SUNB: Upgrade to Sector Perform as headwinds abate

研报英文原文证据摘录

SUNB: Upgrade to Sector Perform as headwinds abate

RBC Europe Limited

Karl Green (Analyst)

+44 20 7429 8837, karl.green@rbccm.com

Andrew Brooke (Analyst)

+44 20 7002 2262, andrew.brooke@rbccm.com

June 19, 2026 Sector Perform (prev: Underperform)

NYSE: SUNB; USD 86.06 Sunbelt Rentals Holdings, Inc. Price Target USD 80.00 ↑ 62.00RESEARCH Upgrade to Sector Perform as headwinds abate Scenario Analysis*

Our view: The discussion in this note meanders from forklift auction Downside Price Current Upside

inventories to global weather forecasts to shifting Fed philosophy. We think Scenario Target Price Scenario

micro risks have abated (though some remain) and macro fog is lifting. We 44.00 80.00 86.06 110.00

raise our rating to Sector Perform and PT to $80. 48% 6% 29%

*Implied Total Returns

Key points: Key Statistics

We highlight seven key factors behind our decision to lift our SUNB rating Shares O/S (MM): 421.0 Market Cap (MM): 36,231EQUITY Dividend: 1.11 Yield: 1.3% to Sector Perform, as follows: Avg. Daily Volume: 2,798,635

1) Supply dynamics potentially improving: Though auction prices are still RBC Estimates

negative in relevant equipment categories, the inventory position generally FY Apr 2026E 2027E 2028E 2029E

looks better than at the turn of the year. This is a precondition, we think, Revenue 11,027.0 11,552.0 12,419.0 13,371.2

for an eventual recovery in GT rental rates. EPS, Adj Diluted 368.00 401.00 467.00 535.40

P/AEPS 23.4x 21.5x 18.4x 16.1x

2) Depreciation margin drag has washed out: Growth in SUNB's second- CFPS, Adj Diluted 441.00 429.00 365.00 345.00

largest cost category outstripped rental revenue growth in N.America P/ACFPS 19.5x 20.1x 23.6x 24.9x

throughout FY24 and FY25. The relationship flipped in Q326 and, though DPS 111.00 120.00 140.00 160.00