Dahl’s House

研报英文原文证据摘录

Dahl’s House

RBC Capital Markets, LLC

Mike Dahl (Analyst)

(212) 618-3251,

michael.dahl@rbccm.com

Christopher Kalata, CFA

(AVP)

(212) 428-3057,

christopher.kalata@rbccm.com

June 22, 2026 Stephen Mea (Senior

Associate)

(212) 548-3111, Dahl’s House stephen.mea@rbccm.comRESEARCH Previewing SITE Investor Day & KBH Earnings

Our view: Below we detail our thoughts ahead of the SITE Investor Day & KBH Earnings.

• SITE Investor Day (6/23-24): We expect SITE's Atlanta investor day to be a neutral to modest positive

event for the stock with investor focus on any current results updates, MT-LT financial targets (see

p. 2), deep dives into organic growth and margin opps., and views on capital deployment/M&A. We

expect mgmt. to share a formal LT annual sales growth target with breakdown of organic vs. M&A

being key. M&A contributed ~+7%/year from ’18-24 though only +2% in ’25 and ’26 tracking +2-3%EQUITY on YTD deals, and SITE remains the clear leader in a highly fragmented mkt. (~19% share, ~$25 BN

mgmt. defined mkt). Given some hiccups on more recent larger deals, our sense is investors are

looking for color on the pipeline and how mgmt. targets and integrates deals. SITE has seen flat organic

growth for the past 3 years (+LSD% guide in ’26) and we believe investors are looking for a ~+MSD

LT range, putting the total all-in LT growth algo at +HSD-LDD (RBCe/Street +6%/+5% in '26, +4%/

+5% in '27). On margins, mgmt. has cited ~13% as an LT Adj. EBITDA% target, noting its initiatives

can get SITE ‘up into the double digits on toward that 13% objective’. These initiatives include GM

% improvements (aim to grow private label ~100 bps/year to ~25-30% of revs vs. ~15% today; small

customer penetration; digital) and SG&A (i.e., focus branches, freight/supply chain optimization). We