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Robert Walters

LSE:RWA
Snowflake Description

Flawless balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RWA
LSE
£226M
Market Cap
  1. Home
  2. GB
  3. Commercial Services
Company description

Robert Walters plc, together with its subsidiaries, provides professional recruitment consultancy solutions worldwide. The last earnings update was 34 days ago. More info.


Add to Portfolio Compare Print
  • Robert Walters has significant price volatility in the past 3 months.
RWA Share Price and Events
7 Day Returns
8.6%
LSE:RWA
-3.8%
GB Professional Services
-2.4%
GB Market
1 Year Returns
-47.5%
LSE:RWA
-4.7%
GB Professional Services
-25.9%
GB Market
RWA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Robert Walters (RWA) 8.6% -35.3% -45.3% -47.5% -27% -19.2%
GB Professional Services -3.8% -14.3% -17.9% -4.7% 9.4% 41.7%
GB Market -2.4% -18% -29.1% -25.9% -26.6% -26.1%
1 Year Return vs Industry and Market
  • RWA underperformed the Professional Services industry which returned -4.7% over the past year.
  • RWA underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -25.9% over the past year.
Price Volatility
RWA
Industry
5yr Volatility vs Market

Value

 Is Robert Walters undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Robert Walters to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Robert Walters.

LSE:RWA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.8%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:RWA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.1%
Professional Services Unlevered Beta Simply Wall St/ S&P Global 0.77
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.768 (1 + (1- 19%) (45.16%))
1.033
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.03
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (1.033 * 6.07%)
6.8%

Discounted Cash Flow Calculation for LSE:RWA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Robert Walters is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

LSE:RWA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 6.8%)
2020 17.63 Analyst x2 16.51
2021 22.27 Analyst x3 19.53
2022 20.39 Analyst x2 16.74
2023 19.26 Est @ -5.53% 14.81
2024 18.55 Est @ -3.71% 13.35
2025 18.10 Est @ -2.44% 12.19
2026 17.82 Est @ -1.55% 11.24
2027 17.65 Est @ -0.93% 10.43
2028 17.56 Est @ -0.49% 9.72
2029 17.53 Est @ -0.18% 9.08
Present value of next 10 years cash flows £133.00
LSE:RWA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= £17.53 × (1 + 0.53%) ÷ (6.8% – 0.53%)
£281.14
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £281.14 ÷ (1 + 6.8%)10
£145.63
LSE:RWA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £133.00 + £145.63
£278.63
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £278.63 / 71.78
£3.88
LSE:RWA Discount to Share Price
Calculation Result
Value per share (GBP) From above. £3.88
Current discount Discount to share price of £3.15
= -1 x (£3.15 - £3.88) / £3.88
18.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Robert Walters is available for.
Intrinsic value
19%
Share price is £3.15 vs Future cash flow value of £3.88
Current Discount Checks
For Robert Walters to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Robert Walters's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Robert Walters's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Robert Walters's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Robert Walters's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:RWA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in GBP £0.51
LSE:RWA Share Price ** LSE (2020-04-06) in GBP £3.15
United Kingdom of Great Britain and Northern Ireland Professional Services Industry PE Ratio Median Figure of 30 Publicly-Listed Professional Services Companies 15.31x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 12.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Robert Walters.

LSE:RWA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:RWA Share Price ÷ EPS (both in GBP)

= 3.15 ÷ 0.51

6.23x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Robert Walters is good value based on earnings compared to the GB Professional Services industry average.
  • Robert Walters is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Robert Walters's expected growth come at a high price?
Raw Data
LSE:RWA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.23x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
-32%per year
United Kingdom of Great Britain and Northern Ireland Professional Services Industry PEG Ratio Median Figure of 19 Publicly-Listed Professional Services Companies 1.02x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 517 Publicly-Listed Companies 0.97x

*Line of best fit is calculated by linear regression .

LSE:RWA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.23x ÷ -32%

-0.19x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Robert Walters earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Robert Walters's assets?
Raw Data
LSE:RWA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in GBP £2.29
LSE:RWA Share Price * LSE (2020-04-06) in GBP £3.15
United Kingdom of Great Britain and Northern Ireland Professional Services Industry PB Ratio Median Figure of 42 Publicly-Listed Professional Services Companies 2.16x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,322 Publicly-Listed Companies 1.06x
LSE:RWA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:RWA Share Price ÷ Book Value per Share (both in GBP)

= 3.15 ÷ 2.29

1.38x

* Primary Listing of Robert Walters.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Robert Walters is good value based on assets compared to the GB Professional Services industry average.
X
Value checks
We assess Robert Walters's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Professional Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Professional Services industry average (and greater than 0)? (1 check)
  5. Robert Walters has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Robert Walters expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-32%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Robert Walters expected to grow at an attractive rate?
  • Robert Walters's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Robert Walters's earnings are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.
  • Robert Walters's revenues are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:RWA Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:RWA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts -32%
LSE:RWA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts -0.9%
United Kingdom of Great Britain and Northern Ireland Professional Services Industry Earnings Growth Rate Market Cap Weighted Average 7.4%
United Kingdom of Great Britain and Northern Ireland Professional Services Industry Revenue Growth Rate Market Cap Weighted Average 4.2%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.4%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:RWA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:RWA Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 1,100 1
2023-12-31 1,056 1
2022-12-31 1,228 15 14 3
2021-12-31 1,217 48 25 4
2020-12-31 1,084 23 1 3
2020-04-06
LSE:RWA Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-12-31 1,216 70 36
2019-09-30 1,229 72 36
2019-06-30 1,242 74 36
2019-03-31 1,237 68 36
2018-12-31 1,233 63 36
2018-09-30 1,231 42 34
2018-06-30 1,229 22 33
2018-03-31 1,197 27 31
2017-12-31 1,166 32 29
2017-09-30 1,138 34 26
2017-06-30 1,110 37 23
2017-03-31 1,054 33 22

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Robert Walters's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Robert Walters's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:RWA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Robert Walters Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:RWA Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.36 0.53 0.19 2.00
2021-12-31 0.37 0.53 0.11 3.00
2020-12-31 0.17 0.33 0.01 2.00
2020-04-06
LSE:RWA Past Financials Data
Date (Data in GBP Millions) EPS *
2019-12-31 0.51
2019-09-30 0.51
2019-06-30 0.51
2019-03-31 0.51
2018-12-31 0.50
2018-09-30 0.49
2018-06-30 0.48
2018-03-31 0.45
2017-12-31 0.43
2017-09-30 0.38
2017-06-30 0.34
2017-03-31 0.31

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Robert Walters is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Robert Walters's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Robert Walters has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Robert Walters performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Robert Walters's growth in the last year to its industry (Professional Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Robert Walters has delivered over 20% year on year earnings growth in the past 5 years.
  • Robert Walters's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Robert Walters's 1-year earnings growth is negative, it can't be compared to the GB Professional Services industry average.
Earnings and Revenue History
Robert Walters's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Robert Walters Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:RWA Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 1,216.10 35.50 354.30
2019-09-30 1,228.92 35.56 355.55
2019-06-30 1,241.77 35.66 356.86
2019-03-31 1,237.47 35.61 349.61
2018-12-31 1,233.17 35.56 342.36
2018-09-30 1,231.09 34.46 332.69
2018-06-30 1,228.97 33.30 322.97
2018-03-31 1,197.37 31.32 313.16
2017-12-31 1,165.78 29.34 303.35
2017-09-30 1,137.80 26.29 292.84
2017-06-30 1,109.82 23.25 282.33
2017-03-31 1,054.18 21.57 267.21
2016-12-31 998.54 19.90 252.09
2016-09-30 942.53 18.49 238.25
2016-06-30 886.53 17.09 224.41
2016-03-31 849.62 16.19 217.87
2015-12-31 812.72 15.29 211.33
2015-09-30 779.97 14.61 208.40
2015-06-30 747.22 13.92 205.48
2015-03-31 713.41 12.59 201.29
2014-12-31 679.60 11.26 197.10
2014-09-30 649.24 9.18 194.03
2014-06-30 618.87 7.11 190.95
2014-03-31 608.29 6.63 189.66
2013-12-31 597.72 6.16 188.36
2013-09-30 589.66 5.67 186.66
2013-06-30 581.60 5.18 184.97

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Robert Walters has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Robert Walters used its assets more efficiently than the GB Professional Services industry average last year based on Return on Assets.
  • Robert Walters's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Robert Walters's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Professional Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Robert Walters has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Robert Walters's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Robert Walters's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Robert Walters is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Robert Walters's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Robert Walters's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 12.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Robert Walters Company Filings, last reported 3 months ago.

LSE:RWA Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 160.60 26.60 112.40
2019-09-30 160.60 26.60 112.40
2019-06-30 147.90 27.40 81.80
2019-03-31 147.90 27.40 81.80
2018-12-31 152.76 5.68 79.95
2018-09-30 152.76 5.68 79.95
2018-06-30 133.18 26.51 51.34
2018-03-31 133.18 26.51 51.34
2017-12-31 121.81 30.78 61.87
2017-09-30 121.81 30.78 61.87
2017-06-30 103.22 30.92 49.28
2017-03-31 103.22 30.92 49.28
2016-12-31 101.94 40.07 62.60
2016-09-30 101.94 40.07 62.60
2016-06-30 95.16 26.95 37.15
2016-03-31 95.16 26.95 37.15
2015-12-31 91.66 25.57 43.38
2015-09-30 91.66 25.57 43.38
2015-06-30 78.65 11.97 26.61
2015-03-31 78.65 11.97 26.61
2014-12-31 77.37 23.90 38.21
2014-09-30 77.37 23.90 38.21
2014-06-30 75.42 0.48 15.22
2014-03-31 75.42 0.48 15.22
2013-12-31 73.88 11.50 30.07
2013-09-30 73.88 11.50 30.07
2013-06-30 72.67 19.28 26.20
  • Robert Walters's level of debt (16.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (30.7% vs 16.6% today).
  • Debt is well covered by operating cash flow (262.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 15.1x coverage).
X
Financial health checks
We assess Robert Walters's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Robert Walters has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Robert Walters's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.92%
Current annual income from Robert Walters dividends. Estimated to be 5.5% next year.
If you bought £2,000 of Robert Walters shares you are expected to receive £98 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Robert Walters's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.66%).
  • Robert Walters's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (7.4%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:RWA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Professional Services Industry Average Dividend Yield Market Cap Weighted Average of 27 Stocks 2.7%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 587 Stocks 5.7%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.7%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 7.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:RWA Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.19 2.00
2021-12-31 0.18 5.00
2020-12-31 0.16 4.00
2020-04-06
LSE:RWA Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2020-03-03 0.155 4.597
2019-03-01 0.147 2.613
2018-07-26 0.133 2.207
2018-04-12 0.121 1.700
2018-03-01 0.121 1.806
2017-04-26 0.085 1.620
2017-03-15 0.085 1.942
2016-05-10 0.071 2.102
2015-04-29 0.060 1.601
2015-02-26 0.060 1.641
2014-08-04 0.055 1.787
2014-03-04 0.054 1.700
2013-08-01 0.052 1.653
2013-02-26 0.052 2.341
2012-03-01 0.052 2.504
2012-02-29 0.052 2.201
2011-05-04 0.049 2.194
2011-03-02 0.049 1.572
2011-03-01 0.049 1.474
2010-03-04 0.048 1.881
2010-03-03 0.048 2.284

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Robert Walters's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess Robert Walters's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Robert Walters afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Robert Walters has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Robert Walters's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Robert Walters
COMPENSATION £3,408,000
AGE 64
CEO Bio

Mr. Robert C. Walters Founded Robert Walters PLC in 1985 and serves as its Chief Executive Officer. Mr. Walters joined Michael Page International PLC in 1978, initially working in its commerce division and subsequently setting up and running its public practice unit. In 1982, Mr. Walters set up Michael's New York office and managed it until 1984. He served at Deloitte & Touche. Mr. Walters has been an Executive Director of Robert Walters PLC since October 19, 2007. He served as a Director Robert Walters plc since July 2000 until October 2007. Mr. Walters graduated with a Degree in Economics in 1975.

CEO Compensation
  • Robert's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Robert's remuneration is higher than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure of the Robert Walters management team in years:

5.3
Average Tenure
  • The average tenure for the Robert Walters management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Robert Walters

TITLE
Founder
COMPENSATION
£3M
AGE
64

Alan Bannatyne

TITLE
CFO & Executive Director
COMPENSATION
£2M
AGE
49
TENURE
13.1 yrs

Marco Laveda

TITLE
Managing Director Spain & Portugal

Matthew Bennett

TITLE
Managing Director of Greater China

Sinead Hourigan

TITLE
Managing Director of Brisbane

Louise Campbell

TITLE
Managing Director of Ireland

Nick Dunnett

TITLE
Managing Director of Germany & Switzerland
TENURE
5.3 yrs

Özlem Simsek

TITLE
Managing Director of Belgium

Toby Fowlston

TITLE
Chief Executive Officer for Asia Pacific
TENURE
1 yrs

Oliver Harris

TITLE
Chief Executive Officer of Resource Solutions
Board of Directors Tenure

Average tenure and age of the Robert Walters board of directors in years:

2.6
Average Tenure
58
Average Age
  • The average tenure for the Robert Walters board of directors is less than 3 years, this suggests a new board.
Board of Directors

Carol Hui

TITLE
Independent Chairman
COMPENSATION
£110K
AGE
62
TENURE
2.1 yrs

Robert Walters

TITLE
Founder
COMPENSATION
£3M
AGE
64
TENURE
19.8 yrs

Alan Bannatyne

TITLE
CFO & Executive Director
COMPENSATION
£2M
AGE
49
TENURE
13.1 yrs

Brian McArthur-Muscroft

TITLE
Senior Independent Director
COMPENSATION
£73K
AGE
55
TENURE
2.1 yrs

Tanith Dodge

TITLE
Non-Executive Director
COMPENSATION
£69K
AGE
58
TENURE
3.2 yrs

Steven Cooper

TITLE
Non-Executive Director
COMPENSATION
£15K
TENURE
1.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
08. Oct 19 Buy Steven Cooper Individual 08. Oct 19 08. Oct 19 500 £4.57 £2,285
11. Jul 19 Buy Steven Cooper Individual 10. Jul 19 10. Jul 19 500 £5.45 £2,725
05. Jun 19 Buy Tanith Dodge Individual 04. Jun 19 04. Jun 19 6,000 £6.58 £39,480
X
Management checks
We assess Robert Walters's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Robert Walters has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Be Sure To Check Out Robert Walters plc (LON:RWA) Before It Goes Ex-Dividend

Robert Walters's next dividend payment will be UK£0.045 per share, on the back of last year when the company paid a total of UK£0.15 to shareholders. … See our latest analysis for Robert Walters Dividends are usually paid out of company profits, so if a company pays out more than it earned then its dividend is usually at greater risk of being cut. … A useful secondary check can be to evaluate whether Robert Walters generated enough free cash flow to afford its dividend.

Simply Wall St -

Looking At Robert Walters plc (LON:RWA) From All Angles

By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of Robert Walters plc (LON:RWA), it is a dependable dividend payer that has been able to sustain great financial health over the past. … Excellent balance sheet established dividend payer RWA's ability to maintain an adequate level of cash to meet upcoming liabilities is a good sign for its financial health.

Simply Wall St -

Is Robert Walters plc (LON:RWA) A High Quality Stock To Own?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Robert Walters: 23% = UK£36m ÷ UK£153m (Based on the trailing twelve months to December 2018.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Robert Walters Have A Good Return On Equity? … Combining Robert Walters's Debt And Its 23% Return On Equity While Robert Walters does have a tiny amount of debt, with debt to equity of just 0.037, we think the use of debt is very modest.

Simply Wall St -

Robert Walters plc (LON:RWA): What Does The Future Look Like?

Based on Robert Walters plc's (LON:RWA) earnings update in December 2018, analyst consensus outlook appear cautiously subdued, with profits predicted to rise by 11% next year against the higher past 5-year average growth rate of 31%. … Check out our latest analysis for Robert Walters How is Robert Walters going to perform in the near future? … To reduce the year-on-year volatility of analyst earnings forecast, I've inserted a line of best fit through the expected earnings figures to determine the annual growth rate from the slope of the line.

Simply Wall St -

Have Insiders Been Selling Robert Walters plc (LON:RWA) Shares This Year?

So we'll take a look at whether insiders have been buying or selling shares in Robert Walters plc (LON:RWA). … For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' Check out our latest analysis for Robert Walters The Last 12 Months Of Insider Transactions At Robert Walters The CFO, Company Secretary &amp; Executive Director, Alan Bannatyne, made the biggest insider sale in the last 12 months. … Insider Ownership I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders.

Simply Wall St -

Does Robert Walters plc's (LON:RWA) P/E Ratio Signal A Buying Opportunity?

See our latest analysis for Robert Walters How Do I Calculate A Price To Earnings Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Robert Walters: P/E of 13.21 = £6.66 ÷ £0.50 (Based on the trailing twelve months to December 2018.) Is A High Price-to-Earnings Ratio Good? … LSE:RWA Price Estimation Relative to Market, June 12th 2019 Its relatively low P/E ratio indicates that Robert Walters shareholders think it will struggle to do as well as other companies in its industry classification.

Simply Wall St -

What Should We Expect From Robert Walters plc's (LON:RWA) Earnings Over The Next Few Years?

Robert Walters plc's (LON:RWA) latest earnings update in December 2018 showed that the business experienced a robust tailwind, eventuating to a double-digit earnings growth of 21%. … Below is a brief commentary on my key takeaways on how market analysts predict Robert Walters's earnings growth outlook over the next few years and whether the future looks even brighter than the past. … See our latest analysis for Robert Walters Analysts' outlook for next year seems positive, with earnings rising by a robust 11%.

Simply Wall St -

Calculating The Fair Value Of Robert Walters plc (LON:RWA)

Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (£, Millions) £-1.74 £33.41 £41.50 £40.92 £40.66 £40.64 £40.77 £41.01 £41.33 £41.71 Growth Rate Estimate Source Analyst x3 Analyst x3 Analyst x1 Est @ -1.41% Est @ -0.62% Est @ -0.06% Est @ 0.32% Est @ 0.59% Est @ 0.78% Est @ 0.92% Present Value (£, Millions) Discounted @ 7.36% £-1.62 £28.99 £33.54 £30.80 £28.51 £26.54 £24.80 £23.23 £21.81 £20.50 Present Value of 10-year Cash Flow (PVCF)= £237.09m "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = UK£42m × (1 + 1.2%) ÷ (7.4% – 1.2%) = UK£688m Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = £UK£688m ÷ ( 1 + 7.4%)10 = £338.37m The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is £575.46m.

Simply Wall St -

Does Robert Walters plc's (LON:RWA) CEO Pay Reflect Performance?

View our latest analysis for Robert Walters How Does Robert Walters's Compensation Compare With Similar Sized Companies? … Our data indicates that Robert Walters plc is worth UK£451m, and total annual CEO compensation is UK£3.4m. … We compared the total CEO remuneration paid by Robert Walters plc, and compared it to remuneration at a group of similar sized companies.

Simply Wall St -

Is Robert Walters plc’s (LON:RWA) 32% ROCE Any Good?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Robert Walters: 0.32 = UK£50m ÷ (UK£350m - UK£195m) (Based on the trailing twelve months to December 2018.) Therefore, Robert Walters has an ROCE of 32%. … How Robert Walters's Current Liabilities Impact Its ROCE Liabilities, such as supplier bills and bank overdrafts, are referred to as current liabilities if they need to be paid within 12 months. … Robert Walters boasts an attractive ROCE, even after considering the boost from high current liabilities.

Simply Wall St -

Company Info

Description

Robert Walters plc, together with its subsidiaries, provides professional recruitment consultancy solutions worldwide. The company offers permanent, temporary, 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 recruitment process outsourcing and managed services. The company was founded in 1985 and is headquartered in London, the United Kingdom.

Details
Name: Robert Walters plc
RWA
Exchange: LSE
Founded: 1985
£226,100,120
71,777,816
Website: http://www.robertwalters.com
Address: Robert Walters plc
11 Slingsby Place,
St Martin's Courtyard,
London,
Greater London, WC2E 9AB,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE RWA Ordinary Shares London Stock Exchange GB GBP 06. Jul 2000
BATS-CHIXE RWAl Ordinary Shares BATS 'Chi-X Europe' GB GBP 06. Jul 2000
Number of employees
Current staff
Staff numbers
4,027
Robert Walters employees.
Industry
Human Resource and Employment Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/06 20:45
End of day share price update: 2020/04/06 00:00
Last estimates confirmation: 2020/04/02
Last earnings filing: 2020/03/03
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.