ARMK - Nexus: Experience Amazing... Hyperscaler To Become Largest Customer

研报英文原文证据摘录

ARMK - Nexus: Experience Amazing... Hyperscaler To Become Largest Customer

Truist Securities

Equity Research Report May 12, 2026

IT SERVICES: Industrial Services Aramark (ARMK)

ARMK - Nexus: Experience Amazing... Hyperscaler To Become Jasper Bibb

212-303-1742 Largest Customer

Jasper.Bibb@truist.com

We increase our PT to $58 from $50 after ARMK reported upside F2Q results, indicated

FY26 organic growth is running at the upper end of the range and outlined a larger

Stock Rating BUY opportunity for Data Center (Nexus) than we expected. Notably, potential contribution from

Unchanged Nexus contracts is conservatively excluded from updated guidance. We attribute today's

Price Target positive stock reaction (+9.7% vs. down 0.3% for the S&P as of publish) to building $58.00 confidence in HSD underlying organic growth and a larger than expected Nexus opportunity.

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$50.00 Why today supports our thesis: (1) we heard lingering skepticism around target HSD

organic growth out of the last quarter and today should rebut that narrative; (2) Nexus wins

position ARMK as a beneficiary of the AI investment wave; and (3) new business momentum

potentially sustaining HSD organic growth into FY27 and beyond. TR to Target 31.2%

Price (May 11, 2026) $44.56 Nexus opportunity was much bigger than we anticipated...new hyperscaler account

52-Wk Range $46.28-$36.04 could quickly scale to $200M+ in run-rate FY27 revenue. On the call, management

Market Cap ($M) $11,870 indicated a multi-hundred million opportunity with the first hyperscaler customer supporting

ADTV 1,820,591 Data Center construction. Revenue for the first two sites are expected to exceed $100M+

annually (making the unnamed hyperscaler ARMK's largest customer) before any additional Shares Out (M) 266

site/customer wins.