Rentokil Initial plc：法国工作服业务出售

May 7, 2025April 17, 2025March 17, 2025 Allen Wells, CFA * | Equity Analyst44 (0) 20 7029 8922 | awells@jefferies.comRyan Flight, CFA * | Equity Analyst+44 (0)20 7029 8062 | rflight@jefferies.comSimon Lechipre, CFA * | Equity Analyst+44 (0)20 7548 4118 | slechipre@jefferies.com Company DescriptionRentokil Initial plcRentokil Initial plc is the world’s largest Commercial Pest Control company and a leading player in Hygiene services. The company was first listedon the London Stock Exchange in 1969 as Rentokil Group, changing its name to Rentokil Initial plc in 1996 following the takeover of industrialconglomerate BET plc. The company is also involved in workwear and other miscellaneous commercial services. While based in Camberley, UK,Rentokil derives over 87% of its revenues outside the United Kingdom.Company Valuation/RisksRentokil Initial plcWe value Rentokil using an SoTP approach, cross-checked with DCF including M&A. Risks include dilution from M&A, unforeseen growthslowdown, and FX. Post completion of the Terminix acquisition, there remain execution risks around integration and delivering targeted synergiesalongside any revenue leakage as a result of the integration. Further risks include disappointment on North American margin progression, reducedtraction on the improved Hygiene opportunity, and new industry challenges for the Workwear business.Analyst Certification:I, Allen Wells, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Ryan Flight, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Simon Lechipre, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.Registration of non-US analysts:Allen Wells, CFA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Ryan Flight, CFA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Simon Lechipre, CFA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and thereforemay not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities heldby a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Rentokil Initial plc.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperf