RENTOKIL INITIAL PLC /FI
RTOdata completeness 100%3 fiscal years on fileData notes: no data for concept 'interestExpense'
RENTOKIL INITIAL PLC /FI earns about 7% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $1.93 and $4.18 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $6.39B1 | $6.62B1 | $6.91B1 |
| Net income | $474M2 | $392M2 | $470M2 |
| Operating cash flow | $916M3 | $868M3 | $972M3 |
| Capital expenditure | $207M4 | $219M4 | $208M4 |
| Free cash flow (derived) | $709M3 | $649M3 | $764M3 |
| Total debt | — | $4.62B5 | $5.41B5 |
| Cash & equivalents | $1.99B6 | $1.16B6 | $2.32B6 |
| Diluted shares | 2.52B | 2.52B | 2.53B |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $21.76 of net worth that earned you $1.86 and generated $3.02 of cash last year, against $21.41 of debt.
It earned about 7% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is roughly flat over 3 years — little dilution, little buyback. Total debt has risen 17% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.93 and $4.18 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$709M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$709M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$470M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $2.79 |
| Base | 5.0% | $3.76 |
| Bull | 10.0% | $4.92 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2023-12-31 · accession 0001104659-26-034062 (RevenueFromContractsWithCustomers)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-034062 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-034062 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-034062 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2024-12-31 · accession 0001104659-26-034062 (Borrowings)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-034062 (CashAndCashEquivalents)