Discounted Cash Flow (DCF) Analysis Unlevered

ManpowerGroup Inc. (MAN)

$71.465

-0.24 (-0.34%)
All numbers are in Millions, Currency in USD
Stock DCF: 61.89 | 71.465 | overvalue

Operating Data

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 (%)
EBITDA 877.80339685.50750.50255.80539.53529.39519.43509.66500.07
EBITDA (%)
EBIT 800.60262.70612.10665.90167.20463.70454.97446.42438.02429.78
EBIT (%)
Depreciation 77.2076.3073.4084.6088.6075.8474.4173.0171.6470.29
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 1,025.801,567.10847.80639989.98971.36953.09935.17917.58900.32
Total Cash (%)
Account Receivables 5,273.104,912.405,448.205,137.404,953.864,860.684,769.264,679.564,591.544,505.18
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2,474.902,527.403,039.202,831.402,593.542,544.762,496.902,449.932,403.852,358.64
Accounts Payable (%)
Capital Expenditure -52.90-50.70-64.20-75.60-78.20-60.86-59.72-58.59-57.49-56.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 71.465
Beta 1.542
Diluted Shares Outstanding 50.40
Cost of Debt
Tax Rate 56.87
After-tax Cost of Debt 1.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.620
Total Debt 1,253.10
Total Equity 3,601.84
Total Capital 4,854.94
Debt Weighting 25.81
Equity Weighting 74.19
Wacc

Build Up Free Cash

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
EBITDA 877.80339685.50750.50255.80539.53529.39519.43509.66500.07
EBIT 800.60262.70612.10665.90167.20463.70454.97446.42438.02429.78
Tax Rate 32.06%83.89%32.69%32.90%56.87%47.68%47.68%47.68%47.68%47.68%
EBIAT 543.8942.33412.02446.8072.11242.59238.03233.55229.16224.85
Depreciation 77.2076.3073.4084.6088.6075.8474.4173.0171.6470.29
Accounts Receivable -360.70-535.80310.80183.5493.1891.4289.7088.0286.36
Inventories ----------
Accounts Payable -52.50511.80-207.80-237.86-48.78-47.86-46.96-46.08-45.21
Capital Expenditure -52.90-50.70-64.20-75.60-78.20-60.86-59.72-58.59-57.49-56.41
UFCF 568.19481.13397.22558.8028.19301.96296.28290.71285.24279.88
WACC
PV UFCF 276.78248.92223.87201.33181.07
SUM PV UFCF 1,131.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.10
Free cash flow (t + 1) 285.48
Terminal Value 4,020.78
Present Value of Terminal Value 2,601.28

Intrinsic Value

Enterprise Value 3,733.24
Net Debt 614.10
Equity Value 3,119.14
Shares Outstanding 50.40
Equity Value Per Share 61.89