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The experts explained that “Positive traction in the European Quantitative Easing program creates an operating tailwind for Manpower, which generates two-thirds of its temp staffing revenue from the EU area.”
The firm remains a buyer of ManpowerGroup shares based on the following rationale:
- 1) Success in the QE program has generated more than €60 billion in monthly asset purchases since March. Furthermore, ECB President Mario Draghi recently reaffirmed his commitment to continue to purchase €60 billion in assets per month until the end of September 2016 “or until there is a sustained adjustment in the path of inflation to just under 2 percent, suggesting at least €1.1 trillion in total asset purchases,” the analysts explicated. “With asset purchases totaling €184 billion since Mar and EU inflation well below 2 percent, we see meaningful runway for the monetary stimulus to continue.”
- 2) The QE is already leading to improving GDP, unemployment and inflation figures in the EU. The ameliorating macro environment can work as a strong catalyst for the pro-cyclical temp staffing business. In fact, Piper Jaffray expects accelerating temp demand in the region over the next 4 to 6 quarters. 3) The analysts believe temp staffing is an appealing early cycle play. The anticipate Manpower will generate constant currency revenue growth acceleration from 4 percent in 2014 to 6 percent in 2015, and to 6.5 percent in 2016. Moreover, the stock’s valuation stands below its peers’ valuation and the experts said, “A depressed multiple on depressed earnings and indications of earnings growth acceleration with an upward bias to estimates create an attractive buying opportunity for Manpower shares.”Image Credit: Public Domain
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.