WillScot Mobile Mini Holdings Corp. (WSC) PT Raised to $31 at Berenberg

January 21, 2021 7:03 AM EST
Get Alerts WSC Hot Sheet
Price: $28.40 -1.56%

Rating Summary:
    11 Buy, 1 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 15 | Down: 17 | New: 13
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Berenberg analyst Sam England raised the price target on WillScot Mobile Mini Holdings Corp. (NASDAQ: WSC) to $31.00 (from $22.00) while maintaining a Buy rating.

The analyst commented, "WillScot's merger with Mobile Mini meant 2020 was a transformational year. However, we continue to think the market underappreciates the less cyclical growth in the company's VAPs offering that should drive revenues and profitability going forward. Our analysis around VAPs as well as a strengthening outlook for 2021 leads us to increase the valuation multiple we apply from 10x to 13x 2021E EV/EBITDA. We justify this 30% increase in the multiple by looking at the rerating in our coverage's average multiple (+27%), the rerating in the average multiple for BCM's broader coverage (+37%), and a 40% rise in the Russell 2000 since October 1, 2020."

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