WillScot Holdings Corporation "Q2 Preview: Room for Another Beat/Raise"

研报英文原文证据摘录

WillScot Holdings Corporation "Q2 Preview: Room for Another Beat/Raise"

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WillScot Holdings Corporation Equities

United StatesQ2 Preview: Room for Another Beat/Raise

Industrial Services

12-month rating Neutral

Updated Stock Thoughts

We see a positive setup for WSC into Q2 print. While intra-quarter datapoints on 12m price target US$29.00

nonresidential construction remain mixed, manufacturing datapoints and WSC's

internal job openings point to continued improvement. Recently-adopted more

Price (17 Jul 2026) US$27.23

conservative guidance philosophy is playing out nicely, as we think WSC has potential to

deliver revenue / EBITDA upside versus the Street given typical seasonality. This should RIC: WSC.O BBG: WSC US

position the company for another raise of 2026 revenue/EBITDA guidance, while the

Trading data and key metrics

narrative of inflecting Leasing Revenue continues forward. We're gauging the

52-wk range US$31.65-14.98

sustainability of EBITDA/FCF improvement, but the cadence of exceeding estimates /

raising is helping turn a tide on investor sentiment. Market cap. US$4.97b

Shares o/s 182m (COM)

Intraquarter Datapoints Mixed Free float 97%

Nonresidential starts slightly lower despite broader improving trend. Avg. daily volume ('000) 2,486

According to the UBS Evidence Lab Construction Activity Monitor (> Access Avg. daily value (m) US$63.6

Dataset) , non-residential construction square footage starts (LTM basis) were -3% Common s/h equity (12/26E) US$0.96b

yoy in June compared to flat yoy in March. Monthly data is volatile, but both May/ P/BV (12/26E) 5.1x

June had negative compares, which nudged the LTM metric lower during the Net debt to EBITDA (12/26E) 3.6x

quarter.