SYY - The Depot Data Dump—More Evidence of A Robust Model With the Capacity For Faster Growth; We Stay BUY-Rated With A $90 Price Target

研报英文原文证据摘录

SYY - The Depot Data Dump—More Evidence of A Robust Model With the Capacity For Faster Growth; We Stay BUY-Rated With A $90 Price Target

July 5, 2026

John Heinbockel john.heinbockel@guggenheimpartners.com SYY - The Depot Data Dump—More Evidence of A

212 381 4135 Robust Model With the Capacity For Faster Growth;

Steven Forbes, CFA, CPA

steven.forbes@guggenheimpartners.com We Stay BUY-Rated With A $90 Price Target

212 381 4188

Julio Marquez Key Message: The shares’ recent resurgence likely reflects fuel price pullback-oriented julio.marquez@guggenheimpartners.com macro-optimism as opposed to increased enthusiasm around the seemingly tangential 212 823 6605

(to some) $29 billion Restaurant Depot acquisition. That said, detailed historical financials

Jacob Nivasch in the recent S4 filing offer further evidence of a unique, robust model with the clear

jacob.nivasch@guggenheimpartners.com capacity for accelerated growth. During the last two-plus years, EBIT margin has

212 338 8837 consistently expanded, off a well above-average level, although top-line momentum has

Max Horowitz tracked below the long-term CAGR, partly on modest inflation. Given strong FCF and

max.horowitz@guggenheimpartners.com a deep management bench, we believe accelerating unit expansion could benefit the

212 518 9974 go-forward growth algo as the balance sheet is rapidly de-levered. Together with an

improving “core” business, this contributes to our ongoing BUY-rating and $90 price target

at 10x 2027E EBITDA—see Exhibit 1.

The Robust Model…That Needs to Grow Faster. The two-plus years of detailed financialsSYY BUY

Sysco Corp. contained in the recent S4 filing bolster the argument that RD is a unique, robust model

Sector: Food Distribution which needs to be expanded at a faster pace.