ManpowerGroup Greater China Limited (2180.HK)

Industry: Staffing & Employment Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
KELYA	10	Kelly Services, In	4,393	-	-	56.78	56.78	-	-
BRNL.AS	11	Brunel Internation	3,128	9.84	11.38	4.16	4.36	2.75	2.49
KFY	12	Korn Ferry	2,842	12.76	7.31	6.73	5.18	7.83	5.87
RWA.L	13	Robert Walters plc	2,422	-	-	3.54	3.47	-	15.24
ALFRE.PA	14	Freelance.com S.A.	2,369	3.28	3.28	-	-	3.26	2.88
300662.SZ	15	Beijing Career Int	1,991	19.37	17.43	12.30	11.01	15.68	18.47
QUESS.BO	16	Quess Corp Limited	1,844	43.38	43.38	8.99	5.55	13.69	22.16
2180.HK	17	ManpowerGroup Grea	1,769	3.09	3.09	0.02	0.02	0.02	0.02
IPDN	18	Professional Diver	1,737	-	-	-	-	-	-
TBI	19	TrueBlue, Inc.	1,584	-	-	236.89	463.87	-	-
6028.T	20	TechnoPro Holdings	1,564	30.81	28.53	17.29	16.06	16.83	14.65
EWRK.ST	21	Ework Group AB (pu	1,533	17.73	16.69	10.94	10.16	20.10	12.81
PPE.AX	22	Peoplein Limited	1,505	-	-	3.37	3.37	10.77	2.03
6919.HK	23	Renrui Human Resou	1,488	378.91	378.91	1.02	1.02	1.27	3.15
SEK.AX	24	SEEK Limited	1,440	61.61	78.01	11.33	10.49	17.79	16.74
KFRC	25	Kforce Inc.	1,341	12.99	13.64	8.56	9.03	8.85	2.74

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	17.73	16.69	8.56	5.55	8.85	4.51
Full Range Median Multiple	18.55	17.06	8.99	9.03	10.77	9.34
Industry Multiple	59.07	59.86	29.38	46.18	10.80	9.94
Market Implied Multiple	4.03	4.03	0.68	0.68	0.74	0.73
Company (2180.HK) Multiple	3.09	3.09	0.02	0.02	0.02	0.02
(*) Net Income / EBITDA / Revenue	37	37	53	53	49	49
Winsorized Enterprise Value	N/A	N/A	451	293	430	223
Full Range Median Enterprise Value	N/A	N/A	474	476	524	462
(-) Net Debt	-114	-114	-114	-114	-114	-114
Winsorized Equity Value	662	623	565	407	545	338
Full Range Median Equity Value	693	637	588	590	638	577
(/) Shares Outstanding	29	29	29	29	29	29
Winsorized Fair Value	$22.45	$21.14	$19.17	$13.80	$18.47	$11.45
Full Range Median Fair Value	$23.49	$21.60	$19.95	$20.01	$21.64	$19.55
Current Price	$5.10	$5.10	$5.10	$5.10	$5.10	$5.10
Upside / Downside	340.23%	314.43%	275.92%	170.52%	262.10%	124.47%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$15.72	$14.80	$13.42	$9.66	$12.93	$8.01
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY