2025-06-11-Jefferies-设备租赁人流量_URI人流量保持正常；HRI和AHT滞后_14页_781kb

Foot Traffic and Revenue Analysis for Equipment Rental Companies June 2025

The Jefferies Equity Research report focuses on foot traffic data and its correlation with rental revenue for Ashtead (AHT), Herc (HRI), and United Rentals (URI). The data, sourced from Placer's cell phone geographic location tracking, examines R3M (rolling 3-month) foot traffic, which correlates strongly with sales (76-83% for HRI, 79-80% for URI, 79% for AHT). May traffic was weaker sequentially for AHT and HRI, but URI showed improvement, suggesting a potentially better start to Q2 2025. Rental revenue growth is flat-to-down for AHT and HRI, with URI indicating alignment with consensus expectations. Factors include monthly volatility, fewer selling days, and macro risks like recessions affecting non-residential construction.

Valuation and ratings include: Ashtead at $5,900 BUY, Herc at $525 HOLD, United Rentals at $650 to $750 HOLD. Analyst stabilities and disclaimers are included.

Equity Research June 12, 2025 examine correlations between foot traffic and metrics like dollar utilization, rocketing it predictors for directional market trends, yet auto companies are part of industrial coverage Disclosure information on pages 9-14.