Home Depot Floor Sander Rental

October 28, 2022

The Home Depot Launches Online Rental Reservations; Opens New Rental Locations

The Home Depot Launches Online Rental Reservations; Opens new rental locations

The Home Depot is improving the customer experience at its 1,300 locations with the launch of new "Rent Online, Pick Up In Store" technology. "This new online technology saves Pro and DIY customers time and time in store because they can easily check equipment availability and pre-book what they need to get in and out of. our rental centers faster than ever," said Richard Porter, vice president. president of Home Depot Rental. After piloting online reservations in the Atlanta, Charlotte and Houston markets, Home Depot has made the system available to rental customers across North America.

Home Depot: Should Not Be Missed In Your Stock Depot

Mr Suhail

Thesis

Given a very difficult macro-economic environment, I argue that there is a case for investing in quality companies - where I define quality as the ability of a company to capture steady growth in revenues, profit margins above the industry median and long-term earnings value accumulation. In my view, Home Depot (NYSE:HD) offers investors exposure to the quality dimensions described above. Accumulation of constant value

By referring to Home Depot's finances, it's easy to see why I like to define Home Depot as a quality company. From 2013 to 2022 (benchmark TTM), The Home Depot grew its revenue at a 10-year CAGR of approximately 7.5%, more than twice the respective nominal GDP growth. Most notably, during the same period, Home Depot's operating profit grew at a CAGR of 10.5%, highlighting well-managed efficiencies. The Home Depot's EBIT margin and net income margin are nearly 100% above the industry median, while the company's capital efficiency ratio - return on assets - is 373% above industry median. industry (TTM reference). In Q2 2022, HD CEO Ted Decker commented: (emphasis added)

In the second quarter, we achieved the highest quarterly sales and earnings in our company's history... ...Our performance reflects the continued strength in demand for home improvement projects. Growth in total sales and growth in comparable sales of approximately 3.0%

Operating margin of around 15.4%

Net interest expense of approximately $1.6 billion

Tax rate of approximately 24.6%

Diluted earnings per share growth percentage will be mid-single digit

Attractive valuation

Home Depot is priced attractively but roughly in line with the industry median - priced at a one-year forward EV/EBIT of around x13.5. Residual Income Model

With respect to my Home Depot inventory valuation model, I make the following assumptions:

To forecast EPS, I rely on consensus analyst forecasts available on the Bloomberg Terminal through 2025. To estimate capital charge, I rely on Home Depot's cost of equity at 8.5% . BPA analyst consensus; Author's calculations

Risks

With exposure to approximately $155 billion in discretionary spending, Home Depot is clearly dependent on the health of the global/US economy. As a result, investors could argue that a recession-induced demand destruction would impact Home Depot's business profitability – even if the current outlook is still strong. In any case, reflecting on HD's value proposition, I argue that the company's long-term business potential remains strong and calculate a base target price for Home Depot of approximately $321.92/share .

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The Home Depot might be an unlikely truck rental service, but that's to be expected. Fortunately, Home Depot rental prices are very reasonable. Trucks are a great way to transport larger items, especially when you're buying one or moving. Home Depot Rental offers those in need a chance to access a truck. Generally available on a first-come, first-served basis, Home Depot trucks are clean and equipped with ramps.