Rentokil Initial plc (RTO) Valuation Ratios - Annual

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Stock Price	27.8	25.3	28.6	30.8	40.1	35.6	30.5	21.6	22	13.7	11.9
Total Shares Outstanding	2,524.5	2,524.5	2,522.5	2,520	1,859.3	1,854.3	1,849.3	1,843.3	1,837.3	1,829.3	1,822.8
Market Cap	10,537.4	10,189	11,331.2	12,832	11,037	9,657.4	8,499.5	6,263.6	5,975	4,046.5	2,938.4
Total Enterprise Value (TEV)	13,705.8	13,364.8	14,499.2	16,039	12,298	10,680.2	9,549.4	7,397.3	6,899.6	5,214.6	3,934.3
Dividend Yield	2.1%	2.3%	1.8%	1.2%	1.3%	—	13.7%	1.2%	1.1%	1.4%	1.7%
Debt Paydown Yield	8.3%	3.6%	—	-12%	1.5%	-3.5%	0.4%	0.3%	1%	1.4%	-7.9%
Shareholder Yield	8.4%	3.7%	0.1%	-11.9%	1.5%	-3.5%	1%	0.4%	1.1%	1.5%	-7.7%
P/S	—	1.9	2.1	3.5	3.7	3.4	3.1	2.5	2.5	1.9	1.7
P/Gross Profit	—	1	1.1	1.8	2	1.8	3.1	2.5	2.5	1.9	1.7
P/E	45.4	33.2	29.8	44.2	42.1	52.2	30.2	-63.5	8.8	24.3	23.7
Earnings Yield	2.2%	3%	3.4%	2.3%	2.4%	1.9%	3.3%	-1.6%	11.3%	4.1%	4.2%
P/OCF	14.8	15	15.4	21.4	19.6	17.6	18.4	17.2	15.7	11.2	9.2
P/FCF	19.4	20.1	19.9	28.7	25.4	23.1	26.3	28.9	29.1	23.1	18.3
FCF Yield	5.2%	5%	5%	3.5%	3.9%	4.3%	3.8%	3.5%	3.4%	4.3%	5.5%
P/B	2.7	2.4	2.8	3.1	8.7	8.5	8.5	7.5	6.4	11.2	13.8
EV/Sales	—	2.5	2.7	4.3	4.2	3.8	3.5	3	2.9	2.4	2.2
EV/Gross Profit	—	1.3	1.4	2.3	2.2	2	3.5	3	2.9	2.4	2.2
EV/EBITDA	28.6	12.7	13.2	22.6	19.1	36.3	36	30.1	23.6	22.4	20.9
EV/EBIT	—	24.3	23.2	50.6	35.4	36.3	36	30.1	23.6	22.4	20.9
EV/OCF	19.3	19.7	19.7	26.7	21.8	19.5	20.6	20.3	18.2	14.4	12.3
EV/FCF	25.2	26.4	25.4	35.9	28.3	25.6	29.6	34.2	33.6	29.8	24.5

Dividends

Dividends	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Dividend Yield	2.1%	2.3%	1.8%	1.2%	1.3%	—	13.7%	1.2%	1.1%	1.4%	1.7%
DPS	0.4	0.5	0.4	0.3	0.4	—	3.2	0.2	0.2	0.2	0.1
Payout Ratio	—	74.6%	52.8%	52.6%	52.9%	—	30.2%	-75.5%	9.4%	33.1%	39.3%

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Gross Profit Margin	—	188.9%	187.6%	190.8%	188.3%	189.5%	100%	100%	100%	100%	100%
Operating Margin	—	10.1%	11.6%	8.5%	11.7%	10.5%	9.8%	9.9%	12.1%	10.7%	10.7%
EBITDA Margin	—	19.4%	20.5%	19.1%	21.8%	10.5%	9.8%	9.9%	12.1%	10.7%	10.7%
Net Profit Margin	—	5.6%	7.1%	6.2%	8.9%	6.6%	10.5%	-4%	28.3%	7.7%	7.1%
Effective Tax Rate	—	24.2%	22.7%	21.6%	19.1%	19.1%	16.2%	13.8%	4.3%	19.5%	21.8%
Pre-Tax Profit Margin	—	7.5%	9.2%	8%	11%	8.2%	12.5%	-4.6%	29.6%	9.6%	9%
Free Cash Flow Margin	—	9.3%	10.6%	12%	14.7%	14.9%	11.9%	8.8%	8.5%	8.1%	9.1%
OCF / Sales	—	12.5%	13.7%	16.2%	19%	19.6%	17.1%	14.7%	15.7%	16.7%	18.2%
OCF / Net Income	—	220.8%	193.4%	258.6%	214.1%	294.6%	163.1%	-369.9%	55.6%	215.3%	257.4%
FCF / OCF	76.6%	74.8%	77.3%	74.5%	77.3%	76.3%	69.7%	59.5%	54.1%	48.4%	50.2%
FCF / Net Income	—	165.1%	149.6%	192.7%	165.4%	224.7%	113.7%	-220.1%	30.1%	104.3%	129.4%
FCF / EBITDA	113.6%	48%	51.8%	62.9%	67.5%	142.2%	121.5%	88.1%	70.3%	75.3%	85.6%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Return on Invested Capital	—	4.2%	4.8%	3.6%	6.9%	5.9%	6.8%	7.8%	12.8%	9.5%	8.9%
Return on Assets	—	3.8%	4.2%	3.1%	5.7%	4.8%	6.1%	6.8%	9.9%	8%	7.4%
Return on Equity	—	7.4%	9.3%	8.7%	22%	17.4%	30.9%	-11.1%	105.5%	58.6%	79.7%
Return on Total Capital	—	9.4%	9.5%	6.8%	11%	8.8%	12.6%	16.7%	21.4%	14.5%	13.1%
Return on Capital Employed	—	6.7%	7.1%	5.3%	11.9%	11%	12.3%	11.6%	13.7%	14.7%	14.6%
Return on Tangible Assets	—	8.2%	8.7%	6.8%	9%	6%	13.7%	-5.7%	39.8%	11.6%	9.2%
Receivables Turnover	—	6.1	6.3	5.5	5.4	5.2	5.5	5.3	5.8	6.1	5.5
Days Sales Outstanding	—	60	58.1	66.7	67.7	69.7	66.3	69.1	63	60	66.8
Payables Turnover	—	-4.3	-4.1	-3.5	-3.1	-3.2	—	—	—	—	—
Days Payables Outstanding	—	-85.4	-89.5	-104.4	-118.1	-115.3	—	—	—	—	—
Inventory Turnover	—	-22.2	-23.1	-20.1	-19.5	-21.1	—	—	—	—	—
Days Inventory Outstanding	—	-16.5	-15.8	-18.2	-18.7	-17.3	—	—	—	—	—
Cash Conversion Cycle	—	128.9	131.8	152.9	167.1	167.7	—	—	—	—	—
Asset Turnover	—	0.5	0.5	0.5	0.6	0.6	0.7	0.8	0.9	0.9	0.9
Fixed Asset Turnover	—	5.7	5.7	4.7	4.7	4.5	5.2	6	6	4.9	3.6
Operating Cycle	—	43.5	42.3	48.5	49	52.4	—	—	—	—	—
CapEx to OCF	0.2	0.3	0.2	0.3	0.2	0.2	0.3	0.4	0.5	0.5	0.5
CapEx to Revenue	—	0	0	0	0	0	0.1	0.1	0.1	0.1	0.1
CapEx to Depreciation	0.3	0.3	0.4	0.4	0.4	—	—	—	—	—	—

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Debt	4,400	4,099.4	4,732	5,379	1,932	3,143.6	2,220.2	1,265.6	1,234.9	1,337.8	1,198
Net Debt	3,168.3	3,175.7	3,169	3,208	1,262	1,021.9	1,049.3	1,133.3	924.3	1,168	996.1
Current Ratio	1.1	0.8	1	1.1	1	1.1	1	0.6	1.2	1.2	0.7
Quick Ratio	0.9	0.7	0.9	1.1	0.9	1	0.9	0.5	1.1	0.8	0.6
Cash Ratio	0.5	0.4	0.6	0.8	0.5	0.8	0.7	0.1	0.4	0.2	0.2
Debt Ratio	0.4	0.4	0.4	0.5	0.4	0.6	0.5	0.4	0.4	0.5	0.6
Assets to Equity	2.7	2.5	2.7	2.9	3.4	4.9	4.2	3.7	3.3	7	10.2
Cash Flow to Debt Ratio	0.2	0.2	0.2	0.1	0.3	0.2	0.2	0.3	0.3	0.3	0.3
Long-term Debt to Assets	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.4	0.5	0.4
Intangibles to Total Assets	0.6	0.7	0.6	0.6	0.5	0.3	0.4	0.5	0.4	0.4	0.4
Net Current Asset Value	-3,874.1	-4,229.3	-4,341	-4,606	-1,715	-1,614.6	-1,467	-1,507.8	-1,309.9	-1,358.8	-1,349.8
Debt / Equity	1.1	1	1.2	1.3	1.5	2.8	2.2	1.5	1.3	3.7	5.6
Total Debt / Capitalization	1	1	1	1	1	1	1	1	1	1	1
Long Term Debt / Capitalization	0.8	0.7	0.7	0.7	0.7	0.5	0.5	0.6	0.9	0.9	0.7
Long-Term Debt / Equity	0.9	0.7	0.8	1	1.1	1.3	1.2	0.9	1.2	3.5	4.1
Net Debt / EBITDA	6.6	3	2.9	4.5	2	3.5	4	4.6	3.2	5	5.3
EBIT / Interest Expense	—	-2.8	-3.3	-4	-10.2	-3.8	-4.7	-4.4	-6	-4.7	-3.8
EBITDA / Interest Expense	—	-5.4	-5.8	-9	-18.9	-3.8	-4.7	-4.4	-6	-4.7	-3.8
(EBITDA - Capex) / Interest Expense	—	-4.5	-4.9	-7.1	-15.2	-2.1	-2.2	-1.8	-2.4	-0.9	-0.6

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Revenue per Share	—	10.8	10.6	9.2	7.9	7.5	99.6	6.7	6.5	5.9	4.8
Basic EPS	0.1	0.1	0.2	0.1	0.1	0.1	0.2	-0.1	0.4	0.1	0.1
Diluted EPS	0.1	0.1	0.2	0.1	0.1	0.1	0.2	-0.1	0.4	0.1	0.1
Book Value per Share	7.6	8.3	8.1	10.2	3.4	3	36.8	2.2	2.5	1	0.6
Tangible Book Value per Share	-5.3	-5.7	-5.8	-8	-2.4	-2.1	-24.7	-1.8	-0.8	-1.7	-1.7
Cash per Share	2.4	1.8	3.1	5.4	1.8	5.7	43	0.4	0.8	0.5	0.6
Operating Cash Flow per Share	1.4	1.3	1.5	1.5	1.5	1.5	17	1	1	1	0.9
Free Cash Flow per Share	1.1	1	1.1	1.1	1.2	1.1	11.9	0.6	0.6	0.5	0.4
CapEx per Share	0.3	0.3	0.3	0.4	0.3	0.3	5.1	0.4	0.5	0.5	0.4
Weighted Avg. Shares Outstanding	2,521.5	2,521	2,516	2,002	1,858	1,853	135.8	1,841.2	1,834.8	1,826	1,819.2
Weighted Avg. Shares Outstanding Diluted	2,528.5	2,528	2,527	2,014	1,866	1,863	136.2	1,855.7	1,850.5	1,842.9	1,826.7