Risk Reward Update

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

August 7, 2026 08:35 PM GMT

WillScot Holdings Corporation | North America

Morgan Stanley & Co. LLC

Angel Castillo

Equity Analyst

Risk Reward Update

WillScot Holdings Corporation (WSC.O, WSC US)

What’s Changed

Machinery & Construction | United States of America

Updated Components

Stock Rating

Industry View

Price target

Shr price, close (Aug 6, 2026)

52-Week Range

EPS

Bull Base Bear Scenarios

Risk Reward for WillScot Holdings Corporation (WSC.O) has

been updated

Reason for change

We update our estimates following 2Q26 results and maintain our PT of $29.

Fiscal Year Ending

EPS ($)**

Prior EPS ($)**

Equal-weight

Attractive

$29.00

$25.82

$29.77-14.91

12/25 12/26e 12/27e 12/28e

1.20

1.21

1.46

1.47

1.82

1.83

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Our price target is based on ~9x EV/EBITDA (unchanged). Our estimates are

updated as follows: 3Q26 Adj. EBITDA is revised to $233M from $231M and FY26

Adj. EBITDA is revised to $923M from $919M. 3Q26 Net Sales is revised to $584M

from $558M, and FY26 Net Sales is revised to $2.31B from $2.26B. Our updated

forecast primarily reflects: 1) marking to market our model for 2Q26 earnings

results, which came in ahead of our estimates on both sales and EBITDA; 2)

continued recovery in units on rent in Modular reflective of positive activation

trends; 3) lower incremental margins vs. our previous expectations reflective of

sales headcount increases and commission payouts; and 4) higher capex to support

demand heading into 2027.

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