Rational Investing

Staffing & Outsourcing Services

	Total Market Capitalization of All Firms	$192,229 mm
	Average Market Capitalization	$13,731 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.4
	Standard Deviation of MM Ratio	0.6
	Average Beta	1.4
	Average EV To Revenue	1.9
	Average EV To EBITDAM	22.2
	Average Price To Free Cash Flow	25.7

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
TBI	TrueBlue, Inc.	2.93	1,047	0.6	24.8	18.7	-3	1.6	Mar 21
2181	PERSOL HOLDINGS CO LTD	2.20	4,735	0.1	27.3	23.7	-1	1.5	Mar 21
RHI	Robert Half International Inc	1.73	10,227	1.9	31.7	20.7	4	1.5	Mar 21
HAS.L	Hays Plc	1.69	3,991	0.7	2	40	-8	1.3	Dec 20
MAN	Manpower Inc	1.49	6,764	0.4	41.8	20.8	2	2.0	Mar 21
RAND.AS	RANDSTAD HOLDING N.V	1.45	14,403	0.7	18.6	14.2	3	1.4	Mar 21
6098	Recruit Holdings Co.,Ltd	1.43	85,462	0.1	37.2	26.4	5	1.3	Mar 21
PAYX	Paychex Inc	1.21	37,654	9.4	33.0	24.0	1	0.9	Feb 21
JOBS	51job Inc.	1.09	4,994	8.6	39.4	33.1	9	0.7	Dec 20
ASGN	On Assignment Inc.	0.95	5,384	1.6	19.7	15.4	4	2.0	Mar 21
KELYA	Kelly Services Inc.	0.92	897	0.2	25	31.7	10	1.3	Mar 21
NSP	Insperity Inc.	0.87	3,589	0.9	17.0	14.4	4	1.4	Mar 21
ADEN.SW	Adecco SA	0.83	11,692	0.6	24.4	15.9	12	1.7	Mar 21
KFRC	Kforce Inc.	0.45	1,388	1.0	17.4	12.4	10	1.3	Mar 21