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Robert Walters - Leadership Through Experience

Robert Walters PLC (LON:RWA) shares have gained 79% in the last 12m, 219% in the last 5 years, strongly outperforming peers. We argue this is driven by growth in NFI (Net Fee Income), up 18% like-for-like in H1 2017, or 11.5% overall NFI CAGR in the last 15 years, with only one down year.
Robert Walters - Leadership Through Experience

In this report we examine some of the drivers which underpin this sustained organic growth trend.

We believe that the growth dynamics which have driven the share price in recent years will continue over the coming years. Furthermore we believe that the drop-through of NFI to operating profit will continue to push margins higher in the coming years, giving further leverage to earnings growth.

Full report is available via Capital Network website


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Related Researches

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January 09 2017

Empresaria looks strikingly inexpensive on a 2016e PE of 9x (Capital Network forecast) for a stock which keeps delivering strong double-digit EPS growth (2015: 24%, 2014: 29%, 2013: 24%, 2012: 25%).

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March 01 2017

Empresaria (LON:EMR) has outperformed its immediate sector peers by 99% over the last 3 years, and the FTSE All-Share by 142%. This reflects strong growth in earnings and cashflows, which we attribute to the group’s focus on high growth markets.

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November 22 2017

Empresaria released a trading update on November 21st, lowering the expected growth rate for FY2017 PBT. This was due to the weak market conditions in the Mideast which were flagged in the H1 results, and also to changes in legislation in Germany. The German issue, also previously know, relates to rules restricting the length of tenure for contract workers (Empresaria’s main focus) and the introduction of equal pay after 9 months. These rules take full effect in 2018, but employers appear to be adjusting their behaviour ahead of implementation

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