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.