TriNet Group, Inc. (TNET)

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
0QNM.L	1	Adecco Group AG	28,913	15.09	7.59	10.75	10.08	11.89	10.38
ADP	2	Automatic Data Pro	20,903	28.75	25.97	19.78	17.82	-	29.91
MAN	3	ManpowerGroup Inc.	17,644	-	-	12.10	13.40	11.73	25.38
PAYX	4	Paychex, Inc.	5,793	31.12	28.53	21.26	19.42	25.11	22.55
IPEL.L	5	Impellam Group plc	5,548	9.63	8.88	3.23	2.91	13.37	6.91
RHI	6	Robert Half Intern	5,458	21.92	25.40	17.13	20.34	60.43	31.08
TNET	7	TriNet Group, Inc.	5,088	24.14	28.37	9.27	10.12	14.69	11.67
2427.T	8	OUTSOURCING Inc.	4,818	39.41	42.05	9.26	8.01	16.57	15.35
PAGE.L	9	PageGroup plc	4,700	13.42	14.99	4.07	3.82	114.12	9.50
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.25	13.18	9.13	6.78	12.63	12.81
Full Range Median Multiple	17.23	16.21	10.01	9.05	13.53	15.29
Industry Multiple	20.66	19.68	13.58	13.01	24.70	15.58
Market Implied Multiple	22.63	26.59	8.63	9.43	13.68	10.87
Company (TNET) Multiple	24.14	28.37	9.27	10.12	14.69	11.67
(*) Net Income / EBITDA / Revenue	133	113	317	290	200	252
Winsorized Enterprise Value	N/A	N/A	2,894	1,968	2,526	3,224
Full Range Median Enterprise Value	N/A	N/A	3,172	2,626	2,706	3,849
(-) Net Debt	-273	-273	-273	-273	-273	-273
Winsorized Equity Value	1,896	1,492	3,167	2,241	2,799	3,497
Full Range Median Equity Value	2,292	1,834	3,445	2,899	2,979	4,122
(/) Shares Outstanding	48	48	48	48	48	48
Winsorized Fair Value	$39.50	$31.09	$65.97	$46.69	$58.30	$72.86
Full Range Median Fair Value	$47.74	$38.22	$71.76	$60.41	$62.06	$85.87
Current Price	$62.70	$62.70	$62.70	$62.70	$62.70	$62.70
Upside / Downside	-37.00%	-50.42%	5.22%	-25.53%	-7.01%	16.20%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$27.65	$21.76	$46.18	$32.69	$40.81	$51.00
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy