WillScot Holdings Corporation Read-Throughs from McGrath RentCorp Q2 Results

研报英文原文证据摘录

WillScot Holdings Corporation Read-Throughs from McGrath RentCorp Q2 Results

Global Research

31 July 2026ab

WillScot Holdings Corporation Equities

United StatesRead-Throughs from McGrath RentCorp Q2

Results Industrial Services

12-month rating Neutral

12m price target US$29.00Updated Stock Thoughts

WillScot peer McGrath RentCorp reported Q2 results earlier this week. MGRC's

comments point to similar mixed market conditions WSC has been noting, with large Price (31 Jul 2026) US$24.15

projects outpacing local, though commentary regarding stabilizing local projects could RIC: WSC.O BBG: WSC US

be interpreted positively. MGRC also noted shipments exceeding returns within

modular, an encouraging sign, while portable storage market remains challenged (both Trading data and key metrics

in line with expectations). For WSC, we believe the company has room to beat/raise in 52-wk range US$29.07-14.98

Q2, driven by revenue and margin seasonality and what seems to be fairly conservative Market cap. US$4.40b

Street expectations. Details of our expectations into Q2 are outlined in our Q2 preview Shares o/s 182m (COM)

note. Free float 97%

Avg. daily volume ('000) 2,354

Rental Growth Moderated in Q2, but Some Encouraging Signs in Modular Avg. daily value (m) US$61.7

Headline miss due to sales but rental solid. MGRC Q2 revenue of -6% yoy at Common s/h equity (12/26E) US$0.96b

$221m, below Street’s $237m. The miss seems to be from much lower new P/BV (12/26E) 4.5x

equipment sales, with rental operations trending slightly ahead of expectations. Net debt to EBITDA (12/26E) 3.6x

Within rental, MGRC encouragingly indicated that shipments exceeded returns in

modular. Full-year revenue guidance was narrowed to $955-985m (Street $967m) EPS (UBS, diluted) (USD)

12/26E