Analyst Note| Joshua Aguilar |
Narrow-moat Robert Half started 2022 with a solid quarter. We are raising our fair value estimate to $88 from $85 to reflect better-than-expected results and a raised outlook for 2022. Revenue was up 30% year over year to $1.8 billion as all three segments reported solid results—permanent placement was up 67%, contract talent solutions was up 30%, and Protiviti was up 19%. As restrictions around the world loosen and the workforce requires more talent, Robert Half is well positioned to capitalize on the robust demand from the hiring market.