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Off The Record: A Leading Analyst praises Manpower's Executives Full article published: 01/30/2002     Money Managers, Analysts, Buysiders and Executives


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Manpower Inc. (NYSE:MAN);

Five analysts and top management from four sector firms examine the human capital management sector in this special 54-page Human Capital Management issue from The Wall Street Transcript, available at (212/952-7433) or http://www.twst.com/info/info483.htm.

“Jeff Joerres, CEO, and Mike Van Handel, CFO, at Manpower have just done a terrific job over the last few quarters,” praises a leading analyst. “Joerres and Van Handel have done an excellent job of managing Manpower through an extremely tough period. Despite the difficult environment, they were able to reduce costs in a very rational manner. Manpower was actually able to meet expectations for the current quarter and communicated why they would need to reduce estimates for the future. As such, the stock has held up remarkably well. Manpower’s success is due in large part to the way that Joerres and Van Handel have communicated with the Street and with the way they have managed the company.”

Another analyst continues, “Manpower has done a commendable job of managing cost through a very difficult revenue cycle. Of the blue chip staffing companies, Manpower is the only one that has had differentiated plans in place. Over the past three years, Jeff Joerres, CEO, has been working diligently to improve their gross margin by focusing closely on the prices Manpower charges its clients. There was a strategy in place prior to Joerres’ time that was much more focused on revenue at any cost. As a result, the prior management team gave up a lot of margin. In this environment where their revenue is declining rapidly, Joerres has done an impressive job, in particular, of keeping Manpower’s gross margins increasing. This suggests that Manpower is being much more cautious about which clients they are willing to do business with and at what price they are willing to walk away. Joerres is just doing a great job with Manpower during this difficult time.”

This special issue includes:

1) Human Capital Management - In an in-depth (16,600 words) Analyst Roundtable, Mark W. Allen, Managing Director at SunTrust Robinson Humphrey Capital Markets, Randall A. Mehl, Director at Robert W. Baird & Co., Brandt Sakakeeny, Director at Deutsche Banc Alex. Brown, Inc. and Adam Waldo, Senior Vice President at Lehman Brothers, examine the outlook for the sector including the effect of Fed rate cuts, investment approach and share specific stock recommendations.

2) Human Capital Management - In an in-depth (4,900 words) Analyst Interview, Mark S. Marcon, Analyst at Wachovia Securities, examines the outlook for the sector and shares specific stock recommendations.

3) The TWST confidential Off-The-Record survey of management performance of seventeen sector firms asked market insiders about the ability of management teams to create shareholder value.

4) CEO interviews (average 2,500 words). Top management of four sector firms examine the outlook for their firm and the sector.


Tickers included in this excerpt: MAN

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This interview is a small excerpt from a comprehensive management survey published in The Wall Street Transcript on 01/28/02. For more information call (212) 952 7400. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.

Copyright 2002, Wall Street Transcript Corp.

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