Intrinsic value of Robert Half International - RHI

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$46.63

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$46.63

 
Intrinsic value

$49.84

 
Up/down potential

+7%

 
Rating

hold

 
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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of RHI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.04
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,250
  5,355
  5,478
  5,619
  5,777
  5,952
  6,144
  6,354
  6,580
  6,824
  7,086
  7,366
  7,665
  7,983
  8,322
  8,681
  9,061
  9,464
  9,890
  10,340
  10,815
  11,316
  11,845
  12,402
  12,989
  13,607
  14,258
  14,944
  15,665
  16,424
  17,221
Variable operating expenses, $m
 
  4,744
  4,853
  4,977
  5,116
  5,271
  5,440
  5,625
  5,825
  6,040
  6,271
  6,497
  6,761
  7,041
  7,340
  7,656
  7,992
  8,347
  8,723
  9,120
  9,539
  9,981
  10,447
  10,938
  11,456
  12,002
  12,576
  13,180
  13,816
  14,486
  15,189
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,697
  4,744
  4,853
  4,977
  5,116
  5,271
  5,440
  5,625
  5,825
  6,040
  6,271
  6,497
  6,761
  7,041
  7,340
  7,656
  7,992
  8,347
  8,723
  9,120
  9,539
  9,981
  10,447
  10,938
  11,456
  12,002
  12,576
  13,180
  13,816
  14,486
  15,189
Operating income, $m
  553
  611
  625
  642
  661
  681
  704
  729
  755
  784
  815
  869
  904
  942
  982
  1,024
  1,069
  1,117
  1,167
  1,220
  1,276
  1,335
  1,398
  1,463
  1,533
  1,606
  1,682
  1,763
  1,848
  1,938
  2,032
EBITDA, $m
  617
  660
  675
  693
  712
  734
  757
  783
  811
  841
  873
  908
  945
  984
  1,026
  1,070
  1,117
  1,167
  1,219
  1,274
  1,333
  1,395
  1,460
  1,529
  1,601
  1,677
  1,758
  1,842
  1,931
  2,024
  2,123
Interest expense (income), $m
  0
  0
  1
  1
  2
  2
  3
  4
  5
  6
  7
  8
  10
  11
  13
  14
  16
  18
  19
  21
  23
  26
  28
  30
  33
  36
  39
  42
  45
  48
  51
Earnings before tax, $m
  554
  611
  625
  641
  659
  679
  701
  725
  750
  778
  808
  861
  895
  931
  969
  1,010
  1,053
  1,099
  1,148
  1,199
  1,253
  1,310
  1,370
  1,433
  1,500
  1,570
  1,644
  1,722
  1,804
  1,890
  1,981
Tax expense, $m
  211
  165
  169
  173
  178
  183
  189
  196
  203
  210
  218
  232
  242
  251
  262
  273
  284
  297
  310
  324
  338
  354
  370
  387
  405
  424
  444
  465
  487
  510
  535
Net income, $m
  343
  446
  456
  468
  481
  496
  512
  529
  548
  568
  590
  628
  653
  680
  708
  737
  769
  802
  838
  875
  914
  956
  1,000
  1,046
  1,095
  1,146
  1,200
  1,257
  1,317
  1,380
  1,446

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  260
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,778
  1,549
  1,584
  1,625
  1,671
  1,721
  1,777
  1,837
  1,903
  1,973
  2,049
  2,130
  2,217
  2,309
  2,407
  2,510
  2,620
  2,737
  2,860
  2,990
  3,127
  3,272
  3,425
  3,586
  3,756
  3,935
  4,123
  4,321
  4,530
  4,749
  4,980
Adjusted assets (=assets-cash), $m
  1,518
  1,549
  1,584
  1,625
  1,671
  1,721
  1,777
  1,837
  1,903
  1,973
  2,049
  2,130
  2,217
  2,309
  2,407
  2,510
  2,620
  2,737
  2,860
  2,990
  3,127
  3,272
  3,425
  3,586
  3,756
  3,935
  4,123
  4,321
  4,530
  4,749
  4,980
Revenue / Adjusted assets
  3.458
  3.457
  3.458
  3.458
  3.457
  3.458
  3.458
  3.459
  3.458
  3.459
  3.458
  3.458
  3.457
  3.457
  3.457
  3.459
  3.458
  3.458
  3.458
  3.458
  3.459
  3.458
  3.458
  3.458
  3.458
  3.458
  3.458
  3.458
  3.458
  3.458
  3.458
Average production assets, $m
  157
  161
  164
  169
  173
  179
  184
  191
  197
  205
  213
  221
  230
  240
  250
  260
  272
  284
  297
  310
  324
  339
  355
  372
  390
  408
  428
  448
  470
  493
  517
Working capital, $m
  604
  353
  362
  371
  381
  393
  406
  419
  434
  450
  468
  486
  506
  527
  549
  573
  598
  625
  653
  682
  714
  747
  782
  819
  857
  898
  941
  986
  1,034
  1,084
  1,137
Total debt, $m
  1
  15
  31
  49
  70
  93
  118
  146
  176
  208
  242
  279
  319
  360
  405
  452
  502
  555
  611
  670
  733
  799
  869
  942
  1,019
  1,100
  1,186
  1,276
  1,371
  1,471
  1,576
Total liabilities, $m
  691
  705
  721
  739
  760
  783
  808
  836
  866
  898
  932
  969
  1,009
  1,050
  1,095
  1,142
  1,192
  1,245
  1,301
  1,360
  1,423
  1,489
  1,559
  1,632
  1,709
  1,790
  1,876
  1,966
  2,061
  2,161
  2,266
Total equity, $m
  1,087
  844
  863
  886
  910
  938
  968
  1,001
  1,037
  1,076
  1,117
  1,161
  1,208
  1,258
  1,312
  1,368
  1,428
  1,492
  1,559
  1,630
  1,704
  1,783
  1,867
  1,955
  2,047
  2,145
  2,247
  2,355
  2,469
  2,588
  2,714
Total liabilities and equity, $m
  1,778
  1,549
  1,584
  1,625
  1,670
  1,721
  1,776
  1,837
  1,903
  1,974
  2,049
  2,130
  2,217
  2,308
  2,407
  2,510
  2,620
  2,737
  2,860
  2,990
  3,127
  3,272
  3,426
  3,587
  3,756
  3,935
  4,123
  4,321
  4,530
  4,749
  4,980
Debt-to-equity ratio
  0.001
  0.020
  0.040
  0.060
  0.080
  0.100
  0.120
  0.150
  0.170
  0.190
  0.220
  0.240
  0.260
  0.290
  0.310
  0.330
  0.350
  0.370
  0.390
  0.410
  0.430
  0.450
  0.470
  0.480
  0.500
  0.510
  0.530
  0.540
  0.560
  0.570
  0.580
Adjusted equity ratio
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  343
  446
  456
  468
  481
  496
  512
  529
  548
  568
  590
  628
  653
  680
  708
  737
  769
  802
  838
  875
  914
  956
  1,000
  1,046
  1,095
  1,146
  1,200
  1,257
  1,317
  1,380
  1,446
Depreciation, amort., depletion, $m
  64
  49
  50
  51
  51
  52
  53
  54
  56
  57
  58
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  60
  62
  65
  68
  72
  75
  79
  82
  86
  91
Funds from operations, $m
  428
  495
  506
  518
  532
  548
  565
  583
  603
  625
  648
  667
  693
  722
  751
  783
  817
  852
  890
  929
  971
  1,016
  1,062
  1,111
  1,163
  1,218
  1,275
  1,336
  1,399
  1,466
  1,537
Change in working capital, $m
  -14
  7
  8
  9
  10
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
Cash from operations, $m
  442
  497
  498
  509
  522
  536
  552
  570
  588
  609
  631
  649
  674
  701
  729
  759
  792
  826
  862
  900
  940
  983
  1,027
  1,075
  1,124
  1,177
  1,232
  1,290
  1,352
  1,416
  1,484
Maintenance CAPEX, $m
  0
  -27
  -28
  -29
  -30
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -60
  -62
  -65
  -68
  -72
  -75
  -79
  -82
  -86
New CAPEX, $m
  -83
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Cash from investing activities, $m
  -112
  -31
  -32
  -33
  -35
  -35
  -37
  -38
  -40
  -42
  -44
  -45
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -65
  -68
  -72
  -76
  -79
  -83
  -87
  -92
  -96
  -101
  -105
  -110
Free cash flow, $m
  330
  465
  466
  476
  488
  501
  515
  531
  548
  567
  587
  603
  626
  651
  677
  705
  734
  766
  799
  834
  871
  911
  952
  996
  1,042
  1,090
  1,141
  1,195
  1,251
  1,311
  1,373
Issuance/(repayment) of debt, $m
  0
  14
  16
  19
  21
  23
  25
  28
  30
  32
  34
  37
  39
  42
  45
  47
  50
  53
  56
  59
  63
  66
  70
  73
  77
  81
  86
  90
  95
  100
  105
Issuance/(repurchase) of shares, $m
  -176
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -174
  14
  16
  19
  21
  23
  25
  28
  30
  32
  34
  37
  39
  42
  45
  47
  50
  53
  56
  59
  63
  66
  70
  73
  77
  81
  86
  90
  95
  100
  105
Total cash flow (excl. dividends), $m
  150
  479
  482
  495
  508
  524
  540
  558
  578
  599
  621
  640
  665
  693
  721
  752
  785
  819
  855
  893
  934
  977
  1,021
  1,069
  1,119
  1,171
  1,227
  1,285
  1,346
  1,411
  1,478
Retained Cash Flow (-), $m
  -83
  -17
  -19
  -22
  -25
  -28
  -30
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -57
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -97
  -103
  -108
  -114
  -120
  -126
Prev. year cash balance distribution, $m
 
  260
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  722
  463
  472
  484
  496
  510
  526
  542
  561
  580
  596
  618
  642
  668
  695
  725
  755
  788
  823
  859
  898
  938
  981
  1,026
  1,074
  1,124
  1,177
  1,233
  1,291
  1,353
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  692
  424
  411
  398
  385
  370
  355
  339
  322
  304
  283
  264
  244
  224
  204
  184
  164
  145
  127
  109
  93
  78
  64
  52
  42
  33
  25
  19
  14
  10
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Robert Half International Inc. provides staffing and risk consulting services in North America, South America, Europe, Asia, and Australia. The company operates through three segments: Temporary and Consultant Staffing, Permanent Placement Staffing, and Risk Consulting and Internal Audit Services. It places temporary personnel for accounting, finance, and bookkeeping; temporary and full-time office and administrative personnel consisting of executive and administrative assistants, receptionists, and customer service representatives; full-time accounting, financial, tax, and accounting operations personnel; and information technology contract consultants and full-time employees in the areas of platform systems integration and end-user support, including specialists in Web development, networking, application development, systems integration, database design, security and business continuity, and desktop support. The company also offers temporary and full-time employees in attorney, paralegal, legal administrative, and legal secretarial positions; senior level project professionals in the accounting and finance fields for financial systems conversions, expansion into new markets, business process reengineering, business systems performance enhancement, and post-merger financial consolidation. In addition, it is involved in serving professionals in the areas of interactive media, design, marketing, advertising, and public relations; and placing project consultants in various positions, such as creative directors, graphics designers, Web content developers, Web designers, media buyers, brand managers, and public relations specialists. Further, the company provides business and technology risk consulting, and internal audit services. It markets its staffing services to clients, as well as to employment candidates. The company was founded in 1948 and is headquartered in Menlo Park, California.

FINANCIAL RATIOS  of  Robert Half International (RHI)

Valuation Ratios
P/E Ratio 17.4
Price to Sales 1.1
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 13.5
Price to Free Cash Flow 16.6
Growth Rates
Sales Growth Rate 3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10.7%
Cap. Spend. - 3 Yr. Gr. Rate 9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.5
LT Debt to Equity 0.1%
Total Debt to Equity 0.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 19.9%
Ret/ On Assets - 3 Yr. Avg. 20.3%
Return On Total Capital 32.8%
Ret/ On T. Cap. - 3 Yr. Avg. 33.7%
Return On Equity 32.8%
Return On Equity - 3 Yr. Avg. 33.7%
Asset Turnover 3
Profitability Ratios
Gross Margin 41.2%
Gross Margin - 3 Yr. Avg. 41.2%
EBITDA Margin 11.8%
EBITDA Margin - 3 Yr. Avg. 12%
Operating Margin 10.5%
Oper. Margin - 3 Yr. Avg. 10.8%
Pre-Tax Margin 10.6%
Pre-Tax Margin - 3 Yr. Avg. 10.8%
Net Profit Margin 6.5%
Net Profit Margin - 3 Yr. Avg. 6.7%
Effective Tax Rate 38.1%
Eff/ Tax Rate - 3 Yr. Avg. 38.3%
Payout Ratio 33.2%

RHI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RHI stock intrinsic value calculation we used $5250 million for the last fiscal year's total revenue generated by Robert Half International. The default revenue input number comes from 2016 income statement of Robert Half International. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RHI stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for RHI is calculated based on our internal credit rating of Robert Half International, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Robert Half International.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RHI stock the variable cost ratio is equal to 88.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for RHI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Robert Half International.

Corporate tax rate of 27% is the nominal tax rate for Robert Half International. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RHI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RHI are equal to 3%.

Life of production assets of 5.7 years is the average useful life of capital assets used in Robert Half International operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RHI is equal to 6.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1087 million for Robert Half International - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 128.405 million for Robert Half International is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Robert Half International at the current share price and the inputted number of shares is $6.0 billion.


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COMPANY NEWS

▶ Robert Half International Still Waiting and Seeing   [Apr-24-17 08:53AM  Motley Fool]
▶ Robert Half tops Street 1Q forecasts   [Apr-20-17 04:42PM  Associated Press]
▶ How Does a Company Recover From Making a Bad Hire?   [Mar-21-17 04:45PM  MarketWatch]
▶ Robert Half Announces Quarterly Dividend   [Feb-08-17 05:49PM  PR Newswire]
▶ The Biggest Loser: Robert Half International Tumbles 7.3%   [Jan-27-17 05:07PM  at Barrons.com]
▶ Is Gaming and Leisure Properties Inc (GLPI) a Good Stock To Buy?   [Nov-30-16 11:03AM  at Insider Monkey]
▶ Hedge Funds Are Selling Robert Half International Inc. (RHI)   [Nov-29-16 06:41PM  at Insider Monkey]
▶ Robert Half Announces Quarterly Dividend   [Nov-01-16 04:25PM  PR Newswire]
▶ What Makes Workers Happy? How Could They Be Happier?   [Oct-27-16 04:39PM  at MarketWatch]
Stock chart of RHI Financial statements of RHI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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