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Robert Half: May Be Too Soon To Buy

Apr. 12, 2023 4:00 AM ETRobert Half Inc. (RHI)
Andrew Dessy profile picture
Andrew Dessy


  • RHI has pulled back almost 40% from all-time highs, likely in anticipation of a cyclical downturn in hiring.
  • The company has a strong balance sheet with no debt, has consistently raised the dividend since 2004, and continues to buy back shares at heavy clips.
  • Caution is still warranted though as the company is highly cyclical, and after the 2008 financial crisis, revenues did not recover back to 2008 levels until 2014.
  • Using conservative DCF estimates, I estimated the company is worth approximately $7.3 billion, indicating shares still trade at a slight premium to intrinsic value.

Asian male director is interviewing to recruit new employees


Executive Thesis and Overview:

Value investors might be drawn to Robert Half International (NYSE:RHI) as it has a rock-solid balance sheet with no debt, high returns on capital, and shareholder friendly policy with most of its free cash flow

This article was written by

Andrew Dessy profile picture
Value investor with a long-term focus, looking to find mispriced securities to preserve wealth and beat inflation.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of RHI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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