BUSINESS SERVICES : Trendspotting in Business Services

Research evidence excerpt

BUSINESS SERVICES : Trendspotting in Business Services

EQUITIES

BUSINESS SERVICES

Trendspotting in Business Services

Trendspotting highlights key data and charts that we consider relevant for the Business Services23 JUNE 2026

Sector Research Report Sector. The data gives a clearer and more current view on what is happening within the diverse set

Production time: 02:26 (London time)

of end markets served by our coverage companies. We highlight three key charts in this edition.

Research Analysts & Publishing Entities

Thomas Burlton Highlights: FCF growth at Securitas, weakness in job adverts, and pricing tailwinds at Bunzl

BNP Paribas London Branch At Securitas (+) the market continues to underestimate both the significant shift in recent years to a

(+44) 203 430 8679

thomas.burlton@uk.bnpparibas.com higher quality, modern, low volatility business or its ability to improve FCF generation as it moves

from transformation to harvesting – we highlight its sector leading PEG (earnings and FCF). Job

Andrew Grobler

advert data shows signs of rolling over in several sectors – a negative indicator for the staffers.BNP Paribas London Branch

+(44) 207 039 9451 Plastic pricing data is inflecting strongly (as much as 20%+ y/y), supporting the case for pricing driven

andrew.grobler@uk.bnpparibas.com upgrades at Bunzl (+).

Sector top picks: Eurofins, Rentokil, Securitas, SGS, and Bunzl (replaces Sunbelt Rentals)

We think Eurofins (+) is entering a sweet spot as it moves from building capacity to monetising it.

We forecast OSG back to c.6.5% by 2027/28E and think the company can generate strong double

digit FCF/share growth. Rentokil (+) benefits from improving momentum and strong valuation

support. We expect the roll out of satellite offices to add further to growth in 2026.