Is Willscot a Zero?

4 months ago

DF Research

"WSC short: Core business imploding despite 30% growth in cold storage & clearspan segments. Units on rent falling, revenue -3.4%, EBITDA down, CapEx up. Depreciation charge spiked 17% YoY despite lower units/revenue - sign of fleet devaluation? $3.6B debt with $1.5B due 2027 likely unpayable. Ancient fleet, unrentable inventory = potential equity wipeout."

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