Raising Rentokil's Fair Value by 14% to GBX 560 on Positive Momentum in North American Pest Control

Rentokil Initial is the largest pest control firm operating primarily in residential and commercial services. The industry is highly fragmented, with Rentokil, Rollins, and a few smaller global competitors, as well as over 40,000 regional and local players worldwide. Rentokil’s scale is a cost advantage, as its ability to spread fixed costs across a larger revenue base and its local route density contribute to industry-leading margins.