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  "documentTitle": "Rollins Inc. (ROL)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-10-04 00:00:00",
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      "text": "We believe that Rollins' 12% global market share accounting for nearly 85% of the total global pest control market turnover appears extremely frothy.",
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      "text": "market share: 12%",
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      "text": "Based on credible industry sources, the global pest control industry in 2023 is estimated to be $23 - $25 billion, growing 4.5% - 6.0% and with the U.S. representing approximately 50% of the global market. Rollins, which is only the second largest player in the U.S. with 2023E revenue of $3 billion (93% U.S. / 7% international) has an enterprise value of $20 billion. We believe that Rollins' 12% global market share accounting for nearly 85% of the total global pest control market turnover appears extremely frothy.",
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      "text": "As an industry, the global professional pest control market continues to thrive. According to Research & Markets' Pest Control Global Market Report 2023, it was estimated to be worth $21.17 billion in 2022, $22.85 billion in 2023, and is predicted to rise by an average of 5 to 6 percent per year to reach $31.4 billion in 2027. The U.S. market mirrors this increase. Figures recently published by Specialty Consultants estimated a 6 percent increase in the revenue of the pest control service industry, rising from $10.42 billion in 2021 to $11.04 billion in 2022. In other words, half the global total.",
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      "text": "Rentokil Initial and Terminix are significant players in the attractive, non-cyclical and growing pest control industry. The global pest control market, estimated to be worth c.US$22bn in 2020 (51% in North America, 20% Europe, 21% Asia), has delivered a total market CAGR of 4.7% over the last five years and is estimated to grow at between 4.5% and 5%+ over the medium term.",
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      "text": "Rentokil Initial and Terminix are significant players in the attractive, non-cyclical and growing pest control industry. The global pest control market, estimated to be worth c.US$22bn in 2020 (51% in North America, 20% Europe, 21% Asia), has delivered a total market CAGR of 4.7% over the last five years and is estimated to grow at between 4.5% and 5%+ over the medium term. — Terminix and Rentokil Deal Press Release",
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      "text": "Sources: Terminix and Rentokil Deal Press Release, Dec 14, 2021; \"The Ripple Effect of the Rentokil/Terminix Merger,\" PCT, May 2023",
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      "text": "Rollins Valuation In Relation To The Global Pest Control Industry Seems Frothy",
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      "text": "Global Market Estimate From The Largest Player",
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