Kelly Services Inc (KELYA) is overvalued and ManpowerGroup (MAN) is undervalued.
Against our estimates of intrinsic value, MAN trades at the wider discount: a margin of safety of +23%, against -163% for KELYA.
Values as of the 22 Sept 2026 close.
Its through-the-cycle earnings (0.7% median margin), capitalised at 9.0% with no growth, values the shares at $6.34; the price of $16.66 is 163% above that value.
Leak Score 24/100 on 6 of 12 signals
Discounting its cash flows at 7.6% (average of 2 methods) values the shares at $74.71; the price of $57.63 is 23% below that value.
Leak Score 54/100 on 3 of 12 signals
| Metric | KELYA | MAN |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $16.66 | $57.63 |
| Intrinsic value | $6.34 | $74.71 |
| Margin of safety | -163% | +23% |
| Leak Score | 24/100 (6/12) | 54/100 (3/12) |
| Market cap | $599M | $2.7B |
| Revenue growth, 5 years | -1.2% | -0.1% |
| Operating margin | 0.8% | 1.8% |
| Net margin | -6.7% | 0.6% |
| Return on equity | -24.4% | 5.1% |
| Debt to equity | 0.13 | 0.67 |
| P/E | — | 26.0x |
| Forward P/E | 9.2x | 11.8x |
| P/B | 0.6x | 1.3x |
| Dividend yield | 1.8% | 2.8% |