BUSINESS SERVICES : Trendspotting in Business Services

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BUSINESS SERVICES : Trendspotting in Business Services

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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.