	Dec'19 Actual	Dec'20 Actual	Dec'21 Actual	Dec'22 Actual	Dec'23 Actual	Dec'24 Estimate	Dec'25 Estimate	Dec'26 Estimate	Dec'27 Estimate	Dec'28 Estimate	Dec'29 Estimate	Dec'30 Estimate	Dec'31 Estimate	Dec'32 Estimate	Dec'33 Estimate	Dec'34 Terminal
Revenue % growth	2,676.2 8.2%	2,789.4 4.2%	2,953.9 5.9%	3,714.0 25.7%	5,375.0 44.7%	6,873.7 27.9%	7,070.6 2.9%	7,340.3 3.8%	7,868.1 7.2%	8,375.6 6.4%	8,853.7 5.7%	9,293.4 5.0%	9,686.1 4.2%	10,023.5 3.5%	10,298.3 2.7%	10,504.3 2.0%
Operating income (EBIT) % margin	254.7 9.5%	301.0 10.8%	366.2 12.4%	498.0 13.4%	625.0 11.6%	726.0 10.6%	746.8 10.6%	775.2 10.6%	831.0 10.6%	884.6 10.6%	935.1 10.6%	981.5 10.6%	1,023.0 10.6%	1,058.6 10.6%	1,087.6 10.6%	1,109.4 10.6%
NOPAT % effective tax rate	211.6 7.9%	241.9 8.7%	294.7 10.0%	386.9 10.4%	483.0 9.0%	561.0 8.2%	577.1 8.2%	599.1 8.2%	642.2 8.2%	683.6 8.2%	722.6 8.2%	758.5 8.2%	790.6 8.2%	818.1 8.2%	840.6 8.2%	857.4 8.2%
D&A % of revenue	325.9 12.2%	324.7 11.6%	326.5 11.1%	386.0 10.4%	475.0 8.8%	693.9 10.1%	713.7 10.1%	741.0 10.1%	794.2 10.1%	845.5 10.1%	893.7 10.1%	938.1 10.1%	977.8 10.1%	1,011.8 10.1%	1,039.6 10.1%	1,060.4 10.1%
Capex % of revenue	(170.9) (6.4%)	(152.5) (5.5%)	(159.9) (5.4%)	(190.0) (5.1%)	(211.0) (3.9%)	(331.2) (4.8%)	(340.7) (4.8%)	(353.7) (4.8%)	(379.1) (4.8%)	(403.6) (4.8%)	(426.6) (4.8%)	(447.8) (4.8%)	(466.7) (4.8%)	(482.9) (4.8%)	(496.2) (4.8%)	(506.1) (4.8%)
Change in Working Capital % of revenue	(11.0) (0.4%)	24.8 0.9%	18.8 0.6%	(3.0) (0.1%)	(63.0) (1.2%)	(14.1) (0.2%)	(14.5) (0.2%)	(15.1) (0.2%)	(16.2) (0.2%)	(17.2) (0.2%)	(18.2) (0.2%)	(19.1) (0.2%)	(19.9) (0.2%)	(20.6) (0.2%)	(21.2) (0.2%)	(21.6) (0.2%)
Free Cash Flow to Firm (FCFF) % of revenue	355.6 13.3%	438.9 15.7%	480.1 16.3%	579.9 15.6%	684.0 12.7%	909.6 13.2%	935.6 13.2%	971.3 13.2%	1,041.2 13.2%	1,108.3 13.2%	1,171.6 13.2%	1,229.8 13.2%	1,281.8 13.2%	1,326.4 13.2%	1,362.8 13.2%	1,390.0 13.2%
% of FCFF used in calculation
Discount period
Discount factor
Discounted FCFF (DFCFF)

RTO DCF Value

Crunching data... Almost there!

RTO Earnings Power Value and Enterprise Value

Annual

LTM

Enterprise Value Breakdown

EPV and MIVoG as % of EV

RTO Reverse DCF

Implied FCF growth

Implied Revenue growth

Reverse DCF Assumptions and Outputs

as of Jun 30, 2024

LTM Free Cash Flow

1,249.8M

Long-Term growth rate

2.0%

Discount rate

N/A

FX rate

1.3

Reverse DCF Value

N/A

Last share price

29.5

Implied FCF growth 1-10Y

0.0%

Implied Free Cash Flow growth vs Historical average vs Industry growth

Competing with RTO Intrinsic Value

Overview

Ratings

Intrinsic Value

Valuation

Growth

Profitability

Health

Capital allocation

Momentum

Earnings

Dividends

Company name	Market Cap	Enterprise Value	Intrinsic Value	DCF Value	Relative value	Ben Graham Revised fair value	Peter Lynch fair value	Earnings Power Value (EPV), % of EV	Market-Implied Value of Growth (MIVoG), % of EV	Reverse DCF (implied FCF growth)	Reverse DCF (implied Revenue growth)
Rentokil Initial plcRTO RTO	$11.6B	$15.9B	$63.8 178.0% undervalued	N/A 0.0% overvalued	$63.8 178.0% undervalued	$185.0 706.0% undervalued	$311.2 1,256.1% undervalued	N/A	N/A	0.0%	0.0%
Cintas CorporationCTAS CTAS	$82.8B	$85.5B	$64.3 68.3% overvalued	$53.2 74.0% overvalued	$75.4 62.9% overvalued	$70.3 65.4% overvalued	$50.7 75.0% overvalued	19.4%	80.6%	20.3%	20.6%
Thomson Reuters CorporationTRI TRI	$77.8B	$78.9B	$106.8 39.9% overvalued	$139.0 22.0% overvalued	$74.6 58.0% overvalued	Negative 173.2% overvalued	Negative 146.8% overvalued	41.7%	58.3%	10.8%	10.0%
Global Payments Inc.GPN GPN	$25.3B	$39.0B	$160.1 58.9% undervalued	$186.4 85.0% undervalued	$133.8 32.8% undervalued	$602.7 498.1% undervalued	$339.9 237.3% undervalued	81.6%	18.4%	(11.2%)	(9.2%)
RB Global, Inc.RBA RBA	$18.7B	$22.4B	$80.8 20.3% overvalued	$102.9 1.0% undervalued	$58.7 42.1% overvalued	$123.3 21.7% undervalued	$82.3 18.8% overvalued	40.0%	60.0%	(0.9%)	(0.2%)
AramarkARMK ARMK	$9,517.2M	$10.3B	$42.7 18.7% undervalued	$8.7 76.0% overvalued	$76.7 113.3% undervalued	$110.0 206.3% undervalued	$67.2 87.0% undervalued	49.4%	50.6%	3.2%	6.8%
Maximus, Inc.MMS MMS	$4,251.8M	$4,268.9M	$128.9 81.1% undervalued	$95.4 34.0% undervalued	$162.5 128.3% undervalued	$101.3 42.3% undervalued	$62.4 12.3% overvalued	94.0%	6.0%	0.6%	(2.4%)
UniFirst CorporationUNF UNF	$3,894.3M	$3,780.8M	$155.8 25.6% overvalued	$54.3 74.0% overvalued	$257.4 22.8% undervalued	$47.1 77.5% overvalued	$43.8 79.1% overvalued	51.9%	48.1%	3.0%	6.8%
CBIZ, Inc.CBZ CBZ	$3,805.0M	$5,624.3M	$65.6 9.7% overvalued	$84.2 16.0% undervalued	$47.1 35.2% overvalued	$229.1 215.4% undervalued	$86.2 18.6% undervalued	14.6%	85.4%	11.7%	8.7%
ABM Industries IncorporatedABM ABM	$3,453.2M	$4,841.0M	$139.8 155.8% undervalued	Negative 124.0% overvalued	$139.8 155.8% undervalued	$214.6 292.8% undervalued	$103.0 88.6% undervalued	40.0%	60.0%	0.4%	(5.7%)
First Advantage CorporationFA FA	$2,171.4M	($138.3B)	$1,369.0 10,162.2% undervalued	$59.3 344.0% undervalued	$2,678.7 19,980.0% undervalued	Negative 1,167.9% overvalued	Negative 581.8% overvalued	(29,201.3%)	29,301.3%	36.6%	(100.0%)