Following Manpower's Latest 10-K Filing, We Lower Our FVE to $109
No-moat-rated Manpower reported weaker fourth-quarter results in line with our expectations, and nothing in its results alters our long-term view of the firm. Despite weaker expectations for next year, we maintain our $113 fair value. We expected $5.4 billion of revenue for the quarter, right in line with actual results. Top line growth was actually down 4% year over year compared with last year’s fourth quarter. Operating margins also decreased 20 basis points. For the full year, the firm poste...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.
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.
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