Growing confidence in Nexus; Reiterate Buy

研报英文原文证据摘录

Growing confidence in Nexus; Reiterate Buy

28 June 2026

Business & Professional Services

Aramark

Aramark is positioning the community to feel like a premium hotel/resort rather

than traditional housing, attractive to specialized talents needed for data center

construction. The company is also differentiated from competition given its

experiences in National Parks, remote mines, and offshore facilities, as well as its

scale and reputation. We note that the process of securing vendors for these

datacenter housing campuses is highly confidential and often a C-level

conversation, as opposed to an organized RFP process.

From a competitive point of view, Target Hospitality has won several contracts;

while both Target Hospitality and Aramark are beneficiaries of the data center

construction boom, they are specialists serving different segments of the same

end-market. Target's moat is its unique ability to rapidly deliver a complete, asset-

based community solution. Aramark's strength lies in its scale, service quality, and

cost efficiency in providing world-class services once the physical infrastructure is

accounted for (noting $21B GPO). Both companies have secured direct contracts

with top hyperscalers and AI companies, validating their respective models.

Aramark's core competitors have also discussed the data center opportunity but

don't appear to have a dedicated platform like Nexus. We suspect that over time

there will be more competition from traditional players and others but the white

space opportunity seems vast relative to our assumptions (15 sites new sites in total

over the next three years).

Core business wins continue

From a core business perspective, Aramark continues to see strong new business