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Robert Walters plc (RWA) Fair Value & Analysis

Industrials · GB · Market cap 71.7M GBX

RW Robert Walters plc RWA · LSE
Price£1.09
Fair Value£1.03
Upside-5.5%
Quality54/100
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Weak Growth
Loss-making · -3.4% net margin
Low debt · generates free cash flow
Trails peers (3/11)
Narrow moat 12/100
Evidence: Medium Range £0.7700 – £1.54 Share as image

Fair value as of: Jul 18, 2026

From 11 valuation models · updated 23 days ago

Share price +66.9% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (£0.7700 to £1.54) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

£5.31 £0.6067 Fair Value £1.03 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range £0.6067 – £5.31 · fair‑value band £0.7700 – £1.54 · the £1.09 price screens above the £1.03 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Robert Walters plc (RWA) currently trades at £1.09, while our model-based Fair Value estimate is £1.03, implying the stock looks roughly 5.5% fairly valued today. The Quality Score stands at 54/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Robert Walters plc generated revenue of £781M at a net margin of -3.4%. Revenue declined 12.6% year over year. It earns a return on equity of -22.4%. Net debt stands at £41.8M. Fundamentals as of Jul 18, 2026

Our scenario range runs from £0.7700 (bear case) to £1.54 (bull case); at £1.09, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Industrials peers we cover trades at 23% fair-value upside, at -6%, RWA screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF £1.69 £2.00 £2.37 80
Gordon GGM £1.19 £1.99 £2.58 70
DDM Multi-Stage £1.19 £1.77 £2.14 61
All 11 models by family
DCF Models
FCF DCF £1.69 £2.05 £2.50 38
5Y Revenue Exit £1.71 £2.23 £2.89 39
5Y EBITDA Exit £1.71 £2.24 £2.85 41
10Y Revenue Exit £1.66 £2.09 £2.65 36
10Y EBITDA Exit £1.69 £2.10 £2.62 37
Dividend Discount
Gordon GGM £1.19 £1.99 £2.58 70
DDM Multi-Stage £1.19 £1.77 £2.14 61
Multiples
EV/EBITDA £1.87 £2.25 £2.62 54
EV/Revenue £1.78 £2.23 £2.67 43
Asset-Based
NCAV (Graham) £0.7700 £1.03 £1.54 50
Growth DCF
Growth DCF £1.69 £2.00 £2.37 80

Widest divergence: Multiples (£2.23) versus Asset-Based (£1.03). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 781M GBX
Revenue growth (YoY) -12.6%
Net margin -3.4%
Return on equity -22.4%
Free cash flow 7.5M GBX FY2025
Operating margin -1.9%
More key figures
EPS (TTM) £-0.4100
EPS growth (YoY) -57.4%
Net debt 41.8M GBX FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 54/100

Of which business quality 58 · Market factors (momentum, volatility) 49

Profitability 40
Margins and returns on capital today
Quality Growth 28
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 41
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 54
Distance to the 52-week high (market factor)
Net Issuance 90
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Robert Walters plc, together with its subsidiaries, provides professional recruitment consultancy services worldwide. The company offers permanent, contract, and interim recruitment; and executive search services in the fields of accountancy and finance, banking, engineering, human resources, healthcare, technology, legal, sales, marketing, secretarial and …

Full company description

Robert Walters plc, together with its subsidiaries, provides professional recruitment consultancy services worldwide. The company offers permanent, contract, and interim recruitment; and executive search services in the fields of accountancy and finance, banking, engineering, human resources, healthcare, technology, legal, sales, marketing, secretarial and support and supply chain, and logistics and procurement. It provides recruitment outsourcing, consultancy, and talent advisory services. The company was founded in 1985 and is headquartered in London, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Robert Walters plc reported revenue of £781M in FY2025 versus £971M in FY2021, a compound −5.3%/yr. Reported net income was −£26.8M in FY2025.

Growth Quality 18/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
£781M
Latest YoY
−12.4%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−10.8%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−3.6%
Avg. growth/yr (32Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.6%
Revenue −5.3%/yr
FY21 £971M
FY22 £1.1B
FY23 £1.1B
FY24 £892M
FY25 £781M
Net income
FY21 £33.5M
FY22 £39.1M
FY23 £13.4M
FY24 −£6.0M
FY25 −£26.8M

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Cite: Fair Value Calculator (2026). "Robert Walters plc Fair Value". https://www.fairvalue-calculator.com/stock/RWA

Peer Group

Staffing & Employment Services · 85 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 54 · Below median
Fair Value upside −6% · Below median
Return on assets -3% · Bottom 25%
Net margin (TTM) -3% · Bottom 25%
Operating margin (TTM) -2% · Bottom 25%
Revenue growth -13% · Bottom 25%
Debt / equity 0.00× · Lower than median

Valuation Multiples vs Staffing & Employment Services median · lower = cheaper

P/B 0.96× · Cheaper than median
P/S (TTM) 0.12× · Cheaper than 75% of peers
P/FCF 12.9× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 26 · sector 41
FUTURE 0 · sector 1
PAST 0 · sector 36
HEALTH 100 · sector 95
DIVIDEND 0 · sector 60

Insider activity: 20/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Staffing & Employment Services stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Adecco Group ADEN CHF 20.46 CHF 23.73 +16%
Korn Ferry, KFY $78.61 $114.56 +46%
Robert Half Inc RHI $36.70 $22.10 -40%
TriNet Group TNET $57.56 $70.85 +23%
ManpowerGroup Inc MAN $39.02 $29.67 -24%
Insperity, Inc NSP $49.48 $17.34 -65%
FESCO Group 600861 ¥13.24 ¥45.46 +243%
Grupa Pracuj S.A GPP 47.40 PLN 65.45 PLN +38%
Barrett Business Services, Inc BBSI $37.43 $38.42 +3%
Maharah for Human Resources Company 1831 5.36 SAR 6.92 SAR +29%

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Frequently asked questions

Is Robert Walters plc (RWA) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of £1.03 versus a price of £1.09, about −6% (fairly valued).
What is the fair value of RWA?
Our model-based fair value for Robert Walters plc is £1.03 (as of Jul 18, 2026), built from audited fundamentals. The current price is £1.09.
What is the quality score of RWA?
Robert Walters plc has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Robert Walters plc (RWA)?
Robert Walters plc reported trailing-twelve-month revenue of about £781M (latest available figure, as of Jul 18, 2026).
What is the net profit margin of RWA?
The net profit margin of Robert Walters plc is about -3.4%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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