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1. Company Snapshot

1.a. Company Description

Robert Walters plc, together with its subsidiaries, provides professional recruitment consultancy services worldwide.The company offers permanent, contract, and interim recruitment services in the fields of accounting and finance, banking and financial services, engineering, human resources, information technology, legal, sales and marketing, secretarial and support, and supply chain and procurement.It also provides staffing and recruitment process outsourcing and managed services.


The company was founded in 1985 and is headquartered in London, the United Kingdom.

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1.b. Last Insights on RWA

Robert Walters' recent performance was negatively impacted by a 12% decline in revenue to UK£402.8m in the first half of 2025, compared to the same period last year. The company reported a loss per share of UK£0.17, widening from UK£0.037 in 1H2024. Additionally, Robert Walters cut its headcount by 2% to 3,125 employees due to continued weakness. Insider purchases of UK£120.0k worth of shares over the past year may indicate confidence, but overall conditions remain challenging.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Robert Walters plc (LON:RWA) Shares Could Be 48% Below Their Intrinsic Value Estimate

Nov -09

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Robert Walters shows slight improvement in Q3 despite revenue drop

Oct -14

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Form 8.3 - IQE Plc

Sep -09

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Taylor Wimpey (LSE:TW.): A Fresh Look at Valuation After a Year of Share Price Pressure

Sep -09

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Assessing Diageo (LSE:DGE) Shares: Is the Current Valuation a Missed Opportunity?

Sep -09

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Does Lloyds Offer More Value After Latest UK Interest Rate Decision?

Sep -09

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HSBC sees gradual unwinding of OPEC+ voluntary cuts over next year

Sep -09

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HSBC HOLDINGS PLC ANNOUNCES RESULTS OF ITS TENDER OFFERS FOR FOUR SERIES OF NOTES

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.73%)

6. Segments

Robert Walters

Expected Growth: 8.23%

Robert Walters' 8.23% growth is driven by increasing demand for professional recruitment services, expansion into new markets, and strategic investments in digital platforms. The company's focus on niche sectors, such as technology and finance, has also contributed to its growth. Additionally, its strong brand reputation and long-term client relationships have enabled the company to maintain a high level of repeat business.

Resource Solutions (Recruitment Process Outsourcing)

Expected Growth: 10.55%

Strong demand for RPO services, driven by clients seeking cost savings and efficiency gains. Robert Walters' expertise in recruitment and talent management, combined with its global reach, has enabled Resource Solutions to capitalize on this trend. Additionally, the company's investment in digital platforms and technology has enhanced its service offerings, further driving growth.

7. Detailed Products

Permanent Recruitment

Robert Walters plc provides permanent recruitment services, connecting clients with top talent to fill permanent job openings across various industries.

Contract Recruitment

The company offers contract recruitment services, providing clients with temporary or contract staff to fill short-term or project-based needs.

Executive Search

Robert Walters plc provides executive search services, helping clients find senior-level talent for executive and leadership positions.

Interim Management

The company offers interim management services, providing clients with experienced professionals to fill temporary leadership gaps or manage specific projects.

Managed Services

Robert Walters plc provides managed services, offering clients a customized recruitment solution to manage their recruitment needs.

Recruitment Process Outsourcing (RPO)

The company offers RPO services, outsourcing the entire recruitment process to Robert Walters plc.

8. Robert Walters plc's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Robert Walters plc is medium due to the presence of other recruitment agencies and online job boards. However, the company's strong brand reputation and specialized services reduce the likelihood of substitutes.

Bargaining Power Of Customers

The bargaining power of customers is low for Robert Walters plc as the company provides specialized recruitment services to a diverse range of clients. Clients are unlikely to have significant bargaining power due to the company's expertise and reputation.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low for Robert Walters plc as the company is not heavily reliant on a single supplier. The company's business model is based on providing recruitment services, and it does not rely on suppliers for its core operations.

Threat Of New Entrants

The threat of new entrants is medium for Robert Walters plc due to the presence of barriers to entry, such as regulatory requirements and the need for specialized knowledge and expertise. However, the company's strong brand reputation and established client base reduce the likelihood of new entrants.

Intensity Of Rivalry

The intensity of rivalry is high for Robert Walters plc due to the presence of established competitors in the recruitment industry. The company operates in a highly competitive market, and it needs to continuously innovate and improve its services to maintain its market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 36.55%
Debt Cost 7.84%
Equity Weight 63.45%
Equity Cost 9.98%
WACC 9.20%
Leverage 57.61%

11. Quality Control: Robert Walters plc passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Brunel International

A-Score: 6.1/10

Value: 6.8

Growth: 6.1

Quality: 5.2

Yield: 8.8

Momentum: 3.0

Volatility: 6.7

1-Year Total Return ->

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Grupa Pracuj

A-Score: 6.0/10

Value: 3.1

Growth: 5.4

Quality: 8.7

Yield: 6.9

Momentum: 8.0

Volatility: 3.7

1-Year Total Return ->

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Freelance

A-Score: 5.3/10

Value: 9.6

Growth: 6.4

Quality: 4.3

Yield: 3.1

Momentum: 2.5

Volatility: 5.7

1-Year Total Return ->

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Ework

A-Score: 4.9/10

Value: 6.1

Growth: 7.3

Quality: 4.5

Yield: 8.8

Momentum: 0.5

Volatility: 2.0

1-Year Total Return ->

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Robert Walters

A-Score: 3.8/10

Value: 7.8

Growth: 2.3

Quality: 2.5

Yield: 8.8

Momentum: 0.0

Volatility: 1.7

1-Year Total Return ->

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Hays

A-Score: 3.8/10

Value: 6.7

Growth: 1.9

Quality: 2.8

Yield: 6.2

Momentum: 1.0

Volatility: 4.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.47$

Current Price

1.47$

Potential

-0.00%

Expected Cash-Flows