業種
Business Services
Business Services のすべてのレポート — 全 10 件。
41/100
57Buffett
Brink's: A 9.1% Owner-Earnings Yield and 14 Straight Quarters of AMS/DRS Growth Meet a $7.3 Billion Pro-Forma Net-Debt Bet on NCR Atleos
The Brink's Company is a global route-density cash-logistics operator shifting toward outsourced ATM management (AMS) and retail cash automation (DRS) while preparing to acquire NCR Atleos for $30 in cash plus 0.1574 Brink's shares per Atleos share. Q2 2026 revenue rose 7% to $1.392 billion with adjusted EBITDA up 11% to an 18.5% margin and trailing FCF of $468 million, yet the deal lifts mechanical pro-forma net debt to roughly $7.31 billion and about 3.4× leverage before the $200 million synergy target is proven. Rating Watch: fast-growing AMS/DRS and cheap cash earnings are offset by an integration bet, so the preferred pre-close entry is $82–88 against a $106.56 base price.
45/100
57Buffett
Compass Group: A Fifth Year of 4–5% Net-New Business and 96% Retention Make the Compounding Real, but at $31.10 a 5.1% Owner-Earnings Yield and 1.7x Leverage Leave No Conservative-Case Margin of Safety
Compass Group is the global scale leader in contract food services, feeding employees, patients, students and spectators at client-owned sites, with about two-thirds of revenue from North America and 86% of FY2025 revenue from food rather than support services. FY2025 underlying revenue was $46.1bn with 8.7% organic growth and a 7.2% margin, and H1 FY2026 held 7.2% organic growth (3.8% net new, 2.7% pricing, 0.7% volume) while margin rose to 7.4%, but $2.3bn of first-half M&A lifted net debt to $8.6bn, or 1.7 times EBITDA, above the 1.0–1.5 times target, and ROCE slipped from 19.0% to 18.2%. Rating Hold: at $31.10 the shares sit inside the $31–34 base-case value but above the $27–29 conservative value, at roughly 19.6 times owner earnings, so existing holders are paid to stay while new buyers should wait for $22 or below.
39/100
72Buffett
FTI Consulting: An Expert Franchise Still Raising Prices, Now Carrying Idle Capacity and Borrowed Buybacks
FTI Consulting sells senior professional judgment across restructuring, disputes, antitrust economics, e-discovery and communications, with economics driven by headcount, utilization and realized bill rates rather than physical capital. Q2 2026 set a revenue record at USD 993.5 million, up 5.3%, while net income fell 19.4% to USD 57.8 million, because SG&A jumped about 180 basis points of revenue and utilization slipped two to three points in every hourly segment even as realized rates rose 3.9% to 6.7%. Rating Hold: pricing power and the talent franchise are intact and the stock has already de-rated to roughly 16 to 17 times 2026 GAAP guidance, but debt-funded buybacks lifted net debt to USD 856.3 million and USD 151.45 sits above the conservative fair-value range of USD 125 to 140, leaving no margin of safety above the USD 95 to 105 ideal buy range.
46/100
94Buffett
Exponent: A PhD-Dense Expert Franchise Whose Reacceleration Is Real but Already Priced
Exponent is a US science-and-engineering consultancy that monetizes credentialed technical labor, roughly 950 consultants of whom 731 hold doctorates, across failure analysis, product safety, disputes and regulation. Fiscal 2026 broke a two-year growth lull, with Q2 net revenue up 12.0% on more hiring, more billable hours and higher rates, but management's own guidance implies second-half growth of only 6.7% to 8.7% once an unusually large user-research study normalizes. Rating Hold: a 28.7% EBITDA margin on net revenue and no funded debt buy a genuinely asset-light expert franchise, but at USD 67.10 the stock trades near 30 times trailing earnings on a 3.5% to 3.6% owner-earnings yield against 4.6% to 4.7% Treasuries, leaving no margin of safety above the USD 42 to 47 ideal buy range.
33/100
88Buffett
Robert Half: Staffing Turned, Protiviti Collapsed to a 2.1% Margin, and 43.22 USD Leaves No Margin of Safety
Robert Half runs two businesses on one balance sheet: a specialist white-collar staffing franchise that supplied 64% of 2025 revenue, and Protiviti, a risk and technology consulting arm that supplied the other 36%. Talent Solutions has now posted three consecutive quarters of sequential adjusted growth with permanent placement up 2.5%, while Protiviti moved the opposite way, billable hours down almost 20% and adjusted operating margin down to 2.1%. Rating Hold: at 43.22 USD the shares sit inside the 40 to 53 USD acceptable-hold zone but above a conservative fair value near 34 USD, leaving no margin of safety and an ideal buy price of 26 to 27 USD.
38/100
45Buffett
AECOM: A 16.5% Segment Margin and 12.1x Earnings Are Genuinely Cheap, but First-Half Free Cash Flow of 15 Million Dollars Means 72.39 Dollars Only Buys the Base Case
A global infrastructure-consulting firm whose engineers, planners and program managers design and oversee transportation, water, energy and environmental projects, with government clients supplying about half of revenue and fiscal second-quarter 2026 net service revenue of 1.95 billion dollars. Segment adjusted operating margin has risen from 12.3% in fiscal 2020 to 16.5%, but adjusted EPS growth of 27% rested largely on an adjusted tax rate that fell to 13.9% from 25.0%, while first-half free cash flow was only about 15 million dollars against 685 million for the whole of fiscal 2025. Rating Hold: a genuine 12.1 times discount to peers that the cash-conversion evidence does not yet justify closing.
46/100
Jacobs Solutions Deep Value Investment Research
Jacobs Solutions is the world's leading engineering design and consulting platform, steadily shifting toward higher-value consulting with strong order visibility. The core thesis is that demand remains resilient, but its moat is moderate, ROIC is below 10% and lags peers, and the stock looks relatively expensive. Rating Watch: a sound business near the upper end of fair value at about USD 120, with insufficient margin of safety and an ideal buy range of USD 75–90.
49/100
89Buffett
Rollins Deep Value Investment Research Report
Rollins is the pest-control leader with exceptional business quality, recurring revenue, low capital intensity, and durable cash generation. The core thesis is that Orkin, national density, standardized operations, and disciplined acquisitions make it a rare long-term compounder, while a roughly 45x earnings multiple already prices in many years of strong growth. Rating Watch: a high-quality company, but the ideal buy range is $35 to $42.
47/100
93Buffett
Accenture Research from a Long-Term Owner's Perspective
Accenture is a high-quality global enterprise transformation services company with strong cash generation and deep client relationships. The core thesis is that its scale, ecosystem position, balance sheet, and AI-related demand make the current valuation attractive under neutral assumptions, while the moat is not irreplaceable and AI could also compress labor-hour billing and intermediary value. Research rating Cautious Buy: a reasonable-quality compounder at a fairer price, but with only a moderate margin of safety under conservative assumptions.
46/100
90Buffett
Cintas Corporation Long-Term Owner's Perspective Research
Cintas is a high-quality business with a deep route-density moat, strong cash flow, and ROIC still improving from a high base. At the current price of $172.36, roughly 35.6x TTM earnings, my conservative intrinsic value range of only $100-130 makes it look more like a hold price than an undervalued entry point. Report rating Watch: an excellent company, but today's price does not offer a clear margin of safety.