Discounted Cash Flow (DCF) Analysis Levered

ManpowerGroup Inc. (MAN)

$72.35

+0.06 (+0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 117.22 | 72.35 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 20,863.5018,00120,724.4019,827.5018,914.5018,558.7418,209.6817,867.1817,531.1317,201.39
Revenue (%)
Operating Cash Flow 814.40936.40644.80423.30348.20601.03589.72578.63567.75557.07
Operating Cash Flow (%)
Capital Expenditure -52.90-50.70-64.20-75.60-78.20-60.86-59.72-58.59-57.49-56.41
Capital Expenditure (%)
Free Cash Flow 761.50885.70580.60347.70270540.16530520.04510.25500.66

Weighted Average Cost Of Capital

Share price $ 72.35
Beta 1.542
Diluted Shares Outstanding 50.40
Cost of Debt
Tax Rate 56.87
After-tax Cost of Debt 2.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.605
Total Debt 1,426
Total Equity 3,646.44
Total Capital 5,072.44
Debt Weighting 28.11
Equity Weighting 71.89
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 20,863.5018,00120,724.4019,827.5018,914.5018,558.7418,209.6817,867.1817,531.1317,201.39
Operating Cash Flow 814.40936.40644.80423.30348.20601.03589.72578.63567.75557.07
Capital Expenditure -52.90-50.70-64.20-75.60-78.20-60.86-59.72-58.59-57.49-56.41
Free Cash Flow 761.50885.70580.60347.70270540.16530520.04510.25500.66
WACC
PV LFCF 321.73289.56260.61234.55211.10
SUM PV LFCF 2,029.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.02
Free cash flow (t + 1) 510.67
Terminal Value 7,274.51
Present Value of Terminal Value 4,723.60

Intrinsic Value

Enterprise Value 6,752.65
Net Debt 844.70
Equity Value 5,907.95
Shares Outstanding 50.40
Equity Value Per Share 117.22