Raising Estimates and PT to $16 from $15 Following 2Q26 EPS and the BTIG Housing and Real Estate Conference

Research evidence excerpt

Raising Estimates and PT to $16 from $15 Following 2Q26 EPS and the BTIG Housing and Real Estate Conference

Investment Thesis

New management at BV has done good work, in our view, streamlining the business and driving margin improvement, with more

margin expansion likely ahead as the company rolls into year 3 of One BrightView. Revenue has declined for the past two years and

the stock performance (-21% in 2025) and multiple compression (-12% below its average) indicate investor impatience with thisHOUSING aspect of the turnaround. We believe BV has multiple levers to pull to drive organic revenue growth. We are confident revenue

AND can inflect in 2026, which we believe should lead to multiple expansion.

Upcoming Catalysts Price Performance

■ Quarterly earnings show improving revenue growth and margin expansion $22REAL

$20

$18

$16ESTATE $14

Base Case Assumptions: $16 Price Target $12

■ FY26 revenue inflects positive as BV's initiatives to grow the salesforce, improve $10

development-to-maintenance conversion, and expand the development footprint Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 take holdSERVICES BV ■ We forecast 5% revenue and adj EBITDA growth S&P 500 (rebased)

Source: FactSet

Upside Scenario: $21/sh Company DescriptionEQUITY

■ Growth initiatives lead revenue to grow at a more rapid rate than we incorporate BrightView is the largest commercial

into our Base Case landscaping company in the United

■ In this scenario, BV could drive top-line revenue growth of +10% and adjusted States. The company operates through

EBITDA margin to 15% two segments: maintenance (roughly

■ In this scenario, a 9.0x multiple yields an $21 fair value 3/4 of revenue), which revolves around

recurring preservation and upkeep ofRESEARCH