Investment thesis
ManpowerGroup (NYSE:MAN) shares have declined 30% over the last 12 months, primarily driven by concerns over the continued profitability of the firm in a challenging macro-economic environment.
(Source — Morningstar)
Even though shares have recovered over the last 2 months, I believe the current share price does not reflect the underlying fundamentals of the firm. The sell-off has resulted the shares being pushed into undervalued territory in my opinion. Manpower yields 2.4%, and shares are trading at a steep discount to my fair value estimate.