Discounted Cash Flow (DCF) Analysis Levered

ManpowerGroup Inc. (MAN)

$72.17

-0.18 (-0.25%)

All numbers are in Millions, Currency in USD

Stock DCF: 146.40 | 72.17 | undervalue

Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	20,863.50	18,001	20,724.40	19,827.50	19,634.60	19,443.57	19,254.40	19,067.07	18,881.57	18,697.87
Revenue (%)
Operating Cash Flow	814.40	936.40	644.80	423.30	704.47	697.62	690.83	684.11	677.45	670.86
Operating Cash Flow (%)
Capital Expenditure	-52.90	-50.70	-64.20	-75.60	-60.19	-59.61	-59.03	-58.45	-57.88	-57.32
Capital Expenditure (%)
Free Cash Flow	761.50	885.70	580.60	347.70	644.28	638.01	631.80	625.66	619.57	613.54

Weighted Average Cost Of Capital

Share price	$ 72.17
Beta	1.646
Diluted Shares Outstanding	52.80
Cost of Debt
Tax Rate	45.39
After-tax Cost of Debt	0.80%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.465
Total Debt	1,271.60
Total Equity	3,810.58
Total Capital	5,082.18
Debt Weighting	25.02
Equity Weighting	74.98
Wacc

Build Up Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	20,863.50	18,001	20,724.40	19,827.50	19,634.60	19,443.57	19,254.40	19,067.07	18,881.57	18,697.87
Operating Cash Flow	814.40	936.40	644.80	423.30	704.47	697.62	690.83	684.11	677.45	670.86
Capital Expenditure	-52.90	-50.70	-64.20	-75.60	-60.19	-59.61	-59.03	-58.45	-57.88	-57.32
Free Cash Flow	761.50	885.70	580.60	347.70	644.28	638.01	631.80	625.66	619.57	613.54
WACC
PV LFCF					644.28	586.41	533.73	485.79	442.15	402.44
SUM PV LFCF										2,450.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.80
Free cash flow (t + 1)	625.81
Terminal Value	9,203.10
Present Value of Terminal Value	6,036.56

Intrinsic Value

Enterprise Value	8,487.08
Net Debt	564.90
Equity Value	7,922.18
Shares Outstanding	52.80
Equity Value Per Share	150.04