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RB Global Inc RBA

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Stock XTSE Rating as of
CAD 108.90 +8.90 (8.90%)
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As of Delayed Price Closed
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Company Report

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RB Global Earnings: We Expect Sales and Margin Growth in 2024

Dawit Woldemariam

RB Global reported first-quarter earnings ahead of our expectations. We increased our fair value estimate by 5% to $57 per share, up from $54. The increase was attributable to the time value of money and our higher near-term sales and margin expectations. In 2024, we project sales to increase by nearly 5% year on year while the operating margin expands by 260 basis points to 15.4%.

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Price vs Fair Value

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RBA is trading at a 253% premium.
Price
CAD 100.00
Fair Value
CAD 14.00
Uncertainty
Medium
1-Star Price
CAD 585.10
5-Star Price
CAD 49.30
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Increasing construction activity could lead equipment owners to buy new machines and sell their used equipment through RB Global's auctions, substantially boosting revenue growth.

Bears

Equipment owners could continue to hold back on putting their assets up for sale, which would result in RB Global’s auction liquidity being constrained.

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Trading Information

Previous Close Price
CAD 100.00
Day Range
CAD 105.07–110.19
52-Week Range
CAD 72.56–110.19
Bid/Ask
CAD 108.03 / CAD 109.20
Market Cap
CAD 20.01 Bil
Volume/Avg
371,262 / 136,851

Key Statistics

Price/Earnings (Normalized)
24.48
Price/Sales
3.51
Dividend Yield (Trailing)
1.46%
Dividend Yield (Forward)
1.48%
Total Yield
1.46%

Company Profile

RB Global operates the world’s largest auction for heavy equipment. The company started as a live auctioneer of industrial equipment; since then it has greatly expanded its operations to include the sale of construction, agricultural, oilfield, and transportation equipment. RB Global operates over 40 live auction sites in more than 12 countries, along with online marketplaces, including IronPlanet, Marketplace-E, and GovPlanet. Its agricultural auctions are frequently much smaller venues and can include liquidations of single farms. The company holds over 300 auctions yearly and sells $6 billion worth of equipment.
Sector
Industrials
Industry
Specialty Business Services
Stock Style Box
Large Growth
Total Number of Employees
7,900
Website
https://www.rbglobal.com

Competitors

Valuation

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Metric
RBA
EBAY
URI
Price/Earnings (Normalized)
 24.4812.1415.35
Price/Book Value
 2.924.315.31
Price/Sales
 3.512.763.02
Price/Cash Flow
 16.0810.419.62
Price/Earnings
RBA
EBAY
URI

Financial Strength

Metric
RBA
EBAY
URI
Quick Ratio
 0.982.260.79
Current Ratio
 1.352.440.89
Interest Coverage
 2.2214.326.13
Quick Ratio
RBA
EBAY
URI

Profitability

Metric
RBA
EBAY
URI
Return on Assets (Normalized)
 4.95%11.08%7.81%
Return on Equity (Normalized)
 11.96%39.49%25.96%
Return on Invested Capital (Normalized)
 7.71%16.62%12.11%
Return on Assets
RBA
EBAY
URI
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