Sunbelt: A very achievable guide

研报英文原文证据摘录

Sunbelt: A very achievable guide

21 July 2026

Estimate Change

Will Kirkness

+44 20 7676 8355

European Business Services will.kirkness@bernsteinsg.com

Sunbelt Rentals Holding Inc Filippo Giardini

+44 20 7762 4723

Rating filippo.giardini@bernsteinsg.com

Outperform

Price Target

SUNB 96.00 USD (86.00 OLD)

Investors still need some convincing on margins, indeed we are slightly below the guide but

Close Date 17 Jul 2026

expect 1Q rental revenue growth slightly ahead of the guide. With FY27 EPS having moved

SUNB Close Price (USD) 73.41

25% lower over the last 2.5 years and markets starting to look better, we hope that the FY

Price Target (USD) 96.00

guide proves conservative. We see upside risk from better rental revenue rate and a local

Upside/(Downside) 31%

market recovery. Shares trade on 18x forward PE vs URI on 21x. which has a similar growth

52-Week Range 86.68/61.03

outlook. We increase our EV/IC PT to $96 based on a higher fleet. Reiterate Outperform.

EDME 1,587.83

Growth expectations look more secure. We would expect that May (first month of 1Q27) FYE Apr

was better than the 8% North America rental revenue growth seen in 4Q26. 1Q27 then also Div Yield 2.1%

benefits from $70m (240bps) of one-off event related revenues and 100bps benefit from the Market Cap (USD) (M) 29,847

Reliant acquisition. Offsetting this, the comp gets almost 150bps harder. Our organic rental EV (USD) (M) 40,265

revenue growth forecast of 9% captures these factors and is driven by 16% in Specialty and Performance YTD 1M 6M 12M

5% in General Tool. While local markets are still in stabilisation rather than recovery phase, Absolute (%) NA (15.4) NA NA

our Wolftrac data suggested that the outlook for rate is improving and could become more of EDME (%) 8.0 0.6 6.2 17.5

a tailwind in 2H.