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Robert Half International Inc RHI

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

We’re Encouraged by Robert Half’s First-Quarter Margin Growth; Subsidiary Protiviti Shines

Joshua Aguilar Equity Analyst

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.

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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.

Contact
2884 Sand Hill Road, Suite 200
Menlo Park, CA, 94025
T +1 650 234-6000
Sector Industrials
Industry Staffing & Employment Services
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 163,500

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