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Robert Half International Inc Valuation – March 2019 #RHI

Company Profile (excerpt from Reuters): Robert Half International Inc., incorporated on October 18, 1979, provides specialized staffing and risk consulting services. The Company provides these services through its divisions, including Accountemps, Robert Half Finance & Accounting, OfficeTeam, Robert Half Technology, Robert Half Management Resources, Robert Half Legal, The Creative Group and Protiviti. The Company operates through three segments: temporary and consultant staffing, permanent placement staffing, and risk consulting and internal audit services. The temporary and consultant staffing segment provides specialized staffing in the accounting and finance, administrative and office, information technology (IT), legal, advertising, marketing and Web design fields. The permanent placement staffing segment provides full-time personnel in the accounting, finance, administrative and office, and IT fields. The risk consulting and internal audit services segment provides business and technology risk consulting, and internal audit services.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of RHI – March 2019

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $7,830,569,534 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.80 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 222.15% Pass
6. Moderate PEmg Ratio PEmg < 20 20.63 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 7.41 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.80 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $3.19
MG Growth Estimate 7.39%
MG Value $74.20
Opinion Fairly Valued
MG Grade C+
MG Value based on 3% Growth $46.21
MG Value based on 0% Growth $27.09
Market Implied Growth Rate 6.07%
Current Price $65.75
% of Intrinsic Value 88.61%

Robert Half International Inc. is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg and PB ratios. The Enterprising Investor has no initial concerns. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Fairly Valued after growing its EPSmg (normalized earnings) from $2.13 in 2015 to an estimated $3.19 for 2019. This level of demonstrated earnings growth supports the market’s implied estimate of 6.07% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value within a margin of safety relative to the price.

At the time of valuation, further research into Robert Half International Inc. revealed the company was trading above its Graham Number of $26.99. The company pays a dividend of $1.12 per share, for a yield of 1.7% Its PEmg (price over earnings per share – ModernGraham) was 20.63, which was below the industry average of 32.74, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $5.29.

Robert Half International Inc. receives an average overall rating in the ModernGraham grading system, scoring a C+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $5.29
Graham Number $26.99
PEmg 20.63
Current Ratio 1.80
PB Ratio 7.41
Current Dividend $1.12
Dividend Yield 1.70%
Number of Consecutive Years of Dividend Growth 15

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2018
Total Current Assets $1,473,610,000
Total Current Liabilities $819,536,000
Long-Term Debt $457,000
Total Assets $1,903,097,000
Intangible Assets $213,107,000
Total Liabilities $839,899,000
Shares Outstanding (Diluted Average) 119,829,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $3.70
Dec2018 $3.57
Dec2017 $2.33
Dec2016 $2.67
Dec2015 $2.69
Dec2014 $2.26
Dec2013 $1.83
Dec2012 $1.50
Dec2011 $1.04
Dec2010 $0.44
Dec2009 $0.24
Dec2008 $1.59
Dec2007 $1.81
Dec2006 $1.65
Dec2005 $1.36
Dec2004 $0.79
Dec2003 $0.04
Dec2002 $0.01
Dec2001 $0.67
Dec2000 $1.00
Dec1999 $0.77

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $3.19
Dec2018 $2.85
Dec2017 $2.45
Dec2016 $2.40
Dec2015 $2.13
Dec2014 $1.71
Dec2013 $1.29
Dec2012 $1.00
Dec2011 $0.84
Dec2010 $0.88
Dec2009 $1.18
Dec2008 $1.58
Dec2007 $1.42
Dec2006 $1.08
Dec2005 $0.72
Dec2004 $0.43
Dec2003 $0.33

Recommended Reading:

Other ModernGraham posts about the company

Robert Half International Inc Valuation – June 2018 $RHI
11 Best Stocks for Value Investors This Week – 3/4/17
Robert Half International Inc Valuation – February 2017 $RHI
10 Undervalued Stocks for the Defensive Investor – December 2016
10 Undervalued Stocks for the Defensive Investor – September 2016

Other ModernGraham posts about related companies

Alliance Data Systems Corp Valuation – March 2019 #ADS
IHS Markit Ltd Valuation – February 2019 $INFO
Automatic Data Processing Inc Valuation – February 2019 $ADP
Fiserv Inc Valuation – February 2019 $FISV
Rollins Inc Valuation – February 2019 $ROL
Iron Mountain Inc Valuation – February 2019 $IRM
Cintas Corp Valuation – February 2019 $CTAS
Fidelity National Information Services Inc Valuation – January 2019 $FIS
Avery Dennison Corp Valuation – January 2019 $AVY
Paychex Inc Valuation – January 2019 $PAYX

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Halliburton Co Valuation – March 2019 #HAL

Company Profile (excerpt from Reuters): Halliburton Company, incorporated on November 7, 1996, is a provider of services and products to the upstream oil and natural gas industry throughout the lifecycle of the reservoir, from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the field. The Company operates through two segments: the Completion and Production segment, and the Drilling and Evaluation segment. The Completion and Production segment delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift and completion services. The Drilling and Evaluation segment provides field and reservoir modeling, drilling, evaluation and wellbore placement solutions that enable customers to model, measure, drill and optimize their well construction activities.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of HAL – March 2019

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $26,987,755,256 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.32 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -70.87% Fail
6. Moderate PEmg Ratio PEmg < 20 -134.48 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.83 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.32 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.64 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

 

Stage 2: Determination of Intrinsic Value

EPSmg -$0.23
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D+
MG Value based on 3% Growth -$3.34
MG Value based on 0% Growth -$1.96
Market Implied Growth Rate -71.49%
Current Price $30.93
% of Intrinsic Value N/A

Halliburton Company does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings stability or growth over the last ten years, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the net current assets, and the lack of earnings stability or growth over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $1.89 in 2015 to an estimated $-0.23 for 2019. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Halliburton Company revealed the company was trading above its Graham Number of $15.24. The company pays a dividend of $0.72 per share, for a yield of 2.3%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was -134.48, which was below the industry average of 58.42, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-6.06.

Halliburton Company scores quite poorly in the ModernGraham grading system, with an overall grade of D+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$6.06
Graham Number $15.24
PEmg -134.48
Current Ratio 2.32
PB Ratio 2.83
Current Dividend $0.72
Dividend Yield 2.33%
Number of Consecutive Years of Dividend Growth 0

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2018
Total Current Assets $11,151,000,000
Total Current Liabilities $4,802,000,000
Long-Term Debt $10,421,000,000
Total Assets $25,982,000,000
Intangible Assets $2,825,000,000
Total Liabilities $16,438,000,000
Shares Outstanding (Diluted Average) 872,000,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.95
Dec2018 $1.89
Dec2017 -$0.53
Dec2016 -$6.69
Dec2015 -$0.79
Dec2014 $4.11
Dec2013 $2.36
Dec2012 $2.84
Dec2011 $3.08
Dec2010 $2.01
Dec2009 $1.27
Dec2008 $2.45
Dec2007 $3.68
Dec2006 $2.23
Dec2005 $2.27
Dec2004 -$1.12
Dec2003 -$0.95
Dec2002 -$1.16
Dec2001 $0.94
Dec2000 $0.56
Dec1999 $0.50

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$0.23
Dec2018 -$0.68
Dec2017 -$1.41
Dec2016 -$1.11
Dec2015 $1.89
Dec2014 $3.11
Dec2013 $2.51
Dec2012 $2.50
Dec2011 $2.39
Dec2010 $2.14
Dec2009 $2.26
Dec2008 $2.47
Dec2007 $2.06
Dec2006 $0.92
Dec2005 $0.18
Dec2004 -$0.70
Dec2003 -$0.33

Recommended Reading:

Other ModernGraham posts about the company

Halliburton Co Valuation – May 2018 $HAL
Most Overvalued Stocks of the S&P 500 – March 2017
Halliburton Company Valuation – January 2017 $HAL
Halliburton Company Analysis – September 2015 Update $HAL
Halliburton Company Analysis – June 2015 Update $HAL

Other ModernGraham posts about related companies

Kinder Morgan Inc Valuation – February 2019 $KMI
National Oilwell Varco Inc Valuation – February 2019 $NOV
Diamondback Energy Inc Valuation – February 2019 $FANG
TechnipFMC PLC Valuation – February 2019 $FTI
Marathon Petroleum Corp Valuation – February 2019 $MPC
Baker Hughes, a GE Co Valuation – February 2019 $BHGE
EOG Resources Inc Valuation – February 2019 $EOG
ConocoPhillips Valuation – February 2019 $COP
Devon Energy Corp Valuation – January 2019 $DVN
Noble Energy Inc Valuation – January 2019 $NBL

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Robert Half International Inc Valuation – June 2018 $RHI

Company Profile (excerpt from Reuters): Robert Half International Inc., incorporated on October 18, 1979, provides specialized staffing and risk consulting services. The Company provides these services through its divisions, including Accountemps, Robert Half Finance & Accounting, OfficeTeam, Robert Half Technology, Robert Half Management Resources, Robert Half Legal, The Creative Group and Protiviti. The Company operates through three segments: temporary and consultant staffing, permanent placement staffing, and risk consulting and internal audit services. The temporary and consultant staffing segment provides specialized staffing in the accounting and finance, administrative and office, information technology (IT), legal, advertising, marketing and Web design fields. The permanent placement staffing segment provides full-time personnel in the accounting, finance, administrative and office, and IT fields. The risk consulting and internal audit services segment provides business and technology risk consulting, and internal audit services.

RHI Chart

RHI data by YCharts

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of RHI – June 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $7,924,066,633 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.92 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 378.49% Pass
6. Moderate PEmg Ratio PEmg < 20 23.39 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 7.07 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.92 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $2.74
MG Growth Estimate 9.06%
MG Value $72.95
Opinion Fairly Valued
MG Grade C+
MG Value based on 3% Growth $39.75
MG Value based on 0% Growth $23.30
Market Implied Growth Rate 7.45%
Current Price $64.13
% of Intrinsic Value 87.91%

Robert Half International Inc. is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg and PB ratios. The Enterprising Investor has no initial concerns. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Fairly Valued after growing its EPSmg (normalized earnings) from $1.71 in 2014 to an estimated $2.74 for 2018. This level of demonstrated earnings growth supports the market’s implied estimate of 7.45% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value within a margin of safety relative to the price.

At the time of valuation, further research into Robert Half International Inc. revealed the company was trading above its Graham Number of $25.43. The company pays a dividend of $0.96 per share, for a yield of 1.5% Its PEmg (price over earnings per share – ModernGraham) was 23.39, which was below the industry average of 34.82, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $5.61.

Robert Half International Inc. receives an average overall rating in the ModernGraham grading system, scoring a C+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $5.61
Graham Number $25.43
PEmg 23.39
Current Ratio 1.92
PB Ratio 7.07
Current Dividend $0.96
Dividend Yield 1.50%
Number of Consecutive Years of Dividend Growth 14

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2018
Total Current Assets $1,468,456,000
Total Current Liabilities $764,440,000
Long-Term Debt $608,000
Total Assets $1,893,860,000
Intangible Assets $215,385,000
Total Liabilities $779,063,000
Shares Outstanding (Diluted Average) 122,887,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $3.23
Dec2017 $2.33
Dec2016 $2.67
Dec2015 $2.69
Dec2014 $2.26
Dec2013 $1.83
Dec2012 $1.50
Dec2011 $1.04
Dec2010 $0.44
Dec2009 $0.24
Dec2008 $1.59
Dec2007 $1.81
Dec2006 $1.65
Dec2005 $1.36
Dec2004 $0.79
Dec2003 $0.04
Dec2002 $0.01
Dec2001 $0.67
Dec2000 $1.00
Dec1999 $0.77
Dec1998 $0.69

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $2.74
Dec2017 $2.45
Dec2016 $2.40
Dec2015 $2.13
Dec2014 $1.71
Dec2013 $1.29
Dec2012 $1.00
Dec2011 $0.84
Dec2010 $0.88
Dec2009 $1.18
Dec2008 $1.58
Dec2007 $1.42
Dec2006 $1.08
Dec2005 $0.72
Dec2004 $0.43
Dec2003 $0.33
Dec2002 $0.53

Recommended Reading:

Other ModernGraham posts about the company

11 Best Stocks for Value Investors This Week – 3/4/17
Robert Half International Inc Valuation – February 2017 $RHI
10 Undervalued Stocks for the Defensive Investor – December 2016
10 Undervalued Stocks for the Defensive Investor – September 2016
5 Undervalued Companies for the Defensive Investor Near 52 Week Lows – August 2016

Other ModernGraham posts about related companies

Alliance Data Systems Corp Valuation – May 2018 $ADS
Whirlpool Corporation Valuation – April 2018 $WHR
IHS Markit Ltd Valuation – Initial Coverage April 2018 $INFO
Automatic Data Processing Inc Valuation – April 2018 $ADP
Accenture PLC Valuation – April 2018 $ACN
Fiserv Inc Valuation – April 2018 $FISV
Iron Mountain Inc Valuation – April 2018 $IRM
Cintas Corp Valuation – April 2018 $CTAS
Xerox Corp Valuation – March 2018 $XRX
Avery Dennison Corp Valuation – March 2018 $AVY

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Halliburton Co Valuation – May 2018 $HAL

Company Profile (excerpt from Reuters): Halliburton Company, incorporated on November 7, 1996, is a provider of services and products to the upstream oil and natural gas industry throughout the lifecycle of the reservoir, from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the field. The Company operates through two segments: the Completion and Production segment, and the Drilling and Evaluation segment. The Completion and Production segment delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift and completion services. The Drilling and Evaluation segment provides field and reservoir modeling, drilling, evaluation and wellbore placement solutions that enable customers to model, measure, drill and optimize their well construction activities.

HAL Chart

HAL data by YCharts

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of HAL – May 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $46,306,353,773 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.22 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -181.92% Fail
6. Moderate PEmg Ratio PEmg < 20 -82.26 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 5.53 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.22 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.72 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

 

Stage 2: Determination of Intrinsic Value

EPSmg -$0.64
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$9.29
MG Value based on 0% Growth -$5.45
Market Implied Growth Rate -45.38%
Current Price $52.70
% of Intrinsic Value N/A

Halliburton Company does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings stability or growth over the last ten years, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the net current assets, and the lack of earnings stability or growth over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $3.11 in 2014 to an estimated $-0.64 for 2018. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Halliburton Company revealed the company was trading above its Graham Number of $20.76. The company pays a dividend of $0.72 per share, for a yield of 1.4% Its PEmg (price over earnings per share – ModernGraham) was -82.26, which was below the industry average of 97.7, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-6.6.

Halliburton Company scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$6.60
Graham Number $20.76
PEmg -82.26
Current Ratio 2.22
PB Ratio 5.53
Current Dividend $0.72
Dividend Yield 1.37%
Number of Consecutive Years of Dividend Growth 0

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2018
Total Current Assets $11,035,000,000
Total Current Liabilities $4,969,000,000
Long-Term Debt $10,428,000,000
Total Assets $25,191,000,000
Intangible Assets $2,707,000,000
Total Liabilities $16,826,000,000
Shares Outstanding (Diluted Average) 878,000,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $2.01
Dec2017 -$0.53
Dec2016 -$6.69
Dec2015 -$0.79
Dec2014 $4.11
Dec2013 $2.36
Dec2012 $2.84
Dec2011 $3.08
Dec2010 $2.01
Dec2009 $1.27
Dec2008 $2.45
Dec2007 $3.68
Dec2006 $2.23
Dec2005 $2.27
Dec2004 -$1.12
Dec2003 -$0.95
Dec2002 -$1.16
Dec2001 $0.94
Dec2000 $0.56
Dec1999 $0.50
Dec1998 -$0.02

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$0.64
Dec2017 -$1.41
Dec2016 -$1.11
Dec2015 $1.89
Dec2014 $3.11
Dec2013 $2.51
Dec2012 $2.50
Dec2011 $2.39
Dec2010 $2.14
Dec2009 $2.26
Dec2008 $2.47
Dec2007 $2.06
Dec2006 $0.92
Dec2005 $0.18
Dec2004 -$0.70
Dec2003 -$0.33
Dec2002 $0.04

Recommended Reading:

Other ModernGraham posts about the company

Most Overvalued Stocks of the S&P 500 – March 2017
Halliburton Company Valuation – January 2017 $HAL
Halliburton Company Analysis – September 2015 Update $HAL
Halliburton Company Analysis – June 2015 Update $HAL
A Glimpse at the Oil & Gas Industry – May 2015

Other ModernGraham posts about related companies

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TechnipFMC PLC Valuation – April 2018 $FTI
EOG Resources Inc Valuation – April 2018 $EOG
ConocoPhillips Valuation – April 2018 $COP
Devon Energy Corp Valuation – March 2018 $DVN
Noble Energy Inc Valuation – March 2018 $NBL
ONEOK Inc Valuation – March 2018 $OKE
Marathon Oil Corp Valuation – March 2018 $MRO

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Robert Half International Inc Valuation – February 2017 $RHI

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Robert Half International Inc (RHI) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Robert Half International Inc. provides specialized staffing and risk consulting services. The Company’s divisions are Accountemps, Robert Half Finance & Accounting, OfficeTeam, Robert Half Technology, Robert Half Management Resources, Robert Half Legal, The Creative Group and Protiviti. It operates through three segments: temporary and consultant staffing, permanent placement staffing, and risk consulting and internal audit services. The Accountemps, Robert Half Finance & Accounting and Robert Half Management Resources divisions provide professionals in the fields of accounting and finance. Its OfficeTeam specializes in skilled temporary administrative support personnel. Robert Half Technology provides information technology (IT) professionals. Robert Half Legal provides staffing of attorneys and specialized support personnel. The Creative Group provides project staffing in the interactive media, design and marketing fields. Protiviti is a business consulting and internal audit firm.

RHI Chart

RHI data by YCharts

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ModernGraham Valuation of RHI – February 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $6,126,568,023 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.89 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 248.02% Pass
6. Moderate PEmg Ratio PEmg < 20 19.03 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 5.68 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.89 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $2.52
MG Growth Estimate 14.24%
MG Value $93.20
Opinion Undervalued
MG Grade B-
MG Value based on 3% Growth $36.54
MG Value based on 0% Growth $21.42
Market Implied Growth Rate 5.27%
Current Price $47.96
% of Intrinsic Value 51.46%

Robert Half International Inc. is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PB ratio. The Enterprising Investor has no initial concerns. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $1.29 in 2013 to an estimated $2.52 for 2017. This level of demonstrated earnings growth outpaces the market’s implied estimate of 5.27% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Robert Half International Inc. revealed the company was trading above its Graham Number of $21.95. The company pays a dividend of $0.88 per share, for a yield of 1.8% Its PEmg (price over earnings per share – ModernGraham) was 19.03, which was below the industry average of 21.9, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $4.6.

Robert Half International Inc. performs fairly well in the ModernGraham grading system, scoring a B-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $4.60
Graham Number $21.95
PEmg 19.03
Current Ratio 1.89
PB Ratio 5.68
Current Dividend $0.88
Dividend Yield 1.83%
Number of Consecutive Years of Dividend Growth 5

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $1,284,234,000
Total Current Liabilities $679,896,000
Long-Term Debt $840,000
Total Assets $1,777,971,000
Intangible Assets $213,464,000
Total Liabilities $691,372,000
Shares Outstanding (Diluted Average) 128,766,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $2.54
Dec2016 $2.67
Dec2015 $2.69
Dec2014 $2.26
Dec2013 $1.83
Dec2012 $1.50
Dec2011 $1.04
Dec2010 $0.44
Dec2009 $0.24
Dec2008 $1.59
Dec2007 $1.81
Dec2006 $1.65
Dec2005 $1.36
Dec2004 $0.79
Dec2003 $0.04
Dec2002 $0.01
Dec2001 $0.67
Dec2000 $1.00
Dec1999 $0.77
Dec1998 $0.69
Dec1997 $0.50

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $2.52
Dec2016 $2.40
Dec2015 $2.13
Dec2014 $1.71
Dec2013 $1.29
Dec2012 $1.00
Dec2011 $0.84
Dec2010 $0.88
Dec2009 $1.18
Dec2008 $1.58
Dec2007 $1.42
Dec2006 $1.08
Dec2005 $0.72
Dec2004 $0.43
Dec2003 $0.33
Dec2002 $0.53
Dec2001 $0.77

Recommended Reading:

Other ModernGraham posts about the company

10 Undervalued Stocks for the Defensive Investor – December 2016
10 Undervalued Stocks for the Defensive Investor – September 2016
5 Undervalued Companies for the Defensive Investor Near 52 Week Lows – August 2016
21 Best Undervalued Stocks of the Week – 8/27/16
Robert Half International Inc Valuation – August 2016 $RHI

Other ModernGraham posts about related companies

Korn-Ferry International Valuation – Initial Coverage $KFY
Capella Education Company Valuation – Initial Coverage $CPLA
Kelly Services Inc Valuation – Initial Coverage $KELYA
Alliance Data Systems Corp Valuation – February 2017 $ADS
John Wiley & Sons Inc Valuation – Initial Coverage $JW.A
Dun & Bradstreet Corp Valuation – January 2017 $DNB
Apollo Education Group Inc Valuation – January 2017 $APOL
Accenture PLC Valuation – December 2016 $ACN
Automatic Data Processing Valuation – November 2016 $ADP
United Rentals Inc Valuation – August 2016 $URI

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Halliburton Company Valuation – January 2017 $HAL

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – January 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Halliburton Company (HAL) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Halliburton Company is a provider of services and products to the upstream oil and natural gas industry. The Company operates through two segments: the Completion and Production segment, and the Drilling and Evaluation segment. The Company’s Completion and Production segment delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift, and completion products and services. The Company’s Drilling and Evaluation segment provides field and reservoir modeling, drilling, evaluation and wellbore placement solutions that enable customers to model, measure, drill and manage its well construction activities. The Company’s baroid provides drilling fluid systems, performance additives, completion fluids, solids control, specialized testing equipment and waste management services for oil and natural gas drilling, completion and workover operations. The Company operates its business in approximately 80 countries.

HAL Chart

HAL data by YCharts

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ModernGraham Valuation of HAL – January 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $50,889,480,786 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.90 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -297.03% Fail
6. Moderate PEmg Ratio PEmg < 20 -23.22 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 5.34 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.90 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.60 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg -$2.51
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$36.35
MG Value based on 0% Growth -$21.31
Market Implied Growth Rate -15.86%
Current Price $58.21
% of Intrinsic Value N/A

Halliburton Company does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings stability or growth over the last ten years, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the net current assets, and the lack of earnings stability or growth over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $2.51 in 2013 to an estimated $-2.51 for 2017. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Halliburton Company revealed the company was trading above its Graham Number of $0. The company pays a dividend of $0.72 per share, for a yield of 1.2% Its PEmg (price over earnings per share – ModernGraham) was -23.22, which was below the industry average of 69.19, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-6.9.

Halliburton Company scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$6.90
Graham Number $0.00
PEmg -23.22
Current Ratio 2.90
PB Ratio 5.34
Current Dividend $0.72
Dividend Yield 1.24%
Number of Consecutive Years of Dividend Growth 0

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $11,677,000,000
Total Current Liabilities $4,023,000,000
Long-Term Debt $12,214,000,000
Total Assets $27,005,000,000
Intangible Assets $2,414,000,000
Total Liabilities $17,621,000,000
Shares Outstanding (Diluted Average) 861,000,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate -$3.81
Dec2016 -$6.69
Dec2015 -$0.79
Dec2014 $4.11
Dec2013 $2.36
Dec2012 $2.84
Dec2011 $3.08
Dec2010 $2.01
Dec2009 $1.27
Dec2008 $2.45
Dec2007 $3.68
Dec2006 $2.23
Dec2005 $2.27
Dec2004 -$1.11
Dec2003 -$0.94
Dec2002 -$1.16
Dec2001 $0.94
Dec2000 $0.56
Dec1999 $0.50
Dec1998 -$0.02
Dec1997 $0.89

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$2.51
Dec2016 -$1.11
Dec2015 $1.89
Dec2014 $3.11
Dec2013 $2.51
Dec2012 $2.50
Dec2011 $2.39
Dec2010 $2.14
Dec2009 $2.26
Dec2008 $2.47
Dec2007 $2.06
Dec2006 $0.92
Dec2005 $0.18
Dec2004 -$0.69
Dec2003 -$0.33
Dec2002 $0.04
Dec2001 $0.62

Recommended Reading:

Other ModernGraham posts about the company

Halliburton Company Analysis – September 2015 Update $HAL
Halliburton Company Analysis – June 2015 Update $HAL
A Glimpse at the Oil & Gas Industry – May 2015
23 Companies in the Spotlight This Week – 3/9/15
Halliburton Company Quarterly Valuation – March 2015 $HAL

Other ModernGraham posts about related companies

SM Energy Co Valuation – Initial Coverage $SM
Kinder Morgan Inc Valuation – January 2017 $KMI
South Jersey Industries Inc Valuation – Initial Coverage $SJI
Secure Energy Services Inc Valuation – Initial Coverage $TSE:SES
Surge Energy Inc Valuation – Initial Coverage $TSE:SGY
Range Resources Corp Valuation – January 2017 $RRC
Seacor Holdings Inc Valuation – Initial Coverage $CKH
Inter Pipeline Ltd Valuation – Initial Coverage $TSE:IPL
CIRCOR International Inc Valuation – Initial Coverage $CIR
National-Oilwell Varco Valuation – December 2016 $NOV

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Robert Half International Inc Valuation – August 2016 $RHI

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Companies Benjamin Graham Would Invest In Today – July 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Robert Half International Inc (RHI) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Robert Half International Inc. provides specialized staffing and risk consulting services. The Company’s divisions are Accountemps, Robert Half Finance & Accounting, OfficeTeam, Robert Half Technology, Robert Half Management Resources, Robert Half Legal, The Creative Group and Protiviti. It operates through three segments: temporary and consultant staffing, permanent placement staffing, and risk consulting and internal audit services. The Accountemps, Robert Half Finance & Accounting and Robert Half Management Resources divisions provide professionals in the fields of accounting and finance. Its OfficeTeam specializes in skilled temporary administrative support personnel. Robert Half Technology provides information technology (IT) professionals. Robert Half Legal provides staffing of attorneys and specialized support personnel. The Creative Group provides project staffing in the interactive media, design and marketing fields. Protiviti is a business consulting and internal audit firm.

RHI Chart

RHI data by YCharts

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

[/level-free]
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Downloadable PDF version of this valuation:

ModernGraham Valuation of RHI – August 2016

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $5,127,400,884 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.11 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 109.89% Pass
6. Moderate PEmg Ratio PEmg < 20 16.07 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 4.68 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.11 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

RHI value chart August 2016

EPSmg $2.41
MG Growth Estimate 15.00%
MG Value $92.79
Opinion Undervalued
MG Grade B+
MG Value based on 3% Growth $34.95
MG Value based on 0% Growth $20.49
Market Implied Growth Rate 3.79%
Current Price $38.74
% of Intrinsic Value 41.75%

Robert Half International Inc. qualifies for both the Defensive Investor and the Enterprising Investor. The Defensive Investor is only initially concerned with the high PB ratio. The Enterprising Investor has no initial concerns. As a result, all value investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $1 in 2012 to an estimated $2.41 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 3.79% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Robert Half International Inc. revealed the company was trading above its Graham Number of $22.3. The company pays a dividend of $0.84 per share, for a yield of 2.2%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 16.07, which was below the industry average of 21.38, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $5.37.

Robert Half International Inc. performs fairly well in the ModernGraham grading system, scoring a B+.

Stage 3: Information for Further Research

RHI charts August 2016

Net Current Asset Value (NCAV) $5.37
Graham Number $22.30
PEmg 16.07
Current Ratio 2.11
PB Ratio 4.68
Current Dividend $0.84
Dividend Yield 2.17%
Number of Consecutive Years of Dividend Growth 4

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 6/1/2016
Total Current Assets $1,408,112,000
Total Current Liabilities $668,179,000
Long-Term Debt $925,000
Total Assets $1,783,008,000
Intangible Assets $214,378,000
Total Liabilities $713,500,000
Shares Outstanding (Diluted Average) 129,329,000

Earnings Per Share History

Next Fiscal Year Estimate $2.69
Dec2015 $2.69
Dec2014 $2.26
Dec2013 $1.83
Dec2012 $1.50
Dec2011 $1.04
Dec2010 $0.44
Dec2009 $0.24
Dec2008 $1.59
Dec2007 $1.81
Dec2006 $1.65
Dec2005 $1.36
Dec2004 $0.79
Dec2003 $0.04
Dec2002 $0.01
Dec2001 $0.67
Dec2000 $1.00
Dec1999 $0.77
Dec1998 $0.69
Dec1997 $0.50
Dec1996 $0.34

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $2.41
Dec2015 $2.13
Dec2014 $1.71
Dec2013 $1.29
Dec2012 $1.00
Dec2011 $0.84
Dec2010 $0.88
Dec2009 $1.18
Dec2008 $1.58
Dec2007 $1.42
Dec2006 $1.08
Dec2005 $0.72
Dec2004 $0.43
Dec2003 $0.33
Dec2002 $0.53
Dec2001 $0.77
Dec2000 $0.77

Recommended Reading:

Other ModernGraham posts about the company

10 Undervalued Stocks for the Defensive Investor – August 2016
5 Companies for Defensive Investors Near 52 Week Lows – Aug 2016
10 Most Undervalued Companies for the Defensive Investor – July 2016
10 Most Undervalued Companies for the Defensive Investor – May 2016
Robert Half International Inc Valuation – February 2016 $RHI

Other ModernGraham posts about related companies

Accenture PLC Valuation – August 2016 $ACN
Fiserv Inc Valuation – August 2016 $FISV
Cintas Corporation Valuation – July 2016 $CTAS
Pitney Bowes Inc Valuation – July 2016 $PBI
Xerox Corp Valuation – June 2016 $XRX
Avery Dennison Corp Valuation – June 2016 $AVY
Ecolab Inc Valuation – June 2016 $ECL
Paychex Inc Valuation – June 2016 $PAYX
Automatic Data Processing Valuation – May 2016 $ADP
Robert Half International Inc Valuation – February 2016 $RHI

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Robert Half International Inc Valuation – February 2016 $RHI

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Companies Benjamin Graham Would Invest In Today – February 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Robert Half International Inc (RHI) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Robert Half International Inc. is engaged in providing specialized staffing and risk consulting services. The Company provides staffing and risk consulting services through the divisions: Accountemps, Robert Half Finance & Accounting, OfficeTeam, Robert Half Technology, Robert Half Management Resources, Robert Half Legal, The Creative Group and Protiviti. The Company operates through three segments: temporary and consultant staffing, permanent placement staffing, and risk consulting and internal audit services. The temporary and consultant segment provides specialized staffing in the accounting and finance, administrative and office, information technology, legal, advertising, marketing and Web design fields. The permanent placement segment provides full-time personnel in the accounting, finance, administrative and office, and information technology fields. The risk consulting segment provides business and technology risk consulting and internal audit services.

[level-free]

To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

[/level-free]
[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of RHI

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $4,934,213,008 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.08 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 114.29% Pass
6. Moderate PEmg Ratio PEmg < 20 15.30 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 4.99 Fail
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.08 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

RHI value chart February 2016

EPSmg $2.46
MG Growth Estimate 15.00%
MG Value $94.84
Opinion Undervalued
MG Value based on 3% Growth $35.72
MG Value based on 0% Growth $20.94
Market Implied Growth Rate 3.40%
Current Price $37.70
% of Intrinsic Value 39.75%

Robert Half International Inc. qualifies for the Enterprising Investor and the more conservative Defensive Investor. The Defensive Investor is only concerned with the high PB ratio. The Enterprising Investor only has concerns regarding the level of debt relative to the net current assets.  As a result, value investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $1.00 in 2012 to an estimated $2.46 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 3.4% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.

Stage 3: Information for Further Research

RHI charts February 2016

Net Current Asset Value (NCAV) -$5.26
Graham Number $22.00
PEmg 15.30
Current Ratio 2.08
PB Ratio 4.99
Dividend Yield 2.12%
Number of Consecutive Years of Dividend Growth 4

 

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information Dec2015
Total Current Assets $0
Total Current Liabilities $655,549,000
Long-Term Debt $1,007,000
Total Assets $1,702,960,000
Intangible Assets $0
Total Liabilities $699,179,000
Shares Outstanding (Diluted Average) 132,930,000

Earnings Per Share History

Next Fiscal Year Estimate $2.85
Dec2015 $2.69
Dec2014 $2.26
Dec2013 $1.83
Dec2012 $1.50
Dec2011 $1.04
Dec2010 $0.44
Dec2009 $0.24
Dec2008 $1.59
Dec2007 $1.81
Dec2006 $1.65
Dec2005 $1.36
Dec2004 $0.79
Dec2003 $0.04
Dec2002 $0.01
Dec2001 $0.67
Dec2000 $1.00
Dec1999 $0.77
Dec1998 $0.69
Dec1997 $0.50
Dec1996 $0.34

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $2.46
Dec2015 $2.13
Dec2014 $1.71
Dec2013 $1.29
Dec2012 $1.00
Dec2011 $0.84
Dec2010 $0.88
Dec2009 $1.18
Dec2008 $1.58
Dec2007 $1.42
Dec2006 $1.08
Dec2005 $0.72
Dec2004 $0.43
Dec2003 $0.33
Dec2002 $0.53
Dec2001 $0.77
Dec2000 $0.77

Recommended Reading:

Other ModernGraham posts about the company

The Best Companies of the Business Support Industry – November 2015
The 8 Best Stocks For Value Investors This Week – 8/8/15
Robert Half International Inc. Analysis – August 2015 Update $RHI
47 Companies in the Spotlight This Week – 5/16/15
Robert Half International Quarterly Valuation – May 2015 $RHI

Other ModernGraham posts about related companies

Accenture PLC Valuation – February 2016 $ACN
Cintas Corp Valuation – December 2015 Update $CTAS
The Best Companies of the Business Support Industry – November 2015
Paychex Inc. Valuation – November 2015 Update $PAYX
Robert Half International Inc. Valuation – November 2015 Update $RHI
Alliance Data Systems Corporation Analysis – October 2015 Update $ADS
Automatic Data Processing Analysis – September 2015 Update $ADP
Accenture PLC Analysis – September 2015 Update $ACN
Dun & Bradstreet Corp. Analysis – September 2015 Update $DNB
Cintas Corporation Analysis – August 2015 Update $CTAS

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Robert Half International Inc. Valuation – November 2015 Update $RHI

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Most Undervalued Companies for the Defensive Investor – October 2015.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Robert Half International Inc. (RHI) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Robert Half International Inc. is engaged in providing specialized staffing and risk consulting services. The Company provides staffing and risk consulting services through the divisions: Accountemps, Robert Half Finance & Accounting, OfficeTeam, Robert Half Technology, Robert Half Management Resources, Robert Half Legal, The Creative Group and Protiviti. The Company operates through three segments: temporary and consultant staffing, permanent placement staffing, and risk consulting and internal audit services. The temporary and consultant segment provides specialized staffing in the accounting and finance, administrative and office, information technology, legal, advertising, marketing and Web design fields. The permanent placement segment provides full-time personnel in the accounting, finance, administrative and office, and information technology fields. The risk consulting segment provides business and technology risk consulting and internal audit services.

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Downloadable PDF version of this valuation:

ModernGraham Valuation of RHI – November 2015

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $7,004,477,821 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.08 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 33.86% Pass
6. Moderate PEmg Ratio PEmg < 20 24.82 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 6.95 Fail
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.08 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

RHI value Chart November 2015

EPSmg $2.13
MG Growth Estimate 15.00%
MG Value $81.93
Opinion Undervalued
MG Value based on 3% Growth $30.86
MG Value based on 0% Growth $18.09
Market Implied Growth Rate 8.16%
Current Price $52.81
% of Intrinsic Value 64.46%

Robert Half International Inc. qualifies for the Enterprising Investor but not the more conservative Defensive Investor.  The Defensive Investor is concerned with the high PEmg and PB ratios.  The Enterprising Investor has no initial concerns.  As a result, all Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company.

As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $0.84 in 2011 to an estimated $2.13 for 2015.  This level of demonstrated earnings growth outpaces the market’s implied estimate of 8.16% annual earnings growth over the next 7-10 years.  As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.

The next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Robert Half International Inc. (RHI)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

Stage 3: Information for Further Research

RHI Charts November 2015

Net Current Asset Value (NCAV) $5.09
Graham Number $21.20
PEmg 24.82
Current Ratio 2.08
PB Ratio 6.95
Dividend Yield 1.48%
Number of Consecutive Years of Dividend Growth 3

 

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Total Current Assets $1,383,372,000
Total Current Liabilities $664,169,000
Long-Term Debt $1,046,000
Total Assets $1,715,272,000
Intangible Assets $197,992,000
Total Liabilities $708,796,000
Shares Outstanding (Diluted Average) 132,488,000

Earnings Per Share History

Next Fiscal Year Estimate $2.67
Dec14 $2.26
Dec13 $1.83
Dec12 $1.50
Dec11 $1.04
Dec10 $0.44
Dec09 $0.24
Dec08 $1.59
Dec07 $1.81
Dec06 $1.65
Dec05 $1.36
Dec04 $0.79
Dec03 $0.04
Dec02 $0.01
Dec01 $0.67
Dec00 $1.00
Dec99 $0.77
Dec98 $0.69
Dec97 $0.50
Dec96 $0.34
Dec95 $0.23

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $2.13
Dec14 $1.71
Dec13 $1.29
Dec12 $1.00
Dec11 $0.84
Dec10 $0.88
Dec09 $1.18
Dec08 $1.58
Dec07 $1.42
Dec06 $1.08
Dec05 $0.72
Dec04 $0.43
Dec03 $0.33
Dec02 $0.53
Dec01 $0.77
Dec00 $0.77
Dec99 $0.60

Recommended Reading:

Other ModernGraham posts about the company

The 8 Best Stocks For Value Investors This Week – 8/8/15
Robert Half International Inc. Analysis – August 2015 Update $RHI
47 Companies in the Spotlight This Week – 5/16/15
Robert Half International Quarterly Valuation – May 2015 $RHI
27 Companies in the Spotlight This Week – 2/14/15

Other ModernGraham posts about related companies

Alliance Data Systems Corporation Analysis – October 2015 Update $ADS
Automatic Data Processing Analysis – September 2015 Update $ADP
Accenture PLC Analysis – September 2015 Update $ACN
Dun & Bradstreet Corp. Analysis – September 2015 Update $DNB
Cintas Corporation Analysis – August 2015 Update $CTAS
Apollo Education Group Inc. Analysis – Initial Coverage $APOL
Paychex Inc. Analysis – August 2015 Update $PAYX
Robert Half International Inc. Analysis – August 2015 Update $RHI
United Rentals Inc. Analysis – Initial Coverage $URI
Automatic Data Processing Analysis – June 2015 Update $ADP

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Halliburton Company Analysis – September 2015 Update $HAL

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Most Undervalued Companies for the Defensive Investor – August 2015.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Halliburton Company (HAL) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Halliburton Company is a provider of services and products to the upstream oil and natural gas industry. The Company operates operate under two divisions, which form the basis for its two operating segments: the Completion and Production segment, and the Drilling and Evaluation segment. The Company’s Completion and Production segment delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift, and completion products and services. Production Enhancement services include stimulation services and sand control services. The Company’s Drilling and Evaluation segment provides field and reservoir modeling, drilling, evaluation, and precise wellbore placement solutions. The Company conducts its business in approximately 80 countries.

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

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Downloadable PDF version of this valuation:

ModernGraham Valuation of HAL – September 2015

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end Fail
6. Moderate PEmg Ratio PEmg < 20 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 Pass
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 Pass
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

HAL value Chart September 2015

EPSmg $2.10
MG Growth Estimate -1.27%
MG Value $12.50
Opinion Overvalued
MG Value based on 3% Growth $30.38
MG Value based on 0% Growth $17.81
Market Implied Growth Rate 4.68%
Current Price $37.42
% of Intrinsic Value 299.35%

Halliburton Company does not qualify for either the Enterprising Investor or the more conservative Defensive Investor.  The Defensive Investor is concerned with the insufficient earnings growth or stability over the last ten years.  The Enterprising Investor is concerned with the lack of earnings growth or stability over the last five years.  As a result, all value investors following the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities or proceed with a cautious speculative attitude.

As for a valuation, the company appears to be overvalued after seeing its EPSmg (normalized earnings) decline from $2.29 in 2011 to an estimated $2.10 for 2015.  This level of demonstrated earnings growth does not support the market’s implied estimate of 4.68% annual earnings growth over the next 7-10 years  As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value below the price.

The next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Halliburton Company (HAL)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

Stage 3: Information for Further Research

HAL Charts September 2015

Net Current Asset Value (NCAV) $0.35
Graham Number #NUM!
PEmg 17.86
Current Ratio 3.04
PB Ratio 2.04
Dividend Yield 1.84%
Number of Consecutive Years of Dividend Growth 3

 

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Total Current Assets $15,224,000,000
Total Current Liabilities $5,005,000,000
Long-Term Debt $7,838,000,000
Total Assets $30,606,000,000
Intangible Assets $1,983,000,000
Total Liabilities $14,921,000,000
Shares Outstanding (Diluted Average) 854,000,000

Earnings Per Share History

Next Fiscal Year Estimate -$0.17
Dec14 $4.11
Dec13 $2.36
Dec12 $2.84
Dec11 $3.08
Dec10 $2.01
Dec09 $1.27
Dec08 $1.70
Dec07 $3.68
Dec06 $2.23
Dec05 $2.27
Dec04 -$1.13
Dec03 -$0.95
Dec02 -$1.16
Dec01 $0.94
Dec00 $0.56
Dec99 $0.50
Dec98 -$0.02
Dec97 $0.88
Dec96 $0.60
Dec95 $0.37

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $2.10
Dec14 $3.11
Dec13 $2.51
Dec12 $2.45
Dec11 $2.29
Dec10 $1.99
Dec09 $2.06
Dec08 $2.22
Dec07 $2.06
Dec06 $0.92
Dec05 $0.18
Dec04 -$0.70
Dec03 -$0.33
Dec02 $0.04
Dec01 $0.62
Dec00 $0.47
Dec99 $0.44

Recommended Reading:

Other ModernGraham posts about the company

Halliburton Company Analysis – June 2015 Update $HAL
A Glimpse at the Oil & Gas Industry – May 2015
23 Companies in the Spotlight This Week – 3/9/15
Halliburton Company Quarterly Valuation – March 2015 $HAL
26 Companies in the Spotlight This Week – 12/13/14

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Kinder Morgan Inc. Analysis – September 2015 Update $KMI
Range Resources Corporation Analysis – August 2015 Update $RRC
Helmerich & Payne Inc. Analysis – August 2015 Update $HP
FMC Technologies Inc. Analysis – August 2015 Update $FTI
Denbury Resources Inc. Analysis – August 2015 Update $DNR
Western Refining Inc. Analysis – Initial Coverage $WNR
WPX Energy Inc. Analysis – 2015 Update $WPX
Marathon Petroleum Corporation Analysis – 2015 Update $MPC
Valero Energy Corporation Analysis – July 2015 Update $VLO
National Oilwell Varco Analysis – July 2015 Update $NOV

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to read our full disclaimer.

 

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