Rational Investing

Staffing & Outsourcing Services

	Total Market Capitalization of All Firms	$94,489 mm
	Average Market Capitalization	$7,268 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.0
	Standard Deviation of MM Ratio	0
	Average Beta	1.2
	Average EV To Revenue	2.5
	Average Price To Free Cash Flow	201.6

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	% Growth	Beta	As Of
ASGN	On Assignment Inc.	2.9	3,676	1.2	262.0	21	1.8	Sep 19
PAYX	Paychex Inc	1.3	32,219	7.9	39.2	11	0.9	Nov 19
JOBS	51job Inc.	1.0	10,317	17.5	76.4	7	1.5	Sep 19
MAN	Manpower Inc	1.0	5,765	0.3	19.6	-2	1.5	Sep 19
2181	PERSOL HOLDINGS CO LTD	0.8	4,420	0.1	-51.7	13	0.7	Sep 19
ADEN.SW	Adecco SA	0.8	10,169	0.5	25.1	4	1.0	Sep 19
HAS.L	Hays Plc	0.8	3,075	0.5	1727.3	3	0.8	Jun 19
KELYA	Kelly Services Inc.	0.8	808	0.2	-30.4	-1	0.8	Sep 19
RHI	Robert Half International Inc	0.8	7,415	1.2	15.2	7	1.3	Sep 19
NSP	Insperity Inc.	0.7	3,825	0.9	20.1	12	1.1	Sep 19
TBI	TrueBlue, Inc.	0.7	929	0.4	10.1	-3	1.6	Sep 19
KFRC	Kforce Inc.	0.6	991	0.7	13.4	1	1.2	Sep 19
RAND.AS	RANDSTAD HOLDING N.V	0.5	10,881	0.5	9.6	5	1.1	Sep 19