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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 | $12.68 - $14.78 | $13.73 |
| Upside | 13.0% - 31.7% | 22.4% |
| 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. | KELY.A | NasdaqGS:KELY.A |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MAN | TNET | ICFI | KFRC | J | KELY.A | ||
| NYSE:MAN | NYSE:TNET | NasdaqGS:ICFI | NYSE:KFRC | NYSE:J | NasdaqGS:KELY.A | ||
| 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 | -19.2% | -46.3% | 11.0% | -19.2% | 17.2% | 11.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.1% | 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 | 2.4% | 5.7% | 11.0% | 5.2% | 10.7% | 2.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.18x | 0.92x | 1.05x | 0.62x | 1.41x | 0.15x | |
| EV / LTM EBITDA | 7.3x | 16.2x | 9.5x | 11.9x | 13.2x | 5.9x | |
| EV / LTM EBIT | 8.7x | 18.5x | 12.6x | 12.5x | 17.0x | 9.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.3x | 11.9x | 16.2x | ||||
| 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 | 12.62 | 13.61 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.63 | 12.62 | 13.61 | 11.22 | |||
| Upside / (Downside) | 3.6% | 12.5% | 21.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MAN | TNET | ICFI | KFRC | J | KELY.A | |
| Enterprise Value | 3,072 | 4,562 | 2,087 | 858 | 16,286 | 644 | |
| (+) Cash & Short Term Investments | 509 | 360 | 6 | 0 | 1,898 | 39 | |
| (+) Investments & Other | 104 | 0 | 0 | 0 | 66 | 11 | |
| (-) Debt | (1,330) | (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 | 2,353 | 3,900 | 1,490 | 811 | 14,400 | 391 | |
| (/) Shares Outstanding | 46.7 | 49.5 | 18.4 | 18.2 | 122.5 | 34.9 | |
| Implied Stock Price | 50.34 | 78.75 | 80.84 | 44.57 | 117.51 | 11.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 50.34 | 78.75 | 80.84 | 44.57 | 117.51 | 11.22 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |