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United Rentals: We Expect Equipment Rental Demand to Continue Its Strength in the Near Term

Dawit Woldemariam Equity Analyst

Business Strategy and Outlook

| Dawit Woldemariam |

We think United Rentals will continue to be the top player in the equipment rental industry. As the industry leader, the company provides customers better equipment availability and reliability than smaller players. However, many of the equipment brands found in United Rentals’ product catalog can also be found at other competitors, such as Sunbelt Rentals (owned by Ashtead), Herc, and at thousands of other rental companies across North America.

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Business Description

United Rentals is the world’s largest equipment rental company, and principally operates in the United States and Canada, where it commands approximately 15% share in a highly fragmented market. It serves three end markets: general industrial, commercial construction, and residential construction. Like its peers, United Rentals historically has provided its customers with equipment that was intermittently used, such as aerial equipment and portable generators. As the company has grown organically and through hundreds of acquisitions since it went public in 1997, its catalog (fleet size of $16.6 billion) now includes a range of specialty equipment and other items that can be rented for indefinitely long time periods.

100 First Stamford Place, Suite 700
Stamford, CT, 06902
T +1 203 622-3131
Industry Rental & Leasing Services
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 20,400

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