What’s Powering Your Services Recap - 7/24/26

研报英文原文证据摘录

What’s Powering Your Services Recap - 7/24/26

Goldman Sachs Americas Business & Information Services

midpoint of 3Q due primarily to a less stringent US financial services regulatory

environment, particularly around anti-money laundering and related enforcement

activity. International Protiviti, previously a source of strength, is also now declining due

to the wind-down of several large public sector engagements, weaker macroeconomic

conditions, elevated energy costs and softer client sentiment in parts of Europe. We

believe ongoing US Protiviti weakness, emerging international Protiviti softness, macro

uncertainty and longer-term AI-related risks to white-collar staffing leave earnings

estimates vulnerable to downward revisions and create continued downside risk to the

shares. Reiterate Sell. Link to our 7/23 note here.

Rollins (ROL, Buy): Soft 2Q print reflects residential demand pressure with signs of

stabilization emerging; Reiterate Buy. Rollins reported soft 2Q results, with revenue

and EPS coming below our estimates and consensus and the full year outlook for organic

revenue growth and EBITDA margins reduced. ROL experienced a softening in

residential pest control demand, particularly in one-time services such as mosquito,

rodent and carpenter-related treatments, culminating in a reduction to its 2026 organic

revenue growth outlook to 6%+ from 7-8% its 2026 incremental EBITDA margin outlook

to 10%+ from 25-30%. The company attributed the slowdown to a combination of

weaker consumer confidence, affordability pressures among lower-income households,

lower pest pressure, weather-related disruptions, a delayed mosquito season and

changes in AI- and search-driven customer acquisition trends. That said, we do not view

these pressures as structural.