United Rentals, Inc. (URI)

Industry: Rental & Leasing Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
AYV.PA	1	Ayvens	36,518	8.14	8.14	4.69	4.69	14.17	33.00
URI	2	United Rentals, In	15,986	24.21	19.82	11.74	10.62	17.04	16.34
R	3	Ryder System, Inc.	12,680	15.63	15.63	5.12	4.78	13.61	9.78
AER	4	AerCap Holdings N.	9,311	5.50	5.50	11.79	10.14	15.66	15.53
HTZ	5	Hertz Global Holdi	8,516	-	-	8.68	8.04	17.62	-
000415.SZ	6	Bohai Leasing Co.,	7,611	-	-	10.62	10.19	15.48	102.67
RENT3.SA	7	Localiza Rent a Ca	7,358	23.46	20.36	6.27	4.46	15.10	7.74
UHAL	8	U-Haul Holding Com	5,972	56.67	68.44	10.35	9.78	17.12	27.48
BWO.L	9	Barloworld Limited	5,235	6.95	6.97	3.12	3.07	3.90	3.49
SIX2.DE	10	Sixt SE	4,879	13.66	10.09	7.36	6.73	14.07	175.03
ZIG.L	11	Zigup Plc	4,876	3.42	3.42	1.73	1.73	4.73	4.38
RCII	12	Rent-A-Center, Inc	4,845	11.74	13.00	4.34	5.17	8.07	4.66
8424.T	13	Fuyo General Lease	4,432	14.73	14.65	36.49	36.01	-	90.98
REDD.L	14	Redde Northgate pl	4,055	3.09	2.08	2.55	2.47	3.46	3.29
2588.HK	15	BOC Aviation Limit	3,403	3.26	2.62	7.79	6.54	5.21	6.92
9930.HK	16	Horizon Constructi	3,274	1.90	1.90	2.34	2.34	15.91	6.36

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.95	6.97	5.12	4.78	13.84	7.33
Full Range Median Multiple	8.14	8.14	6.27	5.17	14.12	8.76
Industry Multiple	12.93	13.29	8.22	7.74	11.72	35.09
Market Implied Multiple	23.36	19.13	11.41	10.32	16.56	15.88
Company (URI) Multiple	24.21	19.82	11.74	10.62	17.04	16.34
(*) Net Income / EBITDA / Revenue	2,530	3,090	6,467	7,151	4,456	4,649
Winsorized Enterprise Value	N/A	N/A	33,082	34,161	61,680	34,079
Full Range Median Enterprise Value	N/A	N/A	40,531	36,948	62,920	40,723
(-) Net Debt	14,700	14,700	14,700	14,700	14,700	14,700
Winsorized Equity Value	17,571	21,535	18,382	19,461	46,980	19,379
Full Range Median Equity Value	20,591	25,148	25,831	22,248	48,220	26,023
(/) Shares Outstanding	64	64	64	64	64	64
Winsorized Fair Value	$273.87	$335.65	$286.51	$303.32	$732.24	$302.04
Full Range Median Fair Value	$320.94	$391.97	$402.61	$346.76	$751.57	$405.60
Current Price	$921.24	$921.24	$921.24	$921.24	$921.24	$921.24
Upside / Downside	-70.27%	-63.56%	-68.90%	-67.07%	-20.52%	-67.21%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$191.71	$234.96	$200.56	$212.32	$512.57	$211.43
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy