Core Thesis - Custom Truck One Source, Inc. (CTOS) is positioned as a strong investment opportunity due to its exposure to the power grid and transmission-and-distribution (T&D) capital expenditure supercycle, despite its current discounted valuation [2][3]. Company Overview - CTOS has a market capitalization of $1.3 billion and operates over 40 locations across the U.S. and Canada, providing rental, sales, parts, service, and customization of specialized utility equipment [2]. - The company trades at a price-to-sales ratio of 0.70x, indicating a potentially undervalued position in the market [2]. Revenue and Growth - Approximately 60% of CTOS's revenue is linked to T&D, with a rental fleet of over 9,600 units, including bucket trucks and cranes, which require extensive customization [3]. - Revenue has increased from $1.17 billion in 2021 to nearly $2.0 billion, reflecting a compound annual growth rate (CAGR) in the mid-teens [3]. Competitive Position - CTOS holds an estimated 20% share of the niche custom utility truck market, supported by its capability to offer over 250 product variations [3]. - The company benefits from a diversified customer base and favorable financing dynamics, which enhance operating performance [4]. Management and Strategy - Management is focused on balancing deleveraging, potential ownership transition, and rental fleet expansion, which could lead to higher free cash flow and multiple expansion [5]. - Insider buying indicates management alignment with shareholder interests, although elevated leverage and private equity ownership present challenges [4]. Market Sentiment - The stock price of CTOS has appreciated approximately 70% since previous bullish coverage, driven by infrastructure tailwinds and valuation upside [6].

Group 1 - United Rentals, Inc. (NYSE:URI) is among the best performing S&P 500 stocks in the last 3 months [1] - KeyBanc maintained its Overweight rating on United Rentals, Inc. and raised its price target from $960 to $1,075 [1] - KeyBanc's study focused on secular non-residential development trends, particularly in the data center industry, monitoring 542 data center projects with a total estimated investment value of $990 billion from January 2020 to July 2025 [1] Group 2 - Despite potential hurdles such as interest rates, legal issues, and power grid limits, KeyBanc estimates forward investment visibility at about $459 billion after applying a conservative 50% discount to outstanding project expenditure [2] - United Rentals, Inc. provides a variety of industrial equipment for the construction industry, including forklifts, cranes, tools, booms, and scissor lifts [3]

As filed with the U.S. Securities and Exchange Commission on March 27, 2023. Registration No. 333-269641 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 3 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (I.R.S. Employer Identification No.) 3E Gul Circle Singapore 629633 +65 6287 5252 (Address, including zip code, and telephone number, including area code, of Registrant's principal executive office) Cogency Global Inc. 122 East 42 Street, 18 Floor New ...