HSII - Heidrick & Struggles: A Well-Growing, Defensive 5.8 EV/EBITDA Pick

2025-05-20 12:19:13 ET

Summary

• Heidrick & Struggles reported a strong Q1, including broad-based growth across segments and markets. Profitability returned to good growth after a weaker 2024.
• Macroeconomic uncertainty has surfaced, but Heidrick & Struggles is well-positioned. A strong balance sheet and defensive earnings aid the company.
• HSII stock remains undervalued. I estimate 68% upside to $72.4.

Heidrick & Struggles International, Inc. ( HSII ) reported a good start to 2025. The executive search provider and other leadership service company reported broad-based growth across segments and markets. Notably, underlying profitability also returned to growth after declines in 2024. Macroeconomic uncertainty has risen, causing some caution over H2, but Heidrick & Struggles seems to be well-positioned to conquer turbulence....

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