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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.2x - 14.6x | 13.9x |
| Selected Fwd EBITDA Multiple | 9.5x - 10.5x | 10.0x |
| Fair Value | $61.34 - $69.16 | $65.25 |
| Upside | -10.9% - 0.5% | -5.2% |
| Benchmarks | Ticker | Full Ticker |
| ManpowerGroup Inc. | MAN | NYSE:MAN |
| Barrett Business Services, Inc. | BBSI | NasdaqGS:BBSI |
| Robert Half Inc. | RHI | NYSE:RHI |
| Kelly Services, Inc. | KELY.A | NasdaqGS:KELY.A |
| Automatic Data Processing, Inc. | ADP | NasdaqGS:ADP |
| TriNet Group, Inc. | TNET | NYSE:TNET |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MAN | BBSI | RHI | KELY.A | ADP | TNET | ||
| NYSE:MAN | NasdaqGS:BBSI | NYSE:RHI | NasdaqGS:KELY.A | NasdaqGS:ADP | NYSE:TNET | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -11.5% | 3.3% | -14.1% | -2.0% | 10.2% | -1.0% | |
| 3Y CAGR | -14.4% | 10.5% | -28.2% | 10.3% | 12.7% | -16.9% | |
| Latest Twelve Months | -25.1% | 4.9% | -42.4% | 18.7% | 8.4% | -47.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.0% | 5.4% | 9.4% | 2.0% | 27.4% | 9.7% | |
| Prior Fiscal Year | 2.8% | 6.0% | 8.1% | 2.1% | 28.4% | 10.7% | |
| Latest Fiscal Year | 2.4% | 5.5% | 5.1% | 2.6% | 29.1% | 5.7% | |
| Latest Twelve Months | 2.0% | 5.5% | 3.9% | 2.6% | 29.4% | 4.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.20x | 0.94x | 0.70x | 0.16x | 6.28x | 0.79x | |
| EV / LTM EBITDA | 9.9x | 17.1x | 17.8x | 6.0x | 21.3x | 16.8x | |
| EV / LTM EBIT | 12.4x | 18.2x | 23.6x | 9.5x | 23.6x | 19.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.0x | 17.1x | 21.3x | ||||
| Historical EV / LTM EBITDA | 6.5x | 13.2x | 13.8x | ||||
| Selected EV / LTM EBITDA | 13.2x | 13.9x | 14.6x | ||||
| (x) LTM EBITDA | 235 | 235 | 235 | ||||
| (=) Implied Enterprise Value | 3,099 | 3,262 | 3,426 | ||||
| (-) Non-shareholder Claims * | (628) | (628) | (628) | ||||
| (=) Equity Value | 2,471 | 2,634 | 2,798 | ||||
| (/) Shares Outstanding | 48.4 | 48.4 | 48.4 | ||||
| Implied Value Range | 51.06 | 54.43 | 57.80 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 51.06 | 54.43 | 57.80 | 68.83 | |||
| Upside / (Downside) | -25.8% | -20.9% | -16.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MAN | BBSI | RHI | KELY.A | ADP | TNET | |
| Enterprise Value | 3,549 | 1,098 | 3,897 | 710 | 126,966 | 3,959 | |
| (+) Cash & Short Term Investments | 290 | 99 | 342 | 28 | 2,681 | 407 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,723) | (23) | (243) | (266) | (4,367) | (1,035) | |
| (-) Other Liabilities | (1) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,115 | 1,174 | 3,997 | 472 | 125,280 | 3,331 | |
| (/) Shares Outstanding | 46.3 | 25.7 | 100.4 | 35.2 | 405.9 | 48.4 | |
| Implied Stock Price | 45.70 | 45.70 | 39.81 | 13.40 | 308.63 | 68.83 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 45.70 | 45.70 | 39.81 | 13.40 | 308.63 | 68.83 | |
| 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 | |