Financials Robert Walters plc

Equities

Delayed London S.E. Other stock markets 06:17:45 2024-07-09 am EDT			5-day change	1st Jan Change
401 ^GBX	-1.72%		-4.98%	-9.89%

08:24am	British recruiter PageGroup warns profit will nearly halve this year	RE
May. 07	Stocks buoyed by local data, strong US equities	AN

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	398.4	341.7	560	374.7	290.3	268.1	-	-
Enterprise Value (EV) ¹	312.6	186.2	499.8	354	289.6	275.8	273.3	263.7
P/E ratio	12.4 x	63.1 x	17.6 x	10.1 x	23.4 x	22.7 x	12.9 x	9.67 x
Yield	0.81%	3.28%	2.65%	4.35%	5.28%	6.14%	6.51%	7.02%
Capitalization / Revenue	0.33 x	0.36 x	0.58 x	0.34 x	0.27 x	0.29 x	0.27 x	0.25 x
EV / Revenue	0.26 x	0.2 x	0.51 x	0.32 x	0.27 x	0.29 x	0.28 x	0.25 x
EV / EBITDA	4.29 x	4.65 x	6.66 x	4.43 x	5.76 x	5.74 x	4.71 x	3.91 x
EV / FCF	5.18 x	2.09 x	24.5 x	15.9 x	9.78 x	27.6 x	13 x	9.96 x
FCF Yield	19.3%	47.8%	4.08%	6.27%	10.2%	3.63%	7.71%	10%
Price to Book	2.63 x	2 x	3.37 x	2.04 x	1.8 x	1.78 x	1.77 x	1.68 x
Nbr of stocks (in thousands)	71,662	72,239	72,727	69,380	65,225	65,700	-	-
Reference price ²	5.560	4.730	7.700	5.400	4.450	4.080	4.080	4.080
Announcement Date	3/3/20	3/2/21	3/8/22	3/10/23	3/7/24	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,216	938.4	970.7	1,100	1,064	935.1	990.6	1,064
EBITDA ¹	72.9	40	75.1	79.9	50.3	48.03	58.02	67.52
EBIT ¹	50.5	14.8	54.1	58.2	26.3	23.31	34.49	43.8
Operating Margin	4.15%	1.58%	5.57%	5.29%	2.47%	2.49%	3.48%	4.12%
Earnings before Tax (EBT) ¹	47.4	12.1	50.2	55.6	20.8	19.51	32.16	41.77
Net income ¹	34	5.7	33.5	39.1	13.4	12.78	21.87	28.64
Net margin	2.8%	0.61%	3.45%	3.56%	1.26%	1.37%	2.21%	2.69%
EPS ²	0.4490	0.0750	0.4370	0.5340	0.1900	0.1801	0.3158	0.4220
Free Cash Flow ¹	60.3	89	20.4	22.2	29.6	9.998	21.09	26.46
FCF margin	4.96%	9.48%	2.1%	2.02%	2.78%	1.07%	2.13%	2.49%
FCF Conversion (EBITDA)	82.72%	222.5%	27.16%	27.78%	58.85%	20.81%	36.34%	39.19%
FCF Conversion (Net income)	177.35%	1,561.4%	60.9%	56.78%	220.9%	78.22%	96.43%	92.4%
Dividend per Share ²	0.0450	0.1550	0.2040	0.2350	0.2350	0.2504	0.2655	0.2863
Announcement Date	3/3/20	3/2/21	3/8/22	3/10/23	3/7/24	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	7.7	5.27	-
Net Cash position ¹	85.8	156	60.2	20.7	0.7	-	-	4.36
Leverage (Debt/EBITDA)	-	-	-	-	-	0.1603 x	0.0908 x	-
Free Cash Flow ¹	60.3	89	20.4	22.2	29.6	10	21.1	26.5
ROE (net income / shareholders' equity)	22.7%	3.46%	19.5%	21.8%	7.68%	10.7%	14%	18.3%
ROA (Net income/ Total Assets)	-	-	-	-	-	2.86%	5.13%	6.84%
Assets ¹	-	-	-	-	-	446.4	425.9	418.9
Book Value Per Share ²	2.110	2.360	2.280	2.640	2.470	2.290	2.310	2.430
Cash Flow per Share ²	0.9200	1.310	0.4400	0.5200	0.6500	0.4200	0.5400	0.6200
Capex ¹	9.5	9.9	13.2	15.9	15.9	13.4	10.7	11
Capex / Sales	0.78%	1.05%	1.36%	1.45%	1.49%	1.44%	1.08%	1.03%
Announcement Date	3/3/20	3/2/21	3/8/22	3/10/23	3/7/24	-	-	-

¹GBP in Million²GBP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.08 GBP

Average target price

5.58 GBP

Spread / Average Target

+36.76%

	1st Jan change	Capi.
ROBERT WALTERS PLC	-9.89%	344M
RANDSTAD N.V.	-25.78%	8.25B
ROBERT HALF INTERNATIONAL, INC	-26.88%	6.63B
PERSOL HOLDINGS CO.,LTD.	+2.85%	3.46B
MANPOWERGROUP INC.	-11.24%	3.36B
STERLING CHECK CORP.	+6.90%	1.45B
FESCO GROUP CO., LTD.	-12.11%	1.28B
SHANGHAI FOREIGN SERVICE HOLDING GROUP CO., LTD.	-20.21%	1.2B
KFORCE INC.	-8.60%	1.16B
SYNERGIE SE	-5.68%	853M