RB Global Inc

RBA: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 61.00	Mygcwtp	Kdqlzzk

RB Global Earnings: We Expect 2024 to Be a Solid Year, Despite Market Share Challenges at IAA

Dawit Woldemariam

Feb 23, 2024

RB Global reported solid fourth-quarter earnings. However, we still lowered our fair value estimate by 3% to $54 from $56 per share, as we lowered our 2024 sales expectations for IAA. The company’s shares were up approximately 8% in intraday trading, following its earnings update. We believe the market reacted positively to RB Global beating FactSet consensus earnings per share estimates in the quarter, while sales came in roughly close to consensus estimates.

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