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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.0x - 6.6x | 6.3x |
| Selected Fwd EBITDA Multiple | 3.9x - 4.3x | 4.1x |
| Fair Value | €11 - €12.82 | €11.91 |
| Upside | 11.6% - 30.2% | 20.9% |
| Benchmarks | Ticker | Full Ticker |
| ManpowerGroup Inc. | MAN | NYSE:MAN |
| TriNet Group, Inc. | TNET | NYSE:TNET |
| ICF International, Inc. | ICFI | NasdaqGS:ICFI |
| Kforce Inc. | KFRC | NYSE:KFRC |
| Jacobs Solutions Inc. | J | NYSE:J |
| Kelly Services, Inc. | KYSA | DB:KYSA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MAN | TNET | ICFI | KFRC | J | KYSA | ||
| NYSE:MAN | NYSE:TNET | NasdaqGS:ICFI | NYSE:KFRC | NYSE:J | DB:KYSA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -11.5% | -1.0% | 11.2% | -2.2% | 5.5% | -2.0% | |
| 3Y CAGR | -14.4% | -16.9% | 13.9% | -12.7% | -3.3% | 10.3% | |
| Latest Twelve Months | -18.5% | -46.3% | 11.0% | -19.2% | 17.2% | 11.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.0% | 10.2% | 9.6% | 6.3% | 9.4% | 2.0% | |
| Prior Fiscal Year | 2.8% | 10.7% | 10.2% | 5.9% | 10.5% | 2.1% | |
| Latest Fiscal Year | 2.4% | 5.7% | 11.0% | 5.2% | 10.6% | 2.6% | |
| Latest Twelve Months | 2.2% | 5.7% | 11.0% | 5.2% | 10.7% | 2.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.17x | 0.89x | 1.05x | 0.61x | 1.40x | 0.15x | |
| EV / LTM EBITDA | 7.5x | 15.8x | 9.5x | 11.7x | 13.1x | 5.8x | |
| EV / LTM EBIT | 9.1x | 17.9x | 12.6x | 12.2x | 16.9x | 9.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.5x | 11.7x | 15.8x | ||||
| Historical EV / LTM EBITDA | 4.5x | 5.4x | 7.4x | ||||
| Selected EV / LTM EBITDA | 6.0x | 6.3x | 6.6x | ||||
| (x) LTM EBITDA | 111 | 111 | 111 | ||||
| (=) Implied Enterprise Value | 659 | 693 | 728 | ||||
| (-) Non-shareholder Claims * | (253) | (253) | (253) | ||||
| (=) Equity Value | 406 | 440 | 475 | ||||
| (/) Shares Outstanding | 34.9 | 34.9 | 34.9 | ||||
| Implied Value Range | 11.63 | 12.63 | 13.62 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.21 | 11.08 | 11.95 | 9.85 | |||
| Upside / (Downside) | 3.6% | 12.5% | 21.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MAN | TNET | ICFI | KFRC | J | KYSA | |
| Enterprise Value | 2,949 | 4,447 | 2,126 | 853 | 16,251 | 645 | |
| (+) Cash & Short Term Investments | 395 | 360 | 6 | 0 | 1,898 | 39 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 66 | 11 | |
| (-) Debt | (1,470) | (1,022) | (602) | (48) | (3,034) | (303) | |
| (-) Other Liabilities | (2) | 0 | 0 | 0 | (816) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,873 | 3,785 | 1,530 | 806 | 14,365 | 392 | |
| (/) Shares Outstanding | 46.7 | 49.5 | 18.4 | 18.2 | 122.5 | 34.9 | |
| Implied Stock Price | 40.07 | 76.43 | 82.98 | 44.29 | 117.22 | 11.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 40.07 | 76.43 | 82.98 | 44.29 | 117.22 | 9.85 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |