Rational Investing

Staffing & Outsourcing Services

	Total Market Capitalization of All Firms	$166,207 mm
	Average Market Capitalization	$11,872 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.2
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.4
	Average EV To Revenue	1.8
	Average EV To EBITDAM	25.3
	Average Price To Free Cash Flow	47.5

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
RHI	Robert Half International Inc	2.07	8,099	1.5	43.4	30.2	-11	1.6	Sep 20
ASGN	On Assignment Inc.	2.03	4,774	1.4	81.7	21.3	3	2.0	Sep 20
2181	PERSOL HOLDINGS CO LTD	1.85	4,487	0.1	99	30	0	1.5	Sep 20
NSP	Insperity Inc.	1.43	3,478	0.9	84.3	30	1	1.5	Sep 20
RAND.AS	RANDSTAD HOLDING N.V	1.38	11,982	0.6	27.1	19.7	-12	1.5	Sep 20
6098	Recruit Holdings Co.,Ltd	1.35	75,235	0.2	38.6	27.6	-3	1.3	Sep 20
KELYA	Kelly Services Inc.	1.11	834	0.3	21.3	18.9	-14	1.1	Sep 20
JOBS	51job Inc.	1.04	4,546	8.7	57.1	39.9	-10	0.8	Sep 20
PAYX	Paychex Inc	1.00	31,220	8.2	30.7	22.6	-3	0.9	Nov 20
HAS.L	Hays Plc	0.94	2,899	0.5	2	30	2	1.2	Jun 20
KFRC	Kforce Inc.	0.90	1,161	0.9	5.5	5.1	7	1.4	Sep 20
MAN	Manpower Inc	0.85	5,700	0.4	95.3	30	-20	1.9	Sep 20
TBI	TrueBlue, Inc.	0.53	810	0.5	20.2	19.3	-19	1.6	Sep 20
ADEN.SW	Adecco SA	0.51	10,982	0.7	58.3	30	-23	1.6	Sep 20