Robert Half Inc

RHI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Robert Half Earnings: We Curb Short-Term Forecasts and Decrease Fair Value Estimate by 4%

Joshua Aguilar ,

Jul 26, 2023

Narrow-moat-rated Robert Half reported weak 2023 second-quarter results, as hiring demand continues to soften. Management released third-quarter EPS and revenue guidance of $0.83 and $1.53 billion at their respective midpoints, signaling performance to regress to 2021 quarantine levels. We curtail revenue and margin projections for the second half of the year and decrease our fair value estimate by 4% to $94 from $98. However, we maintain our long-term thesis on Robert Half’s strong competitive positioning. We think the stock remains undervalued and currently trades at a 15% discount in 4-star territory.

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Robert Half Inc

Robert Half Earnings: We Curb Short-Term Forecasts and Decrease Fair Value Estimate by 4%

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