Professional
Added to YB: 2024-05-21
Pitch date: 2024-05-15
WSC [bullish]
WillScot Holdings Corporation
-49.64%
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
$3.2B
Pitch Price
$39.46
Price Target
60.00 (+194%)
Dividend
1.59%
EV/EBITDA
9.64
P/E
14.64
EV/Sales
3.06
Sector
Construction and Engineering
Category
growth
Silver Beech Capital New Portfolio Holding: WillScot Mobile Mini Holdings Corp.
WSC: Leading modular building/storage provider. 50%+ market share, 16% rent CAGR '19-23 despite utilization -10%. Pricing power: small % of project cost but essential, 30% discount to market rates. High quality: recurring revenue, strong ROIC. Mgmt aligned ($200M+ ownership). Cheap at 11x '23 EBITDA, 7% '24 FCF yield vs industrials at 15x. $60+ fair value for 50%+ upside. Risks: rates impact construction/housing but 3yr contracts & shortage catch-up help.
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