Rational Investing

Staffing & Outsourcing Services

	Total Market Capitalization of All Firms	$128,850 mm
	Average Market Capitalization	$9,912 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	1.6
	Average EV To EBITDAM	26.0
	Average Price To Free Cash Flow	34.9

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
ADEN.SW	Adecco SA	2.53	8,136	0.4	47	30	-6	1.3	Mar 20
ASGN	On Assignment Inc.	1.76	3,343	1.0	18.1	18.9	9	2.2	Mar 20
RHI	Robert Half International Inc	1.54	6,305	1.0	16.9	15.6	3	1.5	Mar 20
RAND.AS	RANDSTAD HOLDING N.V	1.44	8,198	0.4	40	30	-3	1.3	Mar 20
MAN	Manpower Inc	1.23	4,354	0.3	52.6	20.2	-6	1.9	Mar 20
PAYX	Paychex Inc	1.20	26,315	6.5	34.1	21.1	11	0.9	Feb 20
JOBS	51job Inc.	1.13	4,547	8.5	67.6	46.9	-8	1.1	Mar 20
6098	Recruit Holdings Co.,Ltd	0.95	58,630	0.2	43.8	28.0	3	1.1	Mar 20
HAS.L	Hays Plc	0.94	2,155	0.4	2	30	0	0.9	Dec 19
TBI	TrueBlue, Inc.	0.79	631	0.3	15.7	30	-9	1.7	Mar 20
2181	PERSOL HOLDINGS CO LTD	0.74	3,205	0.1	47.9	24.6	4	1.1	Mar 20
KFRC	Kforce Inc.	0.58	764	0.7	13.1	12.2	-1	1.3	Mar 20
NSP	Insperity Inc.	0.46	2,269	0.5	55	30	10	1.6	Mar 20