Recruit Holdings Equity Research

Goldman Sachs maintains a Buy rating on Recruit Holdings (6098.T), raising its target price to ¥13,000. The revision follows a shift in valuation methodology that benchmarks the HR Technology segment against global high-margin internet peers.

Key Takeaways

• 1.Raised 12-month target price to ¥13,000 from ¥10,800 while maintaining a Buy rating.
• 2.Refined valuation methodology for the HR Technology segment by benchmarking against global high-growth, high-margin internet peers.
• 3.Expect increased market recognition of Recruit Holdings as a beneficiary of generative AI in recruitment, particularly through Indeed.

Table of Contents

• Reviewing Recruit Holdings' share price performance and valuation
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement (¥ bn)
• Balance Sheet (¥ bn)
• Cash Flow (¥ bn)
• Introducing the rule of 40 concept in the HR Technology segment valuation peer comparison
• Investment Thesis - Recruit Holdings
• Price Target Risks and Methodology - Recruit Holdings

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