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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.5x - 0.6x | 0.6x |
| Selected Fwd Ps Multiple | 0.6x - 0.6x | 0.6x |
| Fair Value | €36.75 - €40.62 | €38.68 |
| Upside | 5.0% - 16.0% | 10.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Automatic Data Processing, Inc. | - | NasdaqGS:ADP |
| Kelly Services, Inc. | - | NasdaqGS:KELY.A |
| ICF International, Inc. | - | NasdaqGS:ICFI |
| Barrett Business Services, Inc. | - | NasdaqGS:BBSI |
| Heidrick & Struggles International, Inc. | - | NasdaqGS:HSII |
| Kforce Inc. | - | DB:ROF |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| ADP | KELY.A | ICFI | BBSI | HSII | ROF | |||
| NasdaqGS:ADP | NasdaqGS:KELY.A | NasdaqGS:ICFI | NasdaqGS:BBSI | NasdaqGS:HSII | DB:ROF | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 6.4% | -4.2% | 6.4% | 4.0% | 9.2% | 0.8% | ||
| 3Y CAGR | 8.6% | -4.1% | 9.2% | 6.2% | 3.1% | -3.8% | ||
| Latest Twelve Months | 6.8% | -3.5% | 2.0% | 8.4% | 6.1% | -6.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 18.3% | 0.5% | 4.3% | 4.4% | 3.4% | 4.2% | ||
| Prior Fiscal Year | 18.9% | 0.7% | 4.2% | 4.7% | 5.3% | 4.0% | ||
| Latest Fiscal Year | 19.5% | 0.0% | 5.5% | 4.6% | 0.8% | 3.6% | ||
| Latest Twelve Months | 19.8% | -0.5% | 5.4% | 4.4% | 0.7% | 3.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 21.0x | 5.5x | 10.1x | 15.6x | 7.1x | 11.7x | ||
| Price / LTM Sales | 6.1x | 0.1x | 0.8x | 0.9x | 0.8x | 0.5x | ||
| LTM P/E Ratio | 30.8x | -20.3x | 14.1x | 20.6x | 114.8x | 15.3x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.1x | 0.8x | 6.1x | |||||
| Historical LTM P/S Ratio | 0.6x | 0.7x | 1.0x | |||||
| Selected Price / Sales Multiple | 0.5x | 0.6x | 0.6x | |||||
| (x) LTM Sales | 1,383 | 1,383 | 1,383 | |||||
| (=) Equity Value | 756 | 796 | 836 | |||||
| (/) Shares Outstanding | 17.7 | 17.7 | 17.7 | |||||
| Implied Value Range | 42.67 | 44.91 | 47.16 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 36.45 | 38.37 | 40.29 | 35.00 | ||||
| Upside / (Downside) | 4.1% | 9.6% | 15.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADP | KELY.A | ICFI | BBSI | HSII | ROF | |
| Value of Common Equity | 123,177 | 407 | 1,551 | 1,076 | 919 | 726 | |
| (/) Shares Outstanding | 405.9 | 35.2 | 18.4 | 25.7 | 20.6 | 17.7 | |
| Implied Stock Price | 303.45 | 11.57 | 84.26 | 41.89 | 44.56 | 40.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 303.45 | 11.57 | 84.26 | 41.89 | 44.56 | 35.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |