Cintas Corp "Impressions from UniFirst FQ3 Results" (Buy) Chan

研报英文原文证据摘录

Cintas Corp "Impressions from UniFirst FQ3 Results" (Buy) Chan

Global Research

1 July 2026ab

Cintas Corp Equities

United StatesImpressions from UniFirst FQ3 Results

Industrial Services

12-month rating Buy

Updated Stock Thoughts

UniFirst reported solid FQ3 results led by stronger revenue growth in the Uniform 12m price target US$228.00

segment, with revenue/EBITDA slightly ahead of expectations. Commentary seems to

point to solid new customer acquisition with continued improvement in retention similar

Price (01 Jul 2026) US$175.47

to the prior quarter. We continue to think CTAS shares are attractive relative to both

standalone growth profile and potential highly-synergistic combination with UniFirst. RIC: CTAS.O BBG: CTAS US

Solid results at UniFirst serve as a slight positive read through for CTAS.

Trading data and key metrics

52-wk range US$226.27-163.55

Key Points from UniFirst Results

Market cap. US$71.6b

Consolidated revenue/EBITDA upside. UNF had FQ3 revenue of $634m, ahead

Shares o/s 408m (COM)

of consensus of $628m. Adjusted EBITDA was $88m vs. Street $85m and adjusted

Free float 85%

EBITDA margin was 13.8% margin vs. UBSe of 13.4%.

Avg. daily volume ('000) 2,095

Uniform growth slightly ahead, margins impacted. Uniform organic revenue Avg. daily value (m) US$362.4

growth was +3.6% yoy, slightly ahead of our +3.1% estimate and accelerating for Common s/h equity (05/26E) US$5.10b

the second consecutive quarter and from +2.8% in FQ2. UNF commented on solid P/BV (05/26E) 13.4x

new customer acquisitions with retention rates continuing to improve. Uniform Net debt to EBITDA (05/26E) 0.7x

adjusted EBITDA margin was 13.4%, slightly below our 13.5% estimate and

down 90bps yoy. Merchandise costs were lower but was offset by higher EPS (UBS, diluted) (USD)