Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>The leader in rental equipment industry offers attractive returns, in spite of short-term risk of recession.</li>
<li>United Rentals' well thought out growth strategy has created an important competitive advantage.</li>
<li>High free cash flow allows the management to increase shareholder distributions, while also reinvesting back into the business, according to the company.</li>
</ul>


The leader in rental equipment industry offers attractive returns, in spite of short-term risk of recession.
United Rentals' well thought out growth strategy has created an important competitive advantage.
High free cash flow allows the management to increase shareholder distributions, while also reinvesting back into the business, according to the company.


United Rentals: This Capital Intensive Business Deserves Attention

H&E Equipment Services / Equity Bottom-Up

<ul><li>Since my first analysis of the company, H&amp;E Equipment outperformed.</li><li>The management has recently announced an ambitious investment program that will result in a rapid expansion of the business.</li><li>At the same time, the business is experiencing higher utilization rates, improving margins and upward multiple repricing.</li></ul>

Since my first analysis of the company, H&amp;E Equipment outperformed.The management has recently announced an ambitious investment program that will result in a rapid expansion of the business.At the same time, the business is experiencing higher utilization rates, improving margins and upward multiple repricing.

H&E Equipment: Delivering On Its Long-Term Strategy

<ul><li>One year later, H&amp;E Equipment shares still look attractive, in spite of the exceptionally strong performance.</li><li>Tailwinds for the rental equipment industry remain strong and HEES is gearing up to accelerate its organic growth strategy.</li><li>Becoming a pure play rental company will have significant implications for the company's utilization rates and margins.</li></ul>

One year later, H&amp;E Equipment shares still look attractive, in spite of the exceptionally strong performance.Tailwinds for the rental equipment industry remain strong and HEES is gearing up to accelerate its organic growth strategy.Becoming a pure play rental company will have significant implications for the company's utilization rates and margins.

H&E Equipment: Catching Up With The Leader

<ul>
<li>H&amp;E Equipment's valuation gap with the current industry leader has reached a new high.</li>
<li>Temporary drop in utilization rates due to the pandemic affected disproportionally smaller players, such H&amp;E Equipment.</li>
<li>The company is well-positioned to take a more aggressive stance on its organic and M&amp;A driven expansion.</li>
</ul>


H&amp;E Equipment's valuation gap with the current industry leader has reached a new high.
Temporary drop in utilization rates due to the pandemic affected disproportionally smaller players, such H&amp;E Equipment.
The company is well-positioned to take a more aggressive stance on its organic and M&amp;A driven expansion.


United States

H&E Equipment Services, Inc. is an integrated equipment services company focused on heavy construction and industrial equipment.  The Company rents, sells, and provides parts and service support for hi-lift or aerial platform equipment, cranes, earthmoving equipment, and industrial lift trucks.

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H&E Equipment Services (HEES US)

United Rentals: This Capital Intensive Business Deserves Attention

High free cash flow allows the management to increase shareholder distributions, while also reinvesting back into the business, according to the...

Vladimir Dimitrov, CFA

H&E Equipment: Delivering On Its Long-Term Strategy

Since my first analysis of the company, H&E Equipment outperformed. The management has recently announced an ambitious investment program that...

Vladimir Dimitrov, CFA

H&E Equipment: Catching Up With The Leader

One year later, H&E Equipment shares still look attractive, in spite of the exceptionally strong performance. Tailwinds for the rental...

Vladimir Dimitrov, CFA

H&E Equipment: Consolidation Ahead

H&E Equipment's valuation gap with the current industry leader has reached a new high. Temporary drop in utilization rates due to the pandemic...

Vladimir Dimitrov, CFA

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