| BUSINESSWEEK ONLINE : JULY 19, 1999 ISSUE | ||||||||
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| BUSINESSWEEK INVESTOR -- INSIDE WALL STREET
Manpower Is on the March Overseas Investment manager Tony Spare thinks he has found a ''cheap way'' to play the prospective rebound in the economies of Britain, France, and Japan. No, he isn't buying into the banks or financial services. He has been accumulating shares of Manpower (MAN), the world's largest temporary employment company. Spare, who heads the San Francisco investment firm Spare, Kaplan, Bischel & Associates, is convinced that, starting next year, those economies are coming back strongly--and will provide the key to renewed growth for Manpower, which derives 73% of its revenues overseas. Its stock has been on the ropes this year, falling to 22 a share, down from 30 last summer. The company, which provides employment annually to about 1.6 million people in 43 countries, has soured the Street with disappointing earnings in the past three quarters. But a new management recently installed, led by new CEO Jeff Joerres, has encouraged analysts. ''It gives us more confidence that Manpower is on the way back,'' says Jeffrey Silber of investment firm Gerard Klauer Mattison. Spare says ''neglected'' Manpower is the ''ideal stock to buy'' into the recovery in Europe and Japan. Manpower will beat consensus earnings estimates of $1.85 a share for 2000, he says. He thinks it can make $2 to $2.50 a share. The stock, he says, should hit 40 this year. BY GENE G. MARCIAL _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ BACK TO TOP |
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RELATED ITEMS Manpower Is on the March Overseas CHART: Ready for a Pep Talk INTERACT E-Mail to Business Week Online | |||
