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Cintas Corp CTAS

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Morningstar’s Analysis

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Todd Schneider To Succeed Scott Farmer As Cintas CEO at Quarter-End; We Maintain $248 FVE

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

Cintas CEO Scott Farmer will retire on May 31, 2021 but will remain executive chairman. Effective June 1, current COO Todd Schneider will assume the role of chief executive officer and president and will join the company’s board of directors. The number of company directors will increase to nine from eight as a result. We are confident in Schneider’s ability to carry on Cintas’ legacy of innovation in the uniform distribution and facilities services spaces. He’s spent 32 years with the firm, starting his career in Cintas’ Management Trainee Program, and ascending the ranks through various positions within the firm over time. We maintain our $248 fair value estimate.

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Company Profile

Business Description

In its core uniform and facility services unit (80% of sales), Cintas provides uniform rental programs to businesses across the size spectrum, mostly in North America. The firm is by far the largest provider in the industry. Facilities products generally include the rental and sale of entrance mat, mops, shop towels, and restroom supplies. Cintas also runs a first aid and safety services business (11% of sales), a fire protection services business (6% of sales), and a uniform direct sales business (3% of sales).

Contact
6800 Cintas Boulevard, P.O. Box 625737
Cincinnati, OH, 45262-5737
T +1 513 459-1200
Sector Industrials
Industry Specialty Business Services
Most Recent Earnings Feb 28, 2021
Fiscal Year End May 31, 2021
Stock Type Cyclical
Employees 40,000

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