Manpower’s Adjusted 4Q EPS Rose 8% Due to Organic Growth and Currency Tailwinds; Raising Our FVE
We plan to raise our fair value estimate for no-moat Manpower to roughly $120 from $106 previously to reflect our updated earnings forecast plus benefits from lower assumed future French and U.S. tax rates. We are more confident in both organic growth trends as well as the sustained efficiency gains achieved in its largest markets (France and the United States). Staffing tends to be a highly procyclical industry, and Manpower's high operating leverage means that an acceleration in top-line growt...
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