Sunbelt Rentals Inc. | Europe FY26 in line, 4Q growth beat; FY27 guide ahead of expectations.

研报英文原文证据摘录

Sunbelt Rentals Inc. | Europe FY26 in line, 4Q growth beat; FY27 guide ahead of expectations.

Update

June 23, 2026 12:03 PM GMT

Morgan Stanley & Co. International plc+MSunbelt Rentals Inc. | Europe Annelies Vermeulen

Equity Analyst

FY26 in line, 4Q growth beat; Annelies.Vermeulen@morganstanley.comZachariah Al-Qaryooti +44 20 7425-4367

Zach.Al-Qaryooti@morganstanley.com +44 20 7425-2400

FY27 guide ahead of Remi Grenu

Remi.Grenu@morganstanley.com +44 20 7425-0552

expectations.

Sunbelt Rentals Inc. (SUNB.N, SUNB UN)

Business Services | United Kingdom

Reaction to earnings

Stock Rating Overweight

Unchanged Modest upside Modest revision higher Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target US$85.00

consensus EPS Shr price, close (Jun 22, 2026) US$83.24

52-Week Range US$86.63-61.17

Source: Company data, Morgan Stanley Research Mkt cap, curr (mn) US$35,674

Net debt (04/26e) (mn)* US$8,067

EV, curr (mn)* US$43,153

Key Takeaways

* = GAAP or approximated based on GAAP

Sunbelt Rentals reports FY26 revenues, EBITDA, operating profit and PBT

broadly in line with cons, with a strong sequential growth acceleration in 4Q.

FY26 rental revenue growth of 3.4% ahead of 2-3% guide, implying +8% for 4Q,

driven by both General Tool & Specialty and volume driven.

New FY27 guidance for 5-8% rental revenue growth (vs. MT guide of +5%), in

part driven by acquisitions made alongside underlying demand, ahead of

Group saw "strong momentum" in 4Q and is "entering the year with strong top-

line momentum", reflected in capex spend guided to be c. +40% yoy vs. FY26.

Overall a solid print in the context of ongoing end market uncertainty. Guidance

reflects confidence in the year ahead and should be taken well today.