Financials Robert Walters plc Börse Stuttgart

Equities

Delayed Börse Stuttgart Other stock markets 01:49:56 06/06/2024 pm IST			5-day change	1st Jan Change
4.72 ^EUR	-2.48%		+3.42%	-2.42%

07/05	Stocks buoyed by local data, strong US equities	AN
07/05	Macfarlane notes challenging start to 2024	AN

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	398.4	341.7	560	374.7	290.3	275.9	-	-
Enterprise Value (EV) ¹	312.6	186.2	499.8	354	289.6	281.8	276.3	265.9
P/E ratio	12.4 x	63.1 x	17.6 x	10.1 x	23.4 x	20.1 x	11.8 x	10.3 x
Yield	0.81%	3.28%	2.65%	4.35%	5.28%	5.84%	6.01%	6.41%
Capitalization / Revenue	0.33 x	0.36 x	0.58 x	0.34 x	0.27 x	0.29 x	0.28 x	0.26 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	5.76 x	4.46 x	3.82 x
EV / FCF	5.18 x	2.09 x	24.5 x	15.9 x	9.78 x	25.6 x	15 x	10.3 x
FCF Yield	19.3%	47.8%	4.08%	6.27%	10.2%	3.9%	6.66%	9.74%
Price to Book	2.63 x	2 x	3.37 x	2.04 x	1.8 x	1.75 x	1.69 x	1.66 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	4.200	4.200	4.200
Announcement Date	03/03/20	02/03/21	08/03/22	10/03/23	07/03/24	-	-	-

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	956.3	1,001	1,052
EBITDA ¹	72.9	40	75.1	79.9	50.3	48.94	62	69.68
EBIT ¹	50.5	14.8	54.1	58.2	26.3	24.55	37.2	43.44
Operating Margin	4.15%	1.58%	5.57%	5.29%	2.47%	2.57%	3.72%	4.13%
Earnings before Tax (EBT) ¹	47.4	12.1	50.2	55.6	20.8	19	33.77	46.18
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%	1.34%	2.18%	2.72%
EPS ²	0.4490	0.0750	0.4370	0.5340	0.1900	0.2086	0.3570	0.4058
Free Cash Flow ¹	60.3	89	20.4	22.2	29.6	11	18.4	25.9
FCF margin	4.96%	9.48%	2.1%	2.02%	2.78%	1.15%	1.84%	2.46%
FCF Conversion (EBITDA)	82.72%	222.5%	27.16%	27.78%	58.85%	22.47%	29.67%	37.17%
FCF Conversion (Net income)	177.35%	1,561.4%	60.9%	56.78%	220.9%	86.05%	84.14%	90.43%
Dividend per Share ²	0.0450	0.1550	0.2040	0.2350	0.2350	0.2452	0.2525	0.2692
Announcement Date	03/03/20	02/03/21	08/03/22	10/03/23	07/03/24	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	5.86	0.32	-
Net Cash position ¹	85.8	156	60.2	20.7	0.7	-	-	10
Leverage (Debt/EBITDA)	-	-	-	-	-	0.1198 x	0.005139 x	-
Free Cash Flow ¹	60.3	89	20.4	22.2	29.6	11	18.4	25.9
ROE (net income / shareholders' equity)	22.7%	3.46%	19.5%	21.8%	7.68%	11.3%	14.8%	18.5%
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	2.410	2.480	2.530
Cash Flow per Share ²	0.9200	1.310	0.4400	0.5200	0.6500	0.4700	0.6000	0.6400
Capex ¹	9.5	9.9	13.2	15.9	15.9	14.7	13.2	12.3
Capex / Sales	0.78%	1.05%	1.36%	1.45%	1.49%	1.54%	1.32%	1.17%
Announcement Date	03/03/20	02/03/21	08/03/22	10/03/23	07/03/24	-	-	-

¹GBP in Million²GBP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.2 GBP

Average target price

5.258 GBP

Spread / Average Target

+25.20%

	1st Jan change	Capi.
RANDSTAD N.V.	-15.46%	925.21Cr
ROBERT HALF INTERNATIONAL, INC	-28.09%	652.28Cr
ADECCO GROUP AG	-19.17%	629.5Cr
MANPOWERGROUP INC.	-8.92%	345.28Cr
PERSOL HOLDINGS CO.,LTD.	-8.05%	329.29Cr
FESCO GROUP CO., LTD.	+4.86%	153.49Cr
STERLING CHECK CORP.	+10.99%	151.03Cr
SHANGHAI FOREIGN SERVICE HOLDING GROUP CO., LTD.	-8.33%	138.64Cr
KFORCE INC.	-8.02%	116.24Cr