Analyst Note| Joshua Aguilar |
Narrow-moat Robert Half posted solid first-quarter results as recovery from the COVID-19 pandemic continues. We expect to raise our $57 fair value estimate by about 5%, reflecting increased revenue and margin assumptions in our forecast. Professional services and staffing demand continue to improve globally, and with that, Robert Half is seeing improvement on almost all fronts. While revenue adjusted for billing days and currency impacts was down 7.6% year over year, this was much stronger than the 11% to 13% drop management guided to last quarter. We expect revenue to increase roughly 9% in 2021 as global economic activity increases.