Analyst Note
| Joshua Aguilar |Manpower’s first-quarter results were in line with our expectations. Disruptions in industries such as the automotive sector remain in the picture, but record high requests for skilled workers in IT, finance, and manufacturing operations more than offset various challenges. Marketwide issues including supply chain challenges and tight labor markets persist, but we expect to see continued improvements throughout 2022. We are raising our fair value estimate to $94 from $93, primarily because of the time value of money.