2025-06-02-Jefferies-BrightView公司,_Rollins公司,_APG公司,_CTAS公司,_Vestis公司（BV）_谁在招聘_销售专业人员招聘推动有机增长；将ROL评级上调至买入_38页_2mb

Equity Research Summary: USA Diversified Services (June 2, 2025)

Key Thesis:
Increased sales professional hiring by certain companies leads to improved organic growth within 6-12 months, driving valuation upgrades. ROL and BV are upgraded to BUY with higher price targets.

Key Changes & Investments

1. BrightView (BV):

   • Upgraded to BUY from HOLD; PT raised to $22 (from $19).
   • Organic growth expected to improve to ~5-7% driven by ~50% sales force growth and disciplined M&A.
   • EBITDA margin expansion targets ~13.9% in 2027.

2. Rollins (ROL):

   • Upgraded to BUY; PT raised to $65 (from $55).
   • Organic growth revised higher (7.8% in 2025, 7.5% in 2026).
   • EBITDA margin expansion of 60bps to 24% by 2026.

Others (APG, CTAS, VSTS) held with cautious outlooks due to slower hiring and growth.

Organic Growth & Hiring Correlation

• ROL and BV show the strongest sales hiring acceleration (>40-49% YoY).
• Vestis and APG exhibit mixed activity, while CTAS and BP show subdued hiring.

Estimated Growth & Metrics

• ROL: 2026E EBITDA $995M, FY26 EV/EBITDA 31x → PT $65.
• BV: 2026E EBITDA $414M, FY26 EV/EBITDA 11x → PT $22.
• CTAS: High PE/low EV/EBITDA; Market comps and valuation checks align with Hold rating.

Disclaimer: This is a summary. Refer to the full report for details.