Rentokil: Pushbacks and feedback

研报英文原文证据摘录

Rentokil: Pushbacks and feedback

3 July 2026

Will Kirkness

+44 20 7676 8355

European Business Services will.kirkness@bernsteinsg.com

Rentokil Initial Connor Cerniglia, CFA

+1 917 344 8472

Rating connor.cerniglia@bernsteinsg.com

Outperform Filippo Giardini

Price Target +44 20 7762 4723

filippo.giardini@bernsteinsg.com

RTO.LN 565.00 GBp

Bridget Alkin

+1 917 344 8359

bridget.alkin@bernsteinsg.com

We have published a series of notes on Rentokil looking at the revenue rehabilitation, margin

Close Date 1 Jul 2026

upside, roll up strategy, the group beyond North America pest as well as a Rollins vs Rentokil

RTO.LN Close Price (GBp) 438.00

piece. Since recent share price peaks in April, the shares are back more than 15% as investor

Price Target (GBp) 565.00

concerns focus on contracted volumes progress, new CEO messaging and margin progress

Upside/(Downside) 29%

and issues and associated de-rating at Rollins. We hope to reassure on these concerns here

52-Week Range 506.80/334.80

and are happy to reiterate our Outperform rating, both into interims on 30 July and longer term,

EDME 1,612.27

with Rentokil our top pick for 2026.

FYE Dec

Progress in volumes of contracted revenues. A key investor concern is that the business Div Yield 2.1%

needs to continue to deliver steady sequential improvements in organic growth in the Pest Market Cap (GBP) (M) 11,107

Control Services segment of North America Pest. We expect this to be the case as retention EV (GBp) (M) 18,804

improves, pricing remains strong, new customer growth picks up and the smaller local stores Performance YTD 1M 6M 12M

build a revenue base. We forecast 4.0% organic growth in 2Q, although expect consensus Absolute (%) (1.7) 1.1 (0.9) 25.5

will settle closer to 3.2% vs 2.8% in 1Q and 2.6% in 4Q25. EDME (%) 9.6 4.7 8.9 19.9