普通外文研报

United Rentals, Inc "Strong momentum in large projects supports faster..."

发布日期: 2026-06-30研究机构: UBS Equities公司 / 股票: URI.N报告页数: 20原文语言: 英语证据页码: 1

研报英文原文证据摘录

United Rentals, Inc Equities

United StatesStrong momentum in large projects supports

faster earnings growth; Raising price target Consumer Services

12-month rating Buy

12m price target US$1,300.00Recent datapoints support our view of inflection in non-res/rental

Prior : US$1,145

We raise our estimates and price target on URI, based on increased conviction in a

rebound in US non-res construction in 2H26-2027. Over the past month, we observed Price (30 Jun 2026) US$1,132.89

several indications of sustained strength in large projects, an area where URI has RIC: URI.N BBG: URI US

meaningful differentiation:

Trading data and key metrics

In May, construction starts increased sharply, driven by several large projects. May 52-wk range US$1,139.51-710.47

non-res construction starts were +62% YOY; +31% L3M YOY. Market cap. US$71.0b

Our May UBS rental equipment branch manager survey showed improving trends Shares o/s 62.6m (COM)

in the rental sector. Free float 75%

Avg. daily volume ('000) 148

In June, Sunbelt reported its FQ4. They cited growth led by megaprojects and

Avg. daily value (m) US$143.8

strength in large national accounts.

Common s/h equity (12/26E) US$9.36b

We continue to expect an acceleration in US non-res construction starting in P/BV (12/26E) 7.5x

mid 2026, driven by data centers, power, manufacturing and infrastructure. We Net debt to EBITDA (12/26E) 1.8x

expect 3.0% nominal growth in 2026 and 6.0% growth in 2027.

EPS (UBS, diluted) (USD)

12/26E

Strong momentum in large projects From To % ch Cons.

Several large projects broke ground in May, per Dodge: Q1 9.71 9.71 0 9.71

Q2E 11.06 11.04 -0 11.54

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