Korn Ferry (KFY)

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
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
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.42	14.99	8.99	5.55	13.69	10.58
Full Range Median Multiple	19.37	17.43	9.26	8.01	14.69	13.16
Industry Multiple	19.84	20.62	29.46	46.64	24.67	12.53
Market Implied Multiple	13.40	7.68	7.10	5.47	8.26	6.19
Company (KFY) Multiple	12.76	7.31	6.73	5.18	7.83	5.87
(*) Net Income / EBITDA / Revenue	262	457	460	597	395	527
Winsorized Enterprise Value	N/A	N/A	4,132	3,311	5,408	5,577
Full Range Median Enterprise Value	N/A	N/A	4,258	4,780	5,802	6,935
(-) Net Debt	-245	-245	-245	-245	-245	-245
Winsorized Equity Value	3,511	6,847	4,377	3,556	5,653	5,822
Full Range Median Equity Value	5,068	7,963	4,503	5,025	6,047	7,179
(/) Shares Outstanding	52	52	52	52	52	52
Winsorized Fair Value	$68.04	$132.69	$84.82	$68.91	$109.54	$112.82
Full Range Median Fair Value	$98.20	$154.30	$87.25	$97.38	$117.18	$139.12
Current Price	$67.97	$67.97	$67.97	$67.97	$67.97	$67.97
Upside / Downside	0.10%	95.21%	24.79%	1.39%	61.16%	65.99%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$47.62	$92.88	$59.37	$48.24	$76.68	$78.97
Buy / Don't Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy	BUY	BUY