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Robert Half International Inc RHI

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Robert Half Is Trending in the Right Direction; We Expect Revenue Growth to Return in 2021

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

Robert Half’s fourth-quarter results showed a continued path to recovery from COVID-19 lows in the first half of 2020. We’ve increased our fair value estimate to $57 from $55, mainly due to the time value of money since our last update, in addition to slight adjustments to our revenue and margin assumptions. We expect Robert Half to return to revenue growth in 2021 (up nearly 5% year over year) following a 16% decline in 2020. We also project operating margins to rebound to approximately 9% from just over 8% in 2020.

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Company Profile

Business Description

Founded in 1948, Robert Half provides temporary, permanent, and project-based staffing to corporations seeking employees in the finance, accounting, and technology. It is one of the largest global staffing firms, operating hundreds of locations in several countries. Its Protiviti subsidiary provides risk and business consulting and internal audit services to corporations through scores of global offices. The firm generates annual revenue of over $5 billion and EBIT of over $400 million and has nearly 19,000 employees.

2884 Sand Hill Road, Suite 200
Menlo Park, CA, 94025
T +1 650 234-6000
Sector Industrials
Industry Staffing & Employment Services
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 163,500