|Over a week ago|
ServiceMaster price target raised to $40 from $35 at JPMorgan » 09:2706/1206/12/20
JPMorgan analyst Judah…
JPMorgan analyst Judah Sokel raised the firm's price target on ServiceMaster to $40 from $35 and keeps an Overweight rating on the shares after the company provided an update on business trends and gave an outlook for Q2. Results are trending well above both consensus and firm's estimates, reflective of an "impressive improvement" in revenue and margin trends since the impact of COVID-19 was initially felt in March, said Sokel.
|Over a month ago|
ServiceMaster sees Q2 revenue $510M-$525M, consensus $476.05M » 07:4106/1106/11/20
Sees Q2 adjusted EBITDA…
Sees Q2 adjusted EBITDA $105M-$115M. The Q2 outlook reflects an $8M year-over-year increase in termite damage claims and mitigation expense and is largely in line with expectations. The company said the timing and frequency of new termite damage claim litigated case filings is difficult to predict. The actual pace and volume of litigated termite damage claims could differ. As of May 31, the company had total liquidity of over $635M, including $267M in available cash.
Ally Lending partners with home services and improvement firm Authority Brands » 14:3406/0906/09/20
SERV, YELP, ANGI, ROL, ALLY
Ally Lending (ALLY)…
Ally Lending (ALLY) announced its partnership with Authority Brands earlier on Tuesday, a provider of home services. The partnership marks Ally's expansion into the home improvement category and builds on its legacy strength in healthcare lending. Authority Brands includes more than 250 franchisees of Benjamin Franklin Plumbing , Mister Sparky Electric (the largest residential electrical service company in the US, and One Hour Heating and Air Conditioning . Customers seeking assistance with unexpected and planned plumbing, electrical, and HVAC expenses now have access to financing solutions backed by 100 years of lending experience. "Ally Lending is on a mission to give our service providers and consumers the best lending experience possible," said Hans Zandhuis, President of Ally Lending. "We are building on our legacy strength in the healthcare market with this new expansion into home improvement, delivering lending products that work both for service providers' workflows and consumers' wallets." Companies that may be potentially impacted by this include, ServiceMaster (SERV), Yelp (YELP), Angi Homeservices (ANGI) and Rollins (ROL).
ServiceMaster participates in a conference call hosted by William Blair » 11:4505/2005/20/20
Conference call with…
Conference call with management to be held on May 20 at 3:30 pm hosted by William Blair.
Third Point adds Disney, exits Campbell Soup in Q1 » 16:5005/1505/15/20
AMZN, AMTD, FIVE, FOXA, BSX, CPB, SERV, TEL, ROP, CHTR, DIS, CNC, RACE, BAX, RTN, BURL, CRM, IQV, DHR, FIS
Third Point disclosed in…
Third Point disclosed in an SEC filing its holdings as of March 31, 2020. The fund's seven new buys during the first quarter included, by size of position, Disney (DIS), Charter Communications (CHTR), Roper Technologies (ROP), TE Connectivity (TEL), and ServiceMaster Global (SERV). Third Point exited 13 positions during the quarter, including by size of previous position Campbell Soup (CPB), Boston Scientific (BSX), Fox Corp. Class A (FOXA), Five Below (FIVE), and TD Ameritrade (AMTD). The fund increased its stake in five holdings, including Amazon (AMZN), Centene (CNC), and Ferrari (RACE). Third Point reduced its stake in 12 holdings, including by size of previous position Baxter (BAX), Raytheon Technologies (RTN), Burlington Stores (BURL), Salesforce (CRM), and Iqvia (IQV). The fund's top holdings as of March 31, in order of size, were Baxter, Danaher (DHR), Amazon, Centene, and Fidelity National Information Services (FIS).
ServiceMaster falls -20.1% » 12:0005/0705/07/20
ServiceMaster is down…
ServiceMaster is down -20.1%, or -$6.47 to $25.75.
ServiceMaster withdraws FY20 guidance due to COVID-19 uncertainty » 07:5705/0705/07/20
As the COVID-19 pandemic…
As the COVID-19 pandemic continues to evolve, there is uncertainty around its impact on the company's customers and on its operations, which will be shaped by such factors as the pandemic's duration, the success of efforts to contain the virus and the impact of actions taken by governments in response. As a result, the company's full year financial and operating results cannot be reasonably estimated at this time and the company is withdrawing its previous 2020 full-year guidance.
ServiceMaster reports Q1 adj. EPS 8c, consensus 18c » 07:5605/0705/07/20
Reports Q1 revenue $456M,…
Reports Q1 revenue $456M, consensus $462.77M. "I would first like to thank all the essential service workers across the world, including our more than 10,000 employees and our many franchisee associates, for their sacrifice and service during this unprecedented health crisis," said ServiceMaster chairman and interim CEO Naren Gursahaney. "Our top priority is protecting the health and safety of our employees and our customers, and we have rapidly adapted our service protocols to accomplish this. While our services have been deemed as essential, we did see an impact to revenue and profitability in the second half of March, primarily as a result of the effect of COVID-19 on our customers, and we anticipate this impact will continue into future periods. However, with a strong recurring revenue customer base, resilient cash generation dynamics, and significant access to liquidity, we believe we are well positioned to weather this crisis. We are taking aggressive actions to retain existing customers, reduce discretionary costs, preserve cash, and pursue new opportunities, such as the launch of disinfection services in Terminix to complement our existing disinfection and cleaning offerings in ServiceMaster Brands. While we take these steps to mitigate the impact of COVID-19, we remain focused on our previously communicated 2020 strategic priorities and expect to emerge from this crisis even better positioned to drive future growth and profitability."
|Over a quarter ago|
ServiceMaster's Terminix starts disinfection service in response to COVID-19 » 16:0604/0604/06/20
As the concern around the…
As the concern around the spread of COVID-19 has caused significant disruption of many businesses and communities, Terminix Commercial, a leading provider of commercial pest management, and a ServiceMaster company, is launching a new disinfecting service to meet the growing need for disinfection head-on. The new service from Terminix Commercial, Disinfectix Site Disinfecting Service, is a convenient and effective way to give business owners the confidence that their areas will be clean for staff and customers to return. The service is provided by trained professionals using products that meet the criteria of, and are deemed effective by the U.S. EPA, for use against SARS-CoV-2, the novel coronavirus that causes COVID-19. The service will help essential businesses maintain clean work areas while staying in compliance with federal, state, and local public health protocols and will help prepare shuttered businesses to reopen when the time comes.
Morgan Stanley upgrades ServiceMaster to Overweight on lower relative COVID risk » 07:2404/0204/02/20
Morgan Stanley analyst…
Morgan Stanley analyst Toni Kaplan upgraded ServiceMaster to Overweight from Equal Weight with a price target of $35, down from $43, calling the company out as having lower relative risk from the COVID-19 pandemic than many other Business Services companies. 80% of revenue is recurring, residential customers still have a need for pest control services, and Kaplan believes about 90% of stops can be completed without entering the home, she tells investors. Though cutting her 2020 revenue and EBITDA estimates by 7% and 13%, respectively, Kaplan also identifies ServiceMaster as one of the most "recession-resilient" names she covers.