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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.2x - 0.2x | 0.2x |
| Selected Fwd Revenue Multiple | 0.1x - 0.2x | 0.2x |
| Fair Value | €11.74 - €13.65 | €12.70 |
| Upside | 18.6% - 37.9% | 28.2% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| MAN | TNET | ICFI | KFRC | J | KYSA | |||
| NYSE:MAN | NYSE:TNET | NasdaqGS:ICFI | NYSE:KFRC | NYSE:J | DB:KYSA | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -3.1% | 5.3% | 6.4% | 0.8% | -2.0% | -4.2% | ||
| 3Y CAGR | -4.8% | 3.2% | 9.2% | -3.8% | -6.5% | -4.1% | ||
| Latest Twelve Months | -5.5% | 1.4% | 2.9% | -8.3% | 17.9% | -10.4% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 2.6% | 9.4% | 7.1% | 6.1% | 7.3% | 1.3% | ||
| Prior Fiscal Year | 2.4% | 9.9% | 7.1% | 5.7% | 7.7% | 1.4% | ||
| Latest Fiscal Year | 2.0% | 5.0% | 8.4% | 5.0% | 8.0% | 1.6% | ||
| Latest Twelve Months | 1.8% | 5.0% | 8.4% | 5.0% | 8.3% | 1.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.17x | 0.89x | 1.08x | 0.60x | 1.46x | 0.15x | ||
| EV / LTM EBIT | 9.4x | 17.8x | 12.9x | 12.2x | 17.5x | 9.2x | ||
| Price / LTM Sales | 0.11x | 0.75x | 0.78x | 0.57x | 1.29x | 0.09x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.17x | 0.89x | 1.46x | |||||
| Historical EV / LTM Revenue | 0.07x | 0.12x | 0.15x | |||||
| Selected EV / LTM Revenue | 0.17x | 0.17x | 0.18x | |||||
| (x) LTM Revenue | 4,332 | 4,332 | 4,332 | |||||
| (=) Implied Enterprise Value | 720 | 758 | 796 | |||||
| (-) Non-shareholder Claims * | (253) | (253) | (253) | |||||
| (=) Equity Value | 467 | 505 | 543 | |||||
| (/) Shares Outstanding | 34.9 | 34.9 | 34.9 | |||||
| Implied Value Range | 13.38 | 14.47 | 15.55 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 11.81 | 12.76 | 13.72 | 9.90 | ||||
| Upside / (Downside) | 19.3% | 28.9% | 38.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MAN | TNET | ICFI | KFRC | J | KYSA | |
| Enterprise Value | 3,034 | 4,417 | 2,179 | 849 | 16,877 | 644 | |
| (+) 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 | 1,957 | 3,755 | 1,583 | 802 | 14,991 | 391 | |
| (/) Shares Outstanding | 46.7 | 48.4 | 18.4 | 18.2 | 122.5 | 34.9 | |
| Implied Stock Price | 41.88 | 77.58 | 85.85 | 44.04 | 122.33 | 11.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 41.88 | 77.58 | 85.85 | 44.04 | 122.33 | 9.90 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |