Professional
Added to YB: 2024-11-08
Pitch date: 2024-11-06
WSC [bearish]
WillScot Holdings Corporation
+45.59%
current return
Author Info
DF Research shares (mostly) short-biased research from Dalrymple Finance. Sign up for the newsletter.
Company Info
WillScot Holdings Corporation provides turnkey temporary space solutions in the United States, Canada, and Mexico.
Market Cap
$4.1B
Pitch Price
$39.68
Price Target
N/A
Dividend
1.25%
EV/EBITDA
9.97
P/E
38.31
EV/Sales
3.42
Sector
Construction and Engineering
Category
N/A
WSC's Upside-down Financial Model
WSC: Modular & storage rental co. facing challenges post-failed McGrath deal. Utilization down (62.1% modular, 58.1% storage), CapEx up 10% YoY despite -12% units on rent. Bull thesis crumbling: EBITDA flat, FCF eroding, debt maturities loom. Competition from URI, VAPS growth slowing. Survival questionable amid financial model breakdown.
Read full article (9 min)