United Rentals Inc

URI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$227.00	Dhz	Jjsfnfn

United Rentals: Our $424 Fair Value Estimate Remains Unchanged Following Investor Day

Dawit Woldemariam

Jun 2, 2023

United Rentals recently held its investor day, where management reiterated its 2023 outlook. This led us to leave our $424 fair value estimate unchanged. We'e expecting demand to remain strong for the company in the remainder of 2023. For sales, we're projecting 20% year-on-year growth, which is a strong level, given the company posted similar growth in 2022. In terms of margins, we believe strong demand will allow United Rentals to maintain strong pricing. As a result, we forecast operating margins to expand 60 basis points to 28.4% in 2023.

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