DCF Tool


Robert Half International Inc. – Temporary Help Services
Founded in 1948, Robert Half is the world's first and largest specialized staffing firm. The company has more than 300 staffing locations worldwide and offers hiring and job search services at roberthalf.com.
Analysis Results
Intrinsic Value $156.24
Latest Price $67.50
Relative Value 57% undervalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 14.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 14.6%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 0.897 0.819
2024 1.03 0.858
2025 1.18 0.899
2026 1.35 0.941
2027 1.55 0.985
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 21.2 billion. This corresponds to a present value of 12.3 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 4.5 billion. Adding in the terminal value gives a total present value of 16.8 billion.

There are presently 108.0 million outstanding shares, so the intrinsic value per share is 156.24.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,285,112,000
Current Cash 658,626,000
Current Liabilities 1,216,202,000
Current Debt 0
Non-Cash Working Capital (NCWC) 410,284,000
Change in NCWC 119,411,000
EBIT 975,086,000
Tax Provision 239,036,000
Depreciation and Amortization 77,990,000
Capital Expenditure -61,120,000
Unlevered Free Cash Flow 851,509,306
Current Assets 2,268,547,000
Current Cash 619,001,000
Current Liabilities 1,358,673,000
Current Debt 0
Non-Cash Working Capital (NCWC) 290,873,000
Change in NCWC 68,948,000
EBIT 742,505,000
Tax Provision 205,154,000
Depreciation and Amortization 82,474,000
Capital Expenditure -36,611,000
Unlevered Free Cash Flow 667,801,616
Current Assets 1,842,738,000
Current Cash 574,426,000
Current Liabilities 1,046,626,000
Current Debt 239,000
Non-Cash Working Capital (NCWC) 221,925,000
Change in NCWC -195,972,000
EBIT 345,351,000
Tax Provision 115,606,000
Depreciation and Amortization 63,500,000
Capital Expenditure -33,377,000
Unlevered Free Cash Flow 84,867,368
Current Assets 1,628,849,000
Current Cash 270,478,000
Current Liabilities 940,692,000
Current Debt 218,000
Non-Cash Working Capital (NCWC) 417,897,000
Change in NCWC 40,202,000
EBIT 620,390,000
Tax Provision 171,082,000
Depreciation and Amortization 65,625,000
Capital Expenditure -59,464,000
Unlevered Free Cash Flow 497,072,717
Current Assets 1,473,610,000
Current Cash 276,579,000
Current Liabilities 819,536,000
Current Debt 200,000
Non-Cash Working Capital (NCWC) 377,695,000
Change in NCWC -11,708,000
EBIT 587,220,000
Tax Provision 157,314,000
Depreciation and Amortization 65,949,000
Capital Expenditure -42,484,000
Unlevered Free Cash Flow 442,828,225
Current Assets 1,431,869,000
Current Cash 294,753,000
Current Liabilities 747,896,000
Current Debt 183,000
Non-Cash Working Capital (NCWC) 389,403,000
Change in NCWC 45,099,000
EBIT 515,717,000
Tax Provision 226,932,000
Depreciation and Amortization 65,493,000
Capital Expenditure -40,753,000
Unlevered Free Cash Flow 359,412,865
Current Assets 1,284,234,000
Current Cash 260,201,000
Current Liabilities 679,896,000
Current Debt 167,000
Non-Cash Working Capital (NCWC) 344,304,000
Change in NCWC -119,404,000
EBIT 553,222,000
Tax Provision 210,721,000
Depreciation and Amortization 64,315,000
Capital Expenditure -82,956,000
Unlevered Free Cash Flow 204,793,695
Current Assets 1,343,681,000
Current Cash 224,577,000
Current Liabilities 655,549,000
Current Debt 153,000
Non-Cash Working Capital (NCWC) 463,708,000
Change in NCWC 50,766,000
EBIT 580,480,000
Tax Provision 223,234,000
Depreciation and Amortization 53,465,000
Capital Expenditure -75,057,000
Unlevered Free Cash Flow 386,631,312
Current Assets 1,323,283,000
Current Cash 287,119,000
Current Liabilities 623,362,000
Current Debt 140,000
Non-Cash Working Capital (NCWC) 412,942,000
Change in NCWC 51,903,000
EBIT 496,625,000
Tax Provision 191,421,000
Depreciation and Amortization 49,681,000
Capital Expenditure -62,830,000
Unlevered Free Cash Flow 344,236,655
Current Assets 1,172,528,000
Current Cash 275,764,000
Current Liabilities 535,853,000
Current Debt 128,000
Non-Cash Working Capital (NCWC) 361,039,000
Change in NCWC 85,509,000
EBIT 396,577,000
Tax Provision 145,384,000
Depreciation and Amortization 48,772,000
Capital Expenditure -53,725,000
Unlevered Free Cash Flow 332,115,404
Current Assets 1,064,685,000
Current Cash 287,635,000
Current Liabilities 501,637,000
Current Debt 117,000
Non-Cash Working Capital (NCWC) 275,530,000
Change in NCWC 21,078,000
EBIT 343,048,000
Tax Provision 134,303,000
Depreciation and Amortization 48,724,000
Capital Expenditure -50,056,000
Unlevered Free Cash Flow 228,957,994

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