract recruitment of professionals, as well as administrative and industrial positions under the Manpower and Experis brands. 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 2,500 offices in 75 countries and territories. The company was founded in 1948 and is headquartered in Milwaukee, Wisconsin.

Details
Name: ManpowerGroup Inc.
MAN
Exchange: NYSE
Founded: 1948
$3,248,465,232
58,678,924
Website: http://www.manpowergroup.com
Address: ManpowerGroup Inc.
100 Manpower Place,
Milwaukee,
Wisconsin, 53212,
United States
Listings
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
Number of employees
Current staff
Staff numbers
28,000
ManpowerGroup employees.
Industry
Human Resource and Employment Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 00:27
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/02/21
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.