ManpowerGroup Greater China Ltd (2180) Fair Value & Analysis

Industrials · HK · Market cap HK$1.1B (≈ $143M) · ISIN KYG5795B1068

What is ManpowerGroup Greater China Ltd really worth?

MG ManpowerGroup Greater China Ltd 2180 · HK

PriceHK$4.97

Fair ValueHK$18.47

Upside+271.6%

Quality69/100

A solid business, trading 73% below our fair value of HK$18.47.

As of Aug 13, 2026, the fair value of ManpowerGroup Greater China Ltd is HK$18.47 per share against a price of HK$4.97, so the fair value sits 272% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Healthy Growth (revenue 5y +16.5 %/yr)

✓generates free cash flow

✓Ranks above peers (11/11)

Risks

!Thin margins · 2.3% net margin

!Narrow moat 35/100

!Evidence only low, so the estimate is less certain

!Weak on future: 25 out of 100

Evidence: Low Range HK$13.85 – HK$23.09

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 23 days ago

Fair value updated Aug 13, 2026, revised from HK$18.45 to HK$18.47 (+0.1%) since Aug 5, 2026. Share price −5.0% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

The price is below even our cautious bear case (HK$13.85). The market is more pessimistic than our downside scenario.
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$2.81 – HK$6.30 · fair‑value band HK$13.85 – HK$23.09 · the HK$4.97 price screens below the HK$18.47 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

ManpowerGroup Greater China Ltd (2180) currently trades at HK$4.97, while our model-based Fair Value estimate is HK$18.47, implying the stock looks roughly 73.1% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of HK$26.02 per share, and 25 of the 26 models we run sit above the HK$4.97 price. Bear case: the Asset-Based group reads lowest at HK$3.41, and 1 of the 26 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, ManpowerGroup Greater China Ltd generated revenue of HK$6.9B at a net margin of 2.3%. Revenue grew 4.9% year over year. It earns a return on equity of 13.5%. The balance sheet holds a net cash position of HK$675M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$13.85 (bear case) to HK$23.09 (bull case); at HK$4.97, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high and 46% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 22% fair-value upside, at 272%, 2180 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence

Highest evidence

FCF DCF best evidence HK$19.73 HK$31.43 HK$56.96 76

Growth DCF HK$19.20 HK$31.71 HK$48.93 74

Residual Income HK$4.79 HK$5.63 HK$9.14 74

All 26 models by family

DCF Models

FCF DCF best evidence HK$19.73 HK$31.43 HK$56.96 76

Owner Earnings HK$13.69 HK$22.43 HK$37.14 72

5Y Revenue Exit HK$15.37 HK$24.23 HK$36.49 69

5Y EBITDA Exit HK$16.18 HK$26.02 HK$38.71 72

5Y P/E Exit HK$16.36 HK$26.40 HK$38.35 68

10Y Revenue Exit HK$16.48 HK$25.30 HK$39.46 63

10Y EBITDA Exit HK$17.28 HK$26.55 HK$41.28 65

10Y P/E Exit HK$17.39 HK$26.81 HK$40.98 61

Earnings-Based

Graham-Dodd HK$5.14 HK$29.64 HK$41.23 63

Lynch FV HK$8.36 HK$11.94 HK$15.53 61

PEG = 1.0 HK$8.36 HK$11.94 HK$15.53 57

EPV HK$9.45 HK$10.28 HK$10.96 70

Dividend Discount

Gordon GGM HK$12.87 HK$23.19 HK$31.92 68

DDM Multi-Stage HK$12.87 HK$21.18 HK$24.77 67

Multiples

P/E Multiple HK$11.91 HK$15.88 HK$19.85 63

P/S Multiple HK$9.64 HK$12.86 HK$16.07 58

P/B Multiple HK$9.64 HK$12.86 HK$16.07 55

EV/EBIT HK$16.88 HK$21.36 HK$25.85 63

EV/EBITDA HK$15.05 HK$18.92 HK$22.80 64

EV/Revenue HK$13.02 HK$17.14 HK$21.26 52

Asset-Based

NCAV (Graham) HK$2.54 HK$3.41 HK$5.08 51

Growth DCF

Growth DCF HK$19.20 HK$31.71 HK$48.93 74

Rev-Margin DCF HK$15.37 HK$24.01 HK$35.99 69

Economic Profit

Residual Income HK$4.79 HK$5.63 HK$9.14 74

ROIC Compounder HK$10.19 HK$12.00 HK$14.11 70

Growth Earnings

Growth-Adj P/E HK$12.37 HK$17.67 HK$22.98 67

Widest divergence: DCF Models (HK$26.02) versus Asset-Based (HK$3.41). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 6.6 as of Jul 2, 2026

P/S ratio 0.15 P/E × margin

EPS (TTM) HK$0.3000 price ÷ EPS = P/E 6.6

Net margin 2.3% FY2025

Return on equity 13.5% TTM

Return on assets (EBIT) 7.9% avg 5y

More key figures

Profitability

Operating margin 3.9% TTM

Growth

Revenue (TTM) HK$6.9B TTM

Revenue growth (YoY) +4.9% 3y avg +14.6%

EPS growth (YoY) +23.9%

Balance sheet & cash flow

Free cash flow HK$292M FY2025

Net cash HK$675M FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 70 · Market factors (momentum, volatility) 50

Profitability 54

Margins and returns on capital today

Quality Growth 62

Are margins and returns improving?

Cashflow 62

Earnings quality: real cash, not paper profit

Fin. Strength 91

Balance sheet, leverage, solvency risk

Investment 86

Disciplined investing over empire-building

Low Volatility 69

Calm price path (market factor)

Momentum 38

Price trend over the last 3–12 months (market factor)

52W Momentum 47

Distance to the 52-week high (market factor)

Net Issuance 70

Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Full company description

ManpowerGroup Greater China Limited, an investment holding company, provides workforce solutions and other human resource services in the People's Republic of China, Hong Kong, Macau, and Taiwan. The company operates through Workforce Solutions and Other HR Services segments. It offers flexible staffing services to provide contingent workers to manage headcount, or only require workers for a limited time or a specific project; recruitment solutions, including headhunting and RPO; recruiting process outsourcing management services, including candidate assessments, screening, conducting candidate interviews, and recommending suitable candidates for job vacancies, as well as sourcing technology, and marketing and recruiting expertise. The company also provides HR consultancy, training and development, career transition, and payroll services, as well as government solutions; and outplacement, leadership development, career management, talent assessment, and training and development services. In addition, it offers event management, executive recruitment consultancy, enterprise management consulting, out placement and leadership development, and career training services. The company was founded in 1948 and is headquartered in Shanghai, the People's Republic of China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ManpowerGroup Greater China Ltd reported revenue of 6.9B CNY in FY2025 versus 4.0B CNY in FY2021, a compound +14.8%/yr. Reported net income was 157M CNY in FY2025, compounding +3.1%/yr from FY2021.

Growth Quality 90/100

Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Latest Revenue (FY 2025)

HK$6.9B

Latest YoY

+10.1%

Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.

+14.6%

Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.

+16.5%

Avg. revenue growth/yr (9Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.

+17.4%

Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.

+4.5% · in HKD

Earnings growth per share plus dividend yield: the value created per share and year.

Earnings growth per share+4.5%

Dividend yield0.0%

Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 4.5% vs 10Y 8.8%, flattening

Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5.0% (2020) → 3.2% (2025) · falling

Revenue +14.8%/yr

FY21 4.0B CNY

FY22 4.6B CNY

FY23 5.3B CNY

FY24 6.3B CNY

FY25 6.9B CNY

Net income +3.1%/yr

FY21 139M CNY

FY22 119M CNY

FY23 126M CNY

FY24 130M CNY

FY25 157M CNY

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ManpowerGroup Greater China Ltd · Fair Value
HK$18.47 +73%Fair Value
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Cite: Fair Value Calculator (2026). "ManpowerGroup Greater China Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2180.HK

Peer Group

Staffing & Employment Services · 80 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 69 · Top 25%

Return on equity (TTM) 13% · Above median

Return on assets 6% · Above median

Net margin (TTM) 2% · Above median

Operating margin (TTM) 4% · Above median

Revenue growth 5% · Above median

Dividend yield (TTM) 31.4% · Top 25%

Valuation Multiples vs Staffing & Employment Services median · lower = cheaper

P/E (TTM) 6.6× · Cheaper than 75% of peers

P/B 1.06× · Cheaper than median

P/S (TTM) 0.16× · Cheaper than 75% of peers

P/FCF 0.5× · Cheaper than 75% of peers

EV/EBITDA 1.8× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

This stock

Sector peers

VALUE0 · sector 49

FUTURE25 · sector 1

PAST54 · sector 41

HEALTH0 · sector 95

DIVIDEND0 · sector 58

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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10 more Staffing & Employment Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Grupa Pracuj S.A GPP	53.50 PLN	65.45 PLN	+22%
Barrett Business Services, Inc BBSI	$32.95	$38.11	+16%
Maharah for Human Resources Company 1831	4.68 SAR	6.87 SAR	+47%
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Frequently asked questions

Is ManpowerGroup Greater China Ltd (2180) overvalued or undervalued?

As of Aug 13, 2026, our model estimates a fair value of HK$18.47 versus a price of HK$4.97, about +272% upside (undervalued).

What is the fair value of 2180?

Our model-based fair value for ManpowerGroup Greater China Ltd is HK$18.47 (as of Aug 13, 2026), built from audited fundamentals. The current price: HK$4.97.

What is the quality score of 2180?

ManpowerGroup Greater China Ltd has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.

What is the price target for ManpowerGroup Greater China Ltd (2180)?

Our model-based price target is the fair value of HK$18.47 (as of Aug 13, 2026) from 26 valuation models. Cautious scenario HK$13.85, optimistic scenario HK$23.09. It is a calculation from audited fundamentals, not an analyst target.

What is the ManpowerGroup Greater China Ltd stock forecast for 2026?

Our models put fair value at HK$18.47, about +272% upside versus a price of HK$4.97 (undervalued). Cautious scenario HK$13.85, optimistic scenario HK$23.09. The calculation is refreshed regularly with new filings.

What is the revenue of ManpowerGroup Greater China Ltd (2180)?

ManpowerGroup Greater China Ltd reported trailing-twelve-month revenue of about HK$6.9B (latest available figure, as of Aug 13, 2026).

What is the net profit margin of 2180?

The net profit margin of ManpowerGroup Greater China Ltd is about 2.3%, meaning it keeps roughly 2.3% of revenue as net income. Based on the latest reported figures.

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