Rentokil Initial PLC

RTO: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Rentokil: Trading Update Indicates North America Sales Recovery on Track

Grant Slade

Jan 29, 2025

Wide-moat Rentokil recorded fourth-quarter organic revenue growth in North America of 1.5%, which aligns broadly with its previous full-year guidance of 1%. At the group level, organic revenue growth was 3% for the period. We continue to anticipate a normalization in the organic performance of the US business from 2025 on, as recent sales and marketing and employee benefit investments bear fruit. We make no changes to our GBX 620 fair value estimate and view the shares as materially undervalued.

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Rentokil Initial PLC

Rentokil: Trading Update Indicates North America Sales Recovery on Track

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