ASGN - Robert Half: Still Fighting The Staffing Cycle But This High Quality Stock Is Worth Owning
2024-04-29 16:29:03 ET
Summary
- Robert Half is a well managed company in a growth cyclical business.
- The contract talent market has been in decline for almost two years, and we expect that trend to reverse sometime over the next 12 months.
- The success of Protiviti has changed the complexion of RHI, and should be additive to growth and margins longer term.
- While the valuation metrics on 2024 estimates appear high, we believe it pays to be a little early when buying a quality growth cyclical stock like RHI.
The Company and Markets
Robert Half (RHI) is a professional services company that provides contract talent solutions (61% of 2023 revenue), consulting (30%), and permanent placement (9%). Within contract talent solutions, Robert Half provides talent in Finance & Accounting, Administrative & Customer Support, and Technology. The company’s global consulting business, Protiviti, provides internal audit, technology consulting, risk and compliance consulting, digital transformation, legal consulting, and business performance improvement. RHI operates out of around 380 branches in over 25 countries....
Robert Half: Still Fighting The Staffing Cycle, But This High Quality Stock Is Worth Owning