伯恩斯坦：阳光地带租赁2026年第四季度财报强劲增长

Will Kirkness+44 20 7676 8355will.kirkness@bernsteinsg.comFilippo Giardini+44 20 7762 4723filippo.giardini@bernsteinsg.com European Business ServicesSunbelt Rentals Holding Inc RatingOutperform Price Target SUNB 86.00 USD Sunbelt: 4Q26 shows strong acceleration in growth Sunbelt reported North America 4Q rental revenue growth of 8% driven by GT at 4% and Specialty at 15%. This is an appreciableacceleration vs 3Q and well above consensus. The rental revenue outlook of 5-8% is ahead of consensus at 5%. While 4Q margins wereweaker than expected, the overall FY27 EBITDA guide is 1% ahead of consensus at the mid-point. A sizable acquisition in a new Specialty Management provided the FY27 guidance,with rental revenue growth outlook at 5-8%, compared to consensus expectations of4.8%. Adjusted EBITDA guidance is $4.85-5.05bn (cons: $4.9bn, BERNe: $4.9bn). Gross rental fleet capex guidance was set at $2.45– Strong improvements in General Tool and Specialty growth.Overall US rental revenue growth was 8.3% (cons: 4.1%, 3Q: 2.7%,2Q: 1.2%, 1Q: 2.2%) led by predominately by volumes. •General Tool rental revenue growth was +4.4% (Cons: 2.5%, 3Q: +1.6%, 2Q: 1.9%, 1Q: 0.8%) driven by volume growth with ratesflat. Adj EBITDA margins were -550bps to 48.0% (cons: 50.3%). Specialty growth was +15.1% (Cons: 6.6%, 3Q: +4.5% 2Q: -0.1% UK rental revenue growth was +4.8% (3Q: +2.2%. 2Q: +1.2%, 1Q: +3.9%). On 1 May 2026, they completed the acquisition of Reliant Asset Management for $650m.A modular building systems companywhich creates their 13th specialty line of business. Overall capex was -18.5% YOY to $2.2bn of which rental capex was $1.8bn. Net debtto EBITDA was 1.6x Overall 4Q26 adj PBT/EPS of $420m/$0.74 was +3%/-1% vs visible alpha consensus ($409m/$0.75). Sunbelt will host its FY26 investor call at 8:30am EDT / 12:30pm GMT. EXPECTED CHANGE TO CONSENSUS EARNINGS DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Société Générale. Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respective VALUATION METHODOLOGY Sunbelt Rentals Holding Inc Given as asset intensive business that rents assets to generate returns, we think EV/IC is the most appropriate metric to lookat. Generally, the higher the ROIC versus WACC or the faster the growth, the higher the EV/IC. Over the last ten years EV/IC hasranged between 1.5-4.0x with an average of 2.5x. Given a resilient but not accelerating market we value the shares on 2.7x CY26e RISKS Sunbelt Rentals Holding Inc Downside risks include: 1) slower-than-expected recovery in construction spending, 2) slower-than-expected recovery in fleetproductivity, 3) a slower recovery in industrial production; 4) better/worse FCF conversion, and 5) slower-than-expected rental RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japanese The Bernstein brand has three categories of ratings: Outperform: Stock will outpace the market index by more than 15 pp Market-Perform: Stock will perform in line with the market index to within +/-15 pp •Underperform: Stock will trail the performance of the market index by more than 15 pp Coverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targetsare suspended temporarily, are no longer current, and should therefore not be relied upon. Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted, at the present time. The covering analyst may continue to publish research reports on the company to update investorson events and de