Valuation
Value $58 Price $81. Underpriced by 29%.
현재 시장기대치와 스토리
현재 가격에 반영된 가정
매출성장 향후 5년간 연 3% , 타깃 영업이익률 8%(Converge 5년) .
스토리
성장 5%, 이익률10%.
시뮬레이션
추후 해볼 것.
Pricing
- PE: 15
- PB: 6
- P/TangB: 7.5
- PS: 1.1
- P/CF: 9.8
- P/FCF: 11
- EV/Sales: 1
- EV/EBITDA: 9.5
- EV/EBIT: 10.5
- EV: 6.5B
기타
소스
Value Screen Feb2020
자료(시트)
Description
Company Description
Robert Half International, Inc. provides temporary and permanent staffing services. The Company supplies temporary, full-time, and senior-level project professionals for accounting, finance, office, administrative support, information technology, legal support, marketing, advertising, and public relations sectors.
Extended Company Description (Source: Hoover’s Inc., a Dun & Bradstreet Company)
OVERVIEW
Robert Half International carries the full load of personnel services. The company places temporary and permanent staff through eight divisions: Accountemps, Robert Half Finance and Accounting, Robert Half Legal, OfficeTeam (general administrative), Robert Half Technology (information technology), Robert Half Management Resources (senior level professionals), and The Creative Group (advertising, marketing, and Web design). The firm also publishes job reports and surveys on the latest employment trends and annual salary guides to track pay trends and has an internal audit and risk consulting division in Protiviti. The US accounts for three-quarters of sales.
Operations
Robert Half operates in three business segments: temporary and consultant staffing, risk consulting and internal audit services, and permanent placement staffing.
Temporary and consulting is Robert Half’s biggest business at roughly 75% of total sales. It provides specialized staffing in the accounting and finance, administrative and office, and information technology, legal, advertising, marketing and web design fields.
Risk consulting & internal audit accounts some 15% of sales and provides business and technology risk consulting and internal audit services.
The Permanent place staffing segment brings in about 10% sales and provides full-time personnel in the accounting and finance, administrative and office, and information technology fields.
Geographic Reach
Headquartered in Menlo Park in California, Robert Half’s temporary and permanent staffing services business has some 325 offices in more than 40 states, Washington, DC, and more than 15 international markets. Protiviti has more than 60 offices in some 25 states and 10 foreign countries. The firm’s domestic segment accounts for about 75% of total sales.
Sales and Marketing
Robert Half recruits via direct marketing and print, radio, and internet advertising. Robert Half also has joint marketing agreements with many tech-related companies to coordinate joint mailings, cooperative advertising, and other promotions. The firm typically spends around $50 million on advertising annually.
Financial Performance
Robert Half returned to strong sales growth in 2018 after an interruption in 2017 in which revenue grew less than 1%.
In 2018 the company’s sales grew 10% to $5.8 billion — a new high — amid strong performances in all three reportable segments. Growth was strongest internationally, particularly in Europe, with international sales up 2 percentage points to 24%. Robert Half’s temporary and consultant staffing services realized higher hourly rates and higher hours worked by temporary staff.
Robert Half’s net income surged 49% to $434.3 million thanks to expanded gross margins and a reduction in income taxes. Gross margins in the temporary and consultant staffing segment were boosted by higher bill-pay spreads and conversion revenue, rising from 37.2% to 37.6%. The risk consulting and internal audit segment’s gross margins fell due to higher pay rates for professional staff and headcount.
Robert Half’s cash on hand fell $18.2 million during 2018, ending the year at $276.6 million. The company’s operations generated $572.3 million, while its investing activities used $88.5 million and its financing used $490.1 million. Thanks to healthy operating cash flows, Robert Half returned a ton of cash to shareholders in 2018 in the shape of share repurchases ($353.5 million) and dividends ($136.4 million). Capital expenditures were $42.5 million by comparison.
Strategy
Robert Half prefers to grow organically rather than by making material acquisitions. The majority of Robert Half’s capital spending in the last few years was for technological infrastructure and software. The firm has recently completed the installation upgrades to its enterprise resource planning and project management applications and it continues to invest in further digital initiatives to improve its service offerings to clients and candidates. In recent years, strong performances and healthy operating cash flows have allowed the board to reward shareholders generously. It disbursed more than $1.1 billion on dividends and share repurchases between 2016 and 2018.
Company Background
Robert Half was founded in 1948 by Bob and Maxine Half. In early 1970s Robert Half opens its first international branch in London, UK. Around the same time it also launched Accountemps, a professional staffing division. Max Messmer purchased Robert Half in 1986; it floated on the New York Stock Exchange in 1990.
HISTORY
Robert Half founded Robert Half Inc. in 1948 as an employment agency for accountants. He developed Accountemps on the side to supply firms with accountants and other finance professionals on a temporary basis. His concept was a hit, and Half became known as a pioneer in the specialized employment services industry. He started franchising his business nationwide. The temp industry grew slowly in the 1960s and 1970s, until the 1980s brought a rapid expansion. By 1985 there were 150 independent Accountemps and Robert Half franchises.
Harold “Max” Messmer joined the company in 1985 for what would prove to be a tumultuous first couple of years. In 1986 Boothe Financial Corporation bought all of Robert Half’s outstanding stock, and Messmer launched a program to buy all the Robert Half franchises. A year later Boothe sold Robert Half, which then went public as Robert Half International, placing Messmer at the helm as CEO and president.
