Recruit Earnings: Price Rises Help Offset Volume Declines in Indeed and Glassdoor

We raise our fair value estimate for narrow-moat Recruit Holdings by 6% to JPY 7,300 per share following its second-quarter fiscal 2024 result (for the three months to Sept. 30, 2024). Given the company’s solid performance so far this fiscal year, management raised revenue and margin guidance. But with shares up 70% calendar year to date, they screen as overvalued.