RB Global, Inc.
Thesis
We recommend a BUY for RB Global (NYSE: RBA) with a base-case price target of $149, implying a 16% IRR over a three-year horizon. RB Global operates the largest auction platform for used heavy equipment and has expanded into the U.S. salvage car auction market through its acquisition of IAA. With strong execution from a seasoned management team and meaningful synergy potential, we believe RBA is well-positioned to deliver steady growth and margin improvement.
Did it work?
The stock price of RB Global has increased by 30.9% over the 28 months since the pitch, which is a positive return that aligns with the long position recommended. Given that the pitch had a three-year horizon and the return is already above the expected IRR of 16%, the thesis has played out successfully.
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