Discounted Cash Flow (DCF) Analysis Unlevered

Robert Half International Inc. (RHI)

$78.78

+2.57 (+3.37%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 78.78 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 5,266.795,800.276,074.435,1096,461.446,872.307,309.287,774.058,268.368,794.11
Revenue (%)
EBITDA 583.01657.55691.14485.38858.23777.49826.93879.51935.43994.91
EBITDA (%)
EBIT 517.52591.60625.52421.88803.78701.25745.84793.27843.71897.36
EBIT (%)
Depreciation 65.4965.9565.6363.5054.4576.2381.0886.2491.7297.55
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 294.75276.58270.48574.43619489.87521.02554.15589.38626.86
Total Cash (%)
Account Receivables 732.40794.45832.80714.16984.69969.421,031.061,096.621,166.351,240.51
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 126.94168.03123.84130.77183.80175.24186.39198.24210.84224.25
Accounts Payable (%)
Capital Expenditure -40.75-42.48-59.46-33.38-36.61-50.92-54.16-57.61-61.27-65.17
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 78.78
Beta 1.304
Diluted Shares Outstanding 113.32
Cost of Debt
Tax Rate 25.52
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.858
Total Debt 613.94
Total Equity 8,927.19
Total Capital 9,541.14
Debt Weighting 6.43
Equity Weighting 93.57
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 5,266.795,800.276,074.435,1096,461.446,872.307,309.287,774.058,268.368,794.11
EBITDA 583.01657.55691.14485.38858.23777.49826.93879.51935.43994.91
EBIT 517.52591.60625.52421.88803.78701.25745.84793.27843.71897.36
Tax Rate 43.85%26.59%27.35%27.40%25.52%30.14%30.14%30.14%30.14%30.14%
EBIAT 290.58434.29454.43306.28598.63489.87521.02554.15589.38626.86
Depreciation 65.4965.9565.6363.5054.4576.2381.0886.2491.7297.55
Accounts Receivable --62.04-38.35118.63-270.5315.27-61.64-65.56-69.73-74.16
Inventories ----------
Accounts Payable -41.09-44.196.9353.03-8.5511.1411.8512.6113.41
Capital Expenditure -40.75-42.48-59.46-33.38-36.61-50.92-54.16-57.61-61.27-65.17
UFCF 315.32436.81378.05461.96398.96521.90497.44529.07562.71598.49
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 610.46
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -5.06
Equity Value -
Shares Outstanding 113.32
Equity Value Per Share -