Discounted Cash Flow

Manpowergroup Inc.

MAN · Based on 10 years of SEC filings · Converted from EUR to USD

⚠ Cash flow predictability 67/100 (moderate) — FCF YoY std dev 48%, net income 42% (full history)

DCF estimate unavailable — only_3_profitable_out_of_10

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income
Dividends

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $22.8b $515.4m $630.9m 2.3% $6.33
2017 $24.4b (7.0%) $633.5m (22.9%) $402.1m (-36.3%) 2.6% (14.9%) $8.13 (28.4%)
2018 $25.5b (4.5%) $646.7m (2.1%) $486.0m (20.9%) 2.5% (-2.4%) $8.62 (6.0%)
2019 $24.2b (-5.1%) $-263.1m (-140.7%) $884.6m (82.0%) -1.1% (-142.9%) $7.78 (-9.7%)
2020 $20.9b (-13.7%) $-149.6m (43.1%) $1.0b (16.3%) -0.7% (34.1%) $0.41 (-94.7%)
2021 $24.1b (15.1%) $-221.7m (-48.2%) $674.4m (-34.4%) -0.9% (-28.7%) $7.01 (1609.8%)
2022 $23.0b (-4.3%) $-226.7m (-2.3%) $403.9m (-40.1%) -1.0% (-6.9%) $7.17 (2.3%)
2023 $22.0b (-4.6%) $-161.3m (28.8%) $313.6m (-22.3%) -0.7% (25.4%) $1.78 (-75.2%)
2024 $20.7b (-5.6%) $-137.0m (15.1%) $299.8m (-4.4%) -0.7% (10.1%) $3.04 (70.8%)
2025 $20.9b (0.6%) $-131.5m (4.0%) $-187.5m (-162.5%) -0.6% (4.5%) $-0.29 (-109.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in EUR. Values above are converted to USD for comparison with the US-listed share price.

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model

only_3_profitable_out_of_10

Once the company meets all DCF eligibility criteria (sufficient history, profitability, growth trends), an estimate will become available automatically. No action is needed.