Report
David Silver
EUR 101.80 For Business Accounts Only

Robert Half: Broad-Based Revenue Pickup in 4Q Signals Cyclical Inflection Point. We Raise our FVE.

We plan to raise our fair value estimate to roughly $59 per share from $54 for narrow-moat professional staffer Robert Half due to signs of broad-based demand improvement, benefits from U.S. tax reform, and our more optimistic earnings forecast. We believe the current stock price represents a reasonable opportunity for investors seeking industry leaders with good long-term growth prospects, healthy free cash flows, experienced management, and a sturdy economic moat.
Robert Half's 6% year-over-ye...
Underlying
Robert Half International Inc.

Robert Half International provides staffing and risk consulting services. The company, through its Accountemps, Robert Half Finance & Accounting, and Robert Half Management Resources divisions, is a provider of temporary, full-time, and project personnel in accounting and finance fields. The company's OfficeTeam division places office and administrative personnel, ranging from executive and administrative assistants to receptionists and customer service representatives. The Robert Half Technology division provides information technology contract consultants, places employees, and provides managed services in areas ranging from multiple platform systems integration to end-user technical and desktop support.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
David Silver

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