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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 0.9x - 1.0x | 1.0x |
Selected Fwd Ps Multiple | 3.0x - 3.3x | 3.1x |
Fair Value | $83.25 - $92.01 | $87.63 |
Upside | 12.0% - 23.7% | 17.8% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
ManpowerGroup Inc. | - | NYSE:MAN |
Barrett Business Services, Inc. | - | NasdaqGS:BBSI |
Robert Half Inc. | - | NYSE:RHI |
Kelly Services, Inc. | - | NasdaqGS:KELY.A |
Automatic Data Processing, Inc. | - | NasdaqGS:ADP |
TriNet Group, Inc. | - | NYSE:TNET |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
MAN | BBSI | RHI | KELY.A | ADP | TNET | |||
NYSE:MAN | NasdaqGS:BBSI | NYSE:RHI | NasdaqGS:KELY.A | NasdaqGS:ADP | NYSE:TNET | |||
Historical Sales Growth | ||||||||
5Y CAGR | -3.1% | 4.0% | -0.9% | -4.2% | 6.4% | 5.3% | ||
3Y CAGR | -4.8% | 6.2% | -3.6% | -4.1% | 8.6% | 3.2% | ||
Latest Twelve Months | -5.5% | 8.4% | -7.8% | -3.5% | 6.8% | 1.2% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 1.1% | 4.4% | 7.1% | 0.5% | 18.3% | 6.7% | ||
Prior Fiscal Year | 0.5% | 4.7% | 6.4% | 0.7% | 18.9% | 7.6% | ||
Latest Fiscal Year | 0.8% | 4.6% | 4.3% | 0.0% | 19.5% | 3.5% | ||
Latest Twelve Months | 0.6% | 4.4% | 3.6% | -0.5% | 19.8% | 3.3% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 7.6x | 16.0x | 13.1x | 5.7x | 21.3x | 15.4x | ||
Price / LTM Sales | 0.1x | 0.9x | 0.7x | 0.1x | 6.2x | 0.7x | ||
LTM P/E Ratio | 18.2x | 21.2x | 20.2x | -21.5x | 31.3x | 21.0x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.1x | 0.7x | 6.2x | |||||
Historical LTM P/S Ratio | 0.8x | 1.2x | 1.4x | |||||
Selected Price / Sales Multiple | 0.9x | 1.0x | 1.0x | |||||
(x) LTM Sales | 4,999 | 4,999 | 4,999 | |||||
(=) Equity Value | 4,582 | 4,823 | 5,064 | |||||
(/) Shares Outstanding | 48.4 | 48.4 | 48.4 | |||||
Implied Value Range | 94.67 | 99.66 | 104.64 | |||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 94.67 | 99.66 | 104.64 | 74.36 | ||||
Upside / (Downside) | 27.3% | 34.0% | 40.7% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | MAN | BBSI | RHI | KELY.A | ADP | TNET | |
Value of Common Equity | 2,048 | 1,109 | 4,302 | 436 | 125,511 | 3,599 | |
(/) Shares Outstanding | 46.3 | 25.7 | 100.4 | 35.2 | 405.9 | 48.4 | |
Implied Stock Price | 44.26 | 43.17 | 42.85 | 12.39 | 309.20 | 74.36 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 44.26 | 43.17 | 42.85 | 12.39 | 309.20 | 74.36 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |