Report
Keith Schoonmaker
EUR 100.00 For Business Accounts Only

A Soft European Market Continues Vexing Manpower in Its Third-Quarter Results

No-moat rated Manpower continues facing a challenging operating environment and, consequentially, this flowed through to the firm’s third-quarter operating results. Even so, our fundamental outlook is unchanged. We don’t anticipate materially altering our $112 fair value estimate (with some bias to the downside). Europe has been soft recently, and the company highlighted this weakness during the call, but so has the environment in the United States. Year over year, the firm lost 4% in U.S. reven...
Underlying
MANPOWERGROUP

ManpowerGroup provides a range of workforce solutions and services, which include recruitment and assessment, training and development, career management, outsourcing, and workforce consulting. The company's family of brands and offerings includes Manpower, Experis, Right Management, and ManpowerGroup Solutions. The company's portfolio of recruitment services includes permanent, temporary and contract recruitment of professionals, as well as administrative and industrial positions. All of these services are provided under its Manpower and Experis brands. The company provides services under its Experis brand, particularly in the areas of Information Technology, Engineering, and Finance.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Keith Schoonmaker

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