공시 • May 23
Rentokil Initial plc Announces the Appointment of Rafael "Rafa" Carrasco as Chief Executive Officer, North America, Effective 3 August, 2026 Rentokil Initial plc announced the appointment of Rafael "Rafa" Carrasco as Chief Executive Officer, North America, commencing 3 August. Rafa joins the Company with a distinguished track record of leadership in large-scale, route-based service industries. He most recently served as President of WM Healthcare Solutions and Senior Vice President of Strategy at WM (previously known as Waste Management Inc.), where he oversaw multi-site operations with 200+ branches and over 10,000 corporate and field-based employees across the U.S., Canada, the U.K., Ireland and Western Europe. He is highly experienced at executing a recurring revenue model, serving commercial and residential customers. Professional Highlights: Extensive Operational Leadership: Rafa has held numerous senior leadership roles over a 10-year career at WM. Prior to serving as President of WM Healthcare Solutions, Rafa led WM's East region, where he enabled disciplined growth through leveraging process and technology solutions focusing on consistent service delivery to customers, reducing frontline turnover and improving operational efficiency. Strategic Transformation: As SVP of Strategy, he led enterprise-level transformation initiatives, using data and technology to optimise operations and drive continuous improvement. Integration Expertise: Rafa led the integration of Stericycle, a $7.2bn acquisition, delivering standout first year cost synergies and establishing a path toward higher synergies over time. Professional Education: Holds a BBA Marketing and an MBA Operations Management from the University of Houston. Alain Moffroid, the current interim CEO, North America, will remain on the NA leadership group supporting Rafa and the team as they continue executing their growth plan. He will support the Company through the end of 2027. Rafa Carrasco: Career Summary at WM President of WM Healthcare Solutions Houston, Texas | Nov. 2024 – Present; Senior Vice President - Enterprise Strategy Houston, Texas | Oct 2023 – Present; Senior Vice President - Field Operations - East Houston, Texas | Jul 2021 - Oct 2023; Area Vice President ? Greater Mid-Atlantic | Apr. 2017 - Jul 2021; Area Vice President Eastern Canada | Nov. 2016 - Apr. 2017; Vice President - Special Projects Houston, Texas | Jul 2016 - Nov. 2016; Prior to WM, he spent 6 years in General Management roles at Sims Metal Management Limited and 13 years at ESCO Marine. Buy Or Sell Opportunity • Apr 29
Now 20% undervalued Over the last 90 days, the stock has risen 4.4% to €5.69. The fair value is estimated to be €7.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 8.9%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 26% per annum over the same time period. 공시 • Apr 16
Rentokil Initial plc Appoints Thérèse Esperdy as Chair of the Board Rentokil Initial plc announced the appointment of Thérèse Esperdy as Chair of the Board commencing September 1, 2026. She will join the Board as a Non-Executive Director and Chair-designate on July 1, 2026. This appointment follows the announcement on March 5, 2026 that Richard Solomons, who has served as the Chair of the Company since 2019, had informed the Board of his intention to retire from the Company. Thérèse is currently Non-Executive Chair of Imperial Brands plc, a position from which she will retire following their November 2026 Board meeting and Fiscal Year 2026 results announcement, having served on the Board since July 2016. She is also the Senior Independent Director designate of Smith & Nephew plc and a Non-Executive Director of Moody's Corporation. Thérèse was previously Senior Independent Director of National Grid plc. In her executive career, Thérèse held senior leadership roles with JP Morgan including Global Chair of their Financial Institutions Group, Co-head of Asia-Pacific Corporate & Investment Banking and Global Head of Debt Capital Markets. The Board determined that Thérèse Esperdy is an independent Non-Executive Director on appointment in accordance with the UK Corporate Governance Code. She will succeed Richard Solomons as Chair of the Nomination Committee on September 1, 2026. Richard Solomons will retire from the Board with effect from midnight on August 31, 2026. Upcoming Dividend • Apr 03
Upcoming dividend of US$0.082 per share Eligible shareholders must have bought the stock before 09 April 2026. Payment date: 18 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.7%). New Risk • Mar 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 43% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (108% payout ratio). Large one-off items impacting financial results. Buy Or Sell Opportunity • Mar 09
Now 20% undervalued Over the last 90 days, the stock has risen 14% to €5.49. The fair value is estimated to be €6.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 5.3%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. 
