Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

ManpowerGroup Greater China Limited (2180.HK)

Company Dividend Discount ModelIndustry: Staffing & Employment ServicesSector: Industrials

Valuation Snapshot

Stable Growth$11.36 - $17.28$14.14
Multi-Stage$23.57 - $25.95$24.74
Blended Fair Value$19.44
Current Price$3.91
Upside397.08%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS-7.06%0.00%0.290.111.700.280.250.410.730.000.000.00
YoY Growth--154.54%-93.41%517.80%9.48%-38.91%-43.57%0.00%0.00%0.00%0.00%
Dividend Yield--6.90%2.06%29.09%3.76%2.32%4.74%8.47%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)263.06
(-) Cash Dividends Paid (M)80.93
(=) Cash Retained (M)182.13
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)52.6132.8819.73
Cash Retained (M)182.13182.13182.13
(-) Cash Required (M)-52.61-32.88-19.73
(=) Excess Retained (M)129.52149.25162.40
(/) Shares Outstanding (M)203.75203.75203.75
(=) Excess Retained per Share0.640.730.80
LTM Dividend per Share0.400.400.40
(+) Excess Retained per Share0.640.730.80
(=) Adjusted Dividend1.031.131.19
WACC / Discount Rate6.91%6.91%6.91%
Growth Rate-2.00%-1.00%0.00%
Fair Value$11.36$14.14$17.28
Upside / Downside190.49%261.54%341.92%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)263.06260.43257.83255.25252.69250.17257.67
Payout Ratio30.76%42.61%54.46%66.31%78.15%90.00%92.50%
Projected Dividends (M)80.93110.97140.41169.24197.49225.15238.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.91%6.91%6.91%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)102.75103.80104.85
Year 2 PV (M)120.37122.84125.33
Year 3 PV (M)134.34138.50142.73
Year 4 PV (M)145.15151.16157.36
Year 5 PV (M)153.22161.19169.50
PV of Terminal Value (M)4,146.444,362.354,587.17
Equity Value (M)4,802.265,039.845,286.95
Shares Outstanding (M)203.75203.75203.75
Fair Value$23.57$24.74$25.95
Upside / Downside502.80%532.62%563.64%

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