ManpowerGroup Greater China Limited (2180.HK)

Industry: Staffing & Employment Services Sector: Industrials Currency Used: CN Live Price: $5.10

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Stock Price	4.32	5.61	7.05	7.56	9.87	8.63	8.43	8.34	8.48
Market Capitalization	878.36M	1,145.80M	1,469.63M	1,571.04M	2,049.19M	1,533.17M	1,380.72M	1,666.29M	1,696.31M
(-) Cash & Equivalents	738.56M	697.75M	715.67M	846.41M	628.28M	558.53M	-192.26M	0.00M	0.00M
(+) Total Debt	31.31M	43.56M	47.54M	49.50M	65.54M	78.37M	0.00M	0.00M	0.00M
Enterprise Value	171.10M	491.60M	801.50M	774.13M	1,486.45M	1,053.02M	1,572.98M	1,666.29M	1,696.31M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Revenue	12,463M	9,215M	6,271M	5,304M	4,588M	3,969M	3,223M	3,042M	2,491M	2,007M	1,624M
Cost of Revenue	11,229M	7,953M	5,657M	4,681M	3,965M	3,331M	2,687M	2,455M	1,927M	1,550M	1,244M
Gross Profit	1,234M	1,262M	614M	623M	624M	638M	536M	587M	565M	457M	380M
Gross Profit Margin	9.9%	13.7%	9.8%	11.7%	13.6%	16.1%	16.6%	19.3%	22.7%	22.8%	23.4%
R&D Expenses	9M	8M	4M	6M	5M	0M	0M	5M	9M	9M	7M
SG&A Expenses	878M	948M	436M	461M	469M	449M	373M	439M	374M	308M	248M
Operating Expenses	883M	920M	435M	469M	466M	445M	370M	438M	422M	349M	291M
Operating Income (EBIT)	351M	342M	178M	154M	158M	193M	166M	149M	143M	109M	89M
Operating Income Margin	2.8%	3.7%	2.8%	2.9%	3.4%	4.9%	5.1%	4.9%	5.7%	5.4%	5.5%
Interest Income	27M	20M	18M	18M	11M	7M	10M	9M	3M	5M	3M
Interest Expense	0M	3M	1M	2M	2M	3M	4M	2M	0M	0M	0M
Net Interest Income	27M	18M	17M	16M	9M	4M	6M	6M	3M	5M	3M
Unusual Items	9M	3M	-4M	15M	9M	-2M	-2M	-1M	1M	5M	-3M
EBT Excluding Unusual Items	378M	360M	195M	170M	167M	198M	171M	155M	145M	113M	92M
Pre-Tax Income	387M	363M	191M	185M	176M	196M	169M	154M	146M	118M	89M
Pre-Tax Margin	3.1%	3.9%	3.0%	3.5%	3.8%	4.9%	5.2%	5.1%	5.9%	5.9%	5.5%
Income Tax Expense	87M	82M	43M	38M	41M	43M	35M	34M	38M	29M	20M
Net Income	263M	249M	130M	126M	119M	139M	126M	110M	98M	84M	65M
Net Income Margin	2.1%	2.7%	2.1%	2.4%	2.6%	3.5%	3.9%	3.6%	3.9%	4.2%	4.0%
Depreciation & Amortization	15M	19M	11M	41M	43M	38M	40M	40M	6M	5M	5M
EBITDA	366M	361M	189M	195M	201M	231M	205M	188M	149M	114M	95M
EBITDA Margin	2.9%	3.9%	3.0%	3.7%	4.4%	5.8%	6.4%	6.2%	6.0%	5.7%	5.8%
NOPAT	272M	265M	139M	122M	122M	150M	131M	116M	106M	82M	70M
NOPAT Margin	2.2%	2.9%	2.2%	2.3%	2.6%	3.8%	4.1%	3.8%	4.2%	4.1%	4.3%
Owner's Earnings	272M	256M	137M	156M	147M	159M	143M	137M	96M	84M	65M
Owner's Earnings Margin	2.2%	2.8%	2.2%	2.9%	3.2%	4.0%	4.4%	4.5%	3.9%	4.2%	4.0%
EPS (Basic)	1.28	1.20	0.64	0.62	0.58	0.67	0.61	0.62	0.49	0.42	0.33
EPS (Diluted)	1.29	1.21	0.64	0.62	0.58	0.67	0.61	0.62	0.49	0.42	0.33
Shares (Basic)	204M	208M	203M	204M	206M	208M	208M	177M	200M	200M	200M
Shares (Diluted)	204M	206M	203M	203M	206M	208M	208M	177M	200M	200M	200M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Cash & Cash Equivalents	846.69M	752.38M	752.38M	706.43M	744.43M	795.35M	677.91M	806.97M	229.84M	286.77M	267.69M
Short-Term Investments	93.54M	177.67M	177.67M	228.71M	183.71M	250.08M	381.76M	133.30M	234.46M	307.34M	251.31M
Cash & Short-Term Investments	940.23M	930.05M	930.05M	935.14M	928.14M	1,045.43M	1,059.67M	940.26M	464.30M	594.11M	519.00M
Net Receivables	1,376.68M	1,253.14M	1,253.14M	891.82M	675.24M	647.69M	457.27M	475.11M	412.86M	363.26M	323.73M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-133.29M	-87.28M	20.26M	-323.73M
Other Current Assets	5.43M	64.18M	64.18M	0.23M	12.15M	2.42M	2.19M	156.25M	48.88M	2.54M	1.11M
Total Current Assets	2,322.34M	2,247.37M	2,247.37M	1,827.19M	1,615.53M	1,695.54M	1,519.13M	1,438.33M	838.76M	980.16M	520.11M
Property, Plant & Equipment	49.37M	45.70M	45.70M	51.46M	70.86M	57.94M	78.37M	97.67M	13.83M	10.39M	8.77M
Goodwill	57.16M	57.99M	57.99M	56.81M	56.04M	51.51M	52.95M	64.41M	69.31M	65.91M	33.05M
Intangible Assets	73.17M	71.40M	71.40M	71.20M	75.57M	67.78M	58.40M	45.21M	41.67M	42.11M	0.00M
Long-Term Investments	38.87M	38.39M	38.39M	44.83M	-144.22M	-214.47M	-340.25M	-119.32M	-218.56M	-306.84M	0.00M
Tax Assets	0.00M	0.00M	0.00M	10.97M	9.11M	7.51M	3.75M	2.78M	3.52M	3.40M	5.42M
Other Non-Current Assets	90.09M	91.26M	91.26M	75.16M	212.24M	287.66M	421.53M	168.46M	271.31M	332.02M	22.35M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	308.65M	304.75M	304.75M	310.42M	279.59M	257.94M	274.75M	259.21M	181.08M	146.98M	69.58M
Total Assets	2,630.98M	2,552.12M	2,552.12M	2,137.61M	1,895.12M	1,953.47M	1,793.88M	1,697.53M	1,019.84M	1,127.14M	589.70M
Accounts Payable	12.51M	13.30M	1,029.40M	690.78M	620.71M	17.46M	13.80M	14.94M	15.12M	25.35M	10.80M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	5.09M	0.00M
Tax Payables	0.00M	0.00M	0.00M	53.54M	54.87M	67.82M	43.58M	60.27M	46.04M	43.97M	27.98M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	1,153.22M	1,098.96M	1,098.96M	87.91M	66.89M	62.54M	51.22M	59.41M	62.11M	54.02M	23.51M
Total Current Liabilities	1,165.73M	1,112.26M	2,128.36M	832.24M	742.47M	147.81M	108.60M	134.62M	123.27M	128.42M	62.29M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	41.00M	35.38M	35.38M	39.85M	55.87M	44.97M	64.94M	81.84M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	21.50M	24.51M	21.13M	16.48M	7.92M	6.88M	6.95M	0.00M
Other Non-Current Liabilities	25.23M	27.64M	27.64M	26.95M	24.51M	21.13M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	66.23M	63.01M	63.01M	88.29M	104.89M	87.22M	81.42M	89.77M	6.88M	6.95M	0.00M
Total Liabilities	1,231.96M	1,175.27M	2,191.37M	920.53M	847.36M	235.04M	190.02M	224.39M	130.15M	135.37M	62.29M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	30.41M	58.56M	38.61M	0.00M	0.00M	0.00M	0.00M
Common Stock	1.83M	1.83M	1.83M	1.83M	1.83M	1.83M	1.83M	1.83M	0.13M	0.13M	0.13M
Retained Earnings	985.39M	924.33M	924.33M	796.10M	615.58M	506.89M	372.71M	249.64M	175.09M	219.03M	134.66M
Accumulated OCI	0.20M	-6.40M	-6.40M	-18.44M	-30.41M	-58.56M	-38.61M	3.23M	-5.84M	-32.51M	-34.68M
Minority Interest	130.50M	123.85M	123.85M	109.12M	95.87M	75.39M	65.21M	61.42M	69.77M	72.92M	46.94M
Total Shareholders’ Equity	987.42M	919.76M	919.76M	779.50M	617.41M	508.72M	374.54M	254.70M	169.38M	186.65M	100.10M
Total Equity	1,117.92M	1,043.60M	1,043.60M	888.62M	713.28M	584.12M	439.76M	316.12M	239.15M	259.57M	147.04M
Total Liabilities & Equity	2,349.88M	2,218.88M	3,234.98M	1,809.15M	1,560.64M	819.15M	629.78M	540.51M	369.30M	394.94M	209.34M
Tangible Assets	2,500.66M	2,422.72M	2,422.72M	2,009.61M	1,763.52M	1,834.18M	1,682.53M	1,587.92M	908.86M	1,019.13M	556.65M
Tangible Equity	987.60M	914.21M	914.21M	760.61M	581.68M	464.82M	328.41M	206.50M	128.17M	151.56M	113.99M
Tangible Book Value	987.60M	914.21M	914.21M	760.61M	581.68M	464.82M	328.41M	206.50M	128.17M	151.56M	113.99M
Total Investments	132.41M	216.06M	216.06M	273.53M	39.49M	35.61M	41.51M	13.98M	15.90M	0.50M	251.31M
Net Debt	-846.69M	-752.38M	-752.38M	-706.43M	-744.43M	-795.35M	-677.91M	-806.97M	-229.84M	-281.69M	-267.69M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Working Capital	1,130.7M	1,119.3M	1,119.3M	1,011.1M	926.7M	1,112.2M	1,034.4M	1,017.8M	548.5M	609.5M	596.1M
Total Capital	1,301.5M	1,288.4M	1,288.4M	1,210.7M	1,111.0M	1,299.4M	1,256.1M	1,239.5M	652.9M	681.7M	618.7M
Capital Employed	1,439.3M	1,424.1M	1,424.1M	1,321.5M	1,206.3M	1,370.2M	1,309.2M	1,277.0M	729.6M	756.5M	665.6M
Invested Capital	454.8M	536.0M	536.0M	504.3M	366.6M	504.0M	578.2M	432.5M	423.1M	394.9M	351.0M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Net Income	263.06M	249.08M	129.85M	184.55M	176.07M	195.64M	168.88M	154.03M	152.87M	124.87M	98.59M
Depreciation & Amortization	71.24M	79.00M	36.21M	40.58M	43.28M	38.36M	39.68M	39.58M	6.45M	5.46M	5.38M
Deferred Income Tax	0.00M	3.97M	0.00M	0.00M	0.00M	-21.34M	-31.62M	-23.31M	0.00M	0.00M	0.00M
Stock-Based Compensation	16.45M	19.84M	9.41M	7.69M	10.42M	6.52M	2.12M	0.35M	0.00M	0.00M	0.00M
Change in Working Capital	-610.65M	-182.94M	-428.49M	-94.44M	88.81M	-114.27M	97.48M	-53.30M	-37.50M	37.66M	-16.57M
Accounts Receivable	-611.67M	-183.42M	-428.60M	-183.07M	-9.50M	-173.92M	-25.06M	-58.21M	-109.58M	-32.05M	-46.39M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	1.02M	0.48M	0.12M	88.63M	98.31M	59.65M	122.55M	4.91M	9.64M	5.86M	-1.59M
Other Non-Cash Items	432.95M	151.90M	332.90M	-56.12M	-52.35M	-5.08M	-3.99M	-6.14M	-43.28M	-26.31M	-19.16M
Net Cash from Operating Activities	173.05M	316.87M	79.88M	82.26M	266.24M	99.83M	272.55M	111.20M	78.54M	141.68M	68.25M
Capital Expenditures (PPE)	-6.17M	-11.87M	-3.39M	-3.33M	-14.81M	-18.63M	-23.21M	-12.24M	-8.64M	-6.13M	-5.27M
Acquisitions (Net)	0.00M	15.86M	0.00M	-1.20M	1.75M	11.36M	-23.10M	1.52M	-28.88M	-46.93M	2.60M
Purchases of Investments	0.00M	-400.98M	0.00M	-369.70M	-860.38M	-498.47M	-1,018.40M	-1,268.34M	-1,165.74M	-498.14M	-306.40M
Sales / Maturities of Investments	0.00M	413.23M	0.00M	327.79M	946.63M	623.99M	756.20M	1,373.55M	1,242.14M	443.21M	55.22M
Other Investing Activities	142.28M	-27.27M	64.14M	-17.08M	2.02M	8.16M	27.23M	28.74M	-27.04M	3.75M	13.39M
Net Cash from Investing Activities	136.11M	-39.11M	60.75M	-63.52M	75.22M	126.41M	-281.28M	123.23M	11.84M	-104.24M	-240.47M
Net Debt Issuance	0.00M	0.00M	-26.35M	-28.33M	-35.45M	-29.94M	-30.41M	0.00M	-5.09M	1.36M	0.00M
Long-Term Debt Issuance	0.00M	0.00M	-26.35M	-28.33M	-35.45M	-29.94M	-30.41M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-5.09M	1.36M	0.00M
Net Stock Issuance	-4.10M	-36.54M	-2.57M	-0.15M	-29.71M	-6.79M	0.00M	502.69M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	-29.71M	0.00M	0.00M	502.69M	0.00M	0.00M	0.00M
Common Stock Repurchased	-4.10M	-36.54M	-2.57M	-0.15M	0.00M	-6.79M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-80.93M	-402.22M	-58.10M	-22.83M	-346.18M	-56.04M	-51.18M	-83.78M	-148.48M	0.00M	0.00M
Common Dividends Paid	-80.93M	-402.22M	-58.10M	-22.83M	-346.18M	-56.04M	-51.18M	-83.78M	-148.48M	0.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-64.04M	-81.04M	-5.34M	-10.40M	-5.97M	-5.06M	-8.55M	-85.77M	-13.14M	-0.44M	-2.32M
Net Cash from Financing Activities	-149.06M	-519.80M	-92.36M	-61.70M	-417.31M	-97.83M	-90.14M	333.14M	-166.71M	0.92M	-2.32M
Effect of FX on Cash	-2.47M	33.65M	-2.32M	4.97M	24.93M	-10.97M	-30.19M	9.56M	19.39M	-19.27M	22.36M
Net Change in Cash	17.84M	-169.02M	45.94M	-38.00M	-50.92M	117.44M	-129.06M	577.13M	-56.94M	19.08M	-152.18M
Cash at Beginning of Period	17.84M	2,430.79M	706.43M	744.43M	795.35M	677.91M	806.97M	229.84M	286.77M	267.69M	419.88M
Cash at End of Period	17.84M	2,261.77M	752.38M	706.43M	744.43M	795.35M	677.91M	806.97M	229.84M	286.77M	267.69M
Operating Cash Flow	173.05M	316.87M	79.88M	82.26M	266.24M	99.83M	272.55M	111.20M	78.54M	141.68M	68.25M
Capital Expenditure	-6.17M	-11.87M	-3.39M	-11.12M	-14.81M	-18.63M	-23.21M	-12.24M	-8.64M	-6.13M	-5.27M
Free Cash Flow	166.87M	305.01M	76.49M	71.13M	251.43M	81.20M	249.34M	98.96M	69.91M	135.55M	62.97M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
EBITDA	362.48M	324.17M	183.87M	196.72M	192.72M	227.88M	201.51M	181.90M	187.52M	145.96M	130.74M
(-) Tax Adjustment	81.76M	72.95M	41.03M	40.46M	44.43M	50.26M	41.75M	39.62M	48.78M	35.38M	28.60M
(-) Change In Working Capital	-610.65M	-182.94M	-428.49M	-94.44M	88.81M	-114.27M	97.48M	-53.30M	-37.50M	37.66M	-16.57M
(-) Capital Expenditure	-6.17M	-11.87M	-3.39M	-11.12M	-14.81M	-18.63M	-23.21M	-12.24M	-8.64M	-6.13M	-5.27M
Unlevered Free Cash Flow	885.19M	422.30M	567.93M	239.58M	44.66M	273.25M	39.06M	183.34M	167.59M	66.79M	113.43M
(-) Net Interest Income After Taxes	20.59M	13.61M	13.05M	12.64M	6.91M	3.45M	4.46M	4.74M	2.03M	3.43M	2.38M
Net Debt Issuance	0.00M	0.00M	-26.35M	-28.33M	-35.45M	-29.94M	-30.41M	0.00M	-5.09M	1.36M	0.00M
Levered Free Cash Flow	864.60M	408.69M	528.53M	198.60M	2.31M	239.86M	4.19M	178.60M	160.48M	64.72M	111.06M