In a report released today, Scott Schneeberger from Oppenheimer reiterated a Buy rating on WillScot Corporation (NASDAQ: WSC), with a price target of $18. The company’s shares closed on Friday at $14.85, close to its 52-week high of $15.60.
Schneeberger observed:
“We’re updating our model to include WSC’s recently announced pending acquisition of ModSpace, which is highly complementary to WSC’s business model/significantly expands its market position as the leading specialty rental provider of North American modular space solutions. When combining WSC’s business momentum with the synergies anticipated from this pairing, our previously estimated adjusted EBITDA of $172M in 2018 more than doubles to $346M in 2019, with incremental benefit from core growth/synergies thereafter. We’re introducing a 2020 adjusted EBITDA estimate of $422M (+22% y/y) for the second full year of the combined entity. We’re conservatively valuing the pro forma entity at 10.5x EV/EBITDA our increased 2019 adjusted EBITDA of $346M viewing the potential for upside pending a smooth integration in a stable economic environment.”
According to TipRanks.com, Schneeberger is a 5-star analyst with an average return of 12.9% and a 67.8% success rate. Schneeberger covers the Services sector, focusing on stocks such as Service Corp International, General Finance, and XPO Logistics.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for WillScot Corporation with a $17.67 average price target, representing a 19.0% upside. In a report released today, Jefferies also initiated coverage with a Buy rating on the stock with a $19 price target.
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Willscot Corp. is a holding company, which engages in the provision of modular space and portable storage markets. Its services include furniture rental, transportation and logistics, storage & facilities services, and commercial real estate. The company was founded on November 29, 2017 and is headquartered in Baltimore, MD.
