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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 4.8x - 5.3x | 5.1x |
| Historical Pb Multiple | 5.1x - 8.0x | 5.4x |
| Fair Value | €35.98 - €39.77 | €37.88 |
| Upside | -10.9% - -1.6% | -6.2% |
| Benchmarks | - | Full Ticker |
| ManpowerGroup Inc. | - | NYSE:MAN |
| Kelly Services, Inc. | - | NasdaqGS:KELY.A |
| Jacobs Solutions Inc. | - | NYSE:J |
| Barrett Business Services, Inc. | - | NasdaqGS:BBSI |
| Insperity, Inc. | - | NYSE:NSP |
| Kforce Inc. | - | DB:ROF |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| MAN | KELY.A | J | BBSI | NSP | ROF | |||
| NYSE:MAN | NasdaqGS:KELY.A | NYSE:J | NasdaqGS:BBSI | NYSE:NSP | DB:ROF | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -20.8% | NM- | 15.8% | 1.9% | -9.4% | -1.6% | ||
| 3Y CAGR | -27.6% | NM- | 13.7% | 11.6% | -9.8% | -12.5% | ||
| Latest Twelve Months | 63.4% | -101.7% | 20.6% | 4.7% | -46.8% | -17.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 1.2% | 0.5% | 5.0% | 4.4% | 2.7% | 4.4% | ||
| Prior Fiscal Year | 0.5% | 0.7% | 3.6% | 4.7% | 2.6% | 4.0% | ||
| Latest Fiscal Year | 0.8% | 0.0% | 5.2% | 4.6% | 1.4% | 3.6% | ||
| Latest Twelve Months | 0.8% | 0.0% | 4.0% | 4.6% | 1.4% | 3.6% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 9.6% | 1.7% | 7.3% | 24.2% | 255.1% | 35.6% | ||
| Prior Fiscal Year | 3.8% | 2.8% | 6.1% | 26.9% | 195.1% | 35.8% | ||
| Latest Twelve Months | 6.7% | 0.0% | 8.5% | 25.2% | 95.3% | 32.1% | ||
| Next Fiscal Year | 9.0% | 6.7% | 16.2% | 25.2% | 152.8% | 34.6% | ||
| Two Fiscal Years Forward | 12.7% | 7.5% | 17.6% | 26.2% | 188.5% | 45.8% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 0.1x | 0.1x | 1.2x | 0.9x | 0.5x | 0.6x | ||
| Price / LTM EPS | 16.5x | -667.8x | 30.6x | 19.4x | 34.8x | 16.5x | ||
| Price / Book | 1.1x | 0.3x | 3.3x | 4.6x | 32.7x | 5.4x | ||
| Price / Fwd Book | 1.2x | 0.3x | 3.1x | 4.3x | 39.1x | 6.2x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.3x | 3.3x | 32.7x | |||||
| Historical P/B Ratio | 5.1x | 5.4x | 8.0x | |||||
| Selected P/B Multiple | 4.8x | 5.1x | 5.3x | |||||
| (x) Book Value | 155 | 155 | 155 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | MAN | KELY.A | J | BBSI | NSP | ROF | |
| Value of Common Equity | 2,388 | 401 | 14,281 | 1,029 | 3,169 | 834 | |
| (/) Shares Outstanding | 46.7 | 34.9 | 122.5 | 25.8 | 37.2 | 18.2 | |
| Implied Stock Price | 51.10 | 11.50 | 116.54 | 39.84 | 85.13 | 45.82 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 51.10 | 11.50 | 116.54 | 39.84 | 85.13 | 40.40 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |