Professional
Added to YB: 2026-03-05
Pitch date: 2026-03-03
WSC [neutral]
WillScot Holdings Corporation
+2.69%
current return
Author Info
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Company Info
WillScot Holdings Corporation provides turnkey temporary space solutions in the United States, Canada, and Mexico.
Market Cap
$3.9B
Pitch Price
$20.85
Price Target
N/A
Dividend
1.29%
EV/EBITDA
10.70
P/E
-74.93
EV/Sales
3.43
Sector
Construction and Engineering
Category
turnaround
Willscot Holdings: Going, Going, Gone
WSC (update - short): $302M impairment (15% of fleet) driven by escalating real estate costs from pre-IPO sale-leaseback transactions. Fleet avg age 20-22yrs; est. another ~50K obsolete units. UoR declining: deployments -17% since 2022, gap widening to 4.3K units. Industry capacity +50%, 100K younger competitor units available. Per-location overhead +30% over 5yrs. Believe NPV of fleet cash flows < $3.6B debt, equity worthless.
Read full article (9 min)