REPORTS

CONSTRUCTION EQUIPMENT

The following are recent reports published by TRG. Please contact Chris White to request a copy.

August 2017

8/17
United Rentals (URI) Announces Acquisition of Neff
8/16
Feedback from a Private Equipment Appraiser & Remarketer; Read-through for RBA
8/14
RBA – Q2’17 Post Conference Call Recap
8/11
HRI – Q2’17 Post Conference Call Recap
8/8
RBA – Q2’17 Adjusted EPS Beats as Strong ARR Performance and Better SG&A Offsets the Expected GAP Decline
8/8
HRI – Q2’17 Adjusted EBITDA Results In-Line, FY’17 Guidance Reiterated
8/2
Q2’17 Neff Results; Rental Revenue Up 3.2% YOY On Lower Time Utilization & Higher Rates, FY’17 Guidance Reiterated
8/1
HEES - Q2’17 Post Conference Call Recap

July 2017

7/27
ASTE - Q2’17 Post Conference Call Recap
7/27
HEES – Q2’17 A $0.07 Beat On Strong Performance in Rental with Higher Utilization and Higher Rates on a Larger Fleet
7/25
URI – Q2’17 Post Conference Call
7/25
ASTE - Q2’17 an $0.18 EPS Miss on Lower Than Expected Margins on Pellet Plant Installation, Backlogs Ex-Pellet Plants Up a Strong 27% YOY
7/24
Used Equipment Industry Feedback; Updating RBA Estimates
7/19
URI – Q2’17 A Beat and Raise On Broad-Based Demand; Time Utilization at a Quarterly Record
7/14
H&E Equipment to Acquire Neff for $1.2B Enterprise Value; Doubles Branch Network
7/12
Q2’17 Equipment Rental Survey

June 2017

6/13
Q4’17 (April) Ashtead Results; Sunbelt Seeing Higher Physical Utilization While Yield Declines, Continues to Aggressively Grow Fleet

May 2017

5/15
HRI - Q1’17 Post Conference Call Recap
5/10
RBA - Q1’17 Post Conference Call Recap
5/9
HRI - Q1’17 An Adjusted EBITDA Miss On Higher Revenues & Lower Margins, FY’17 Guidance Reiterated
5/4
RBA - Q1’17 Headline Ex-items EPS Number Better Than It Appears After Adjusting for Additional Items
5/1
ASTE - Q1’17 Post Conference Call Recap
5/1
HEES - Q1’17 Post Conference Call Recap

April 2017

4/17
HEES - Q1’17
4/27
HEES - Q1’17 A Penny Beat; Rental Demand Improves While The Always Lumpy New Sales Segment Declines More Than Expected
4/26
Q1’17 Neff Results a Read-through for URI, HRI, HEES; Rental Revenue Up 5% YOY, As Time Utilization Falls & Rental Rates Increase
4/25
ASTE - Q1’17 a $0.01 EPS Miss on Higher Revenues & Lower Margins
4/24
URI - Q1’17 Post Conference Call Recap
4/19
URI - Q1’17 A Modest EBITDA Miss On Lower Rates, Though Volumes Higher With Utilization Reaching a Q1 Record
4/18
Q1'17 Auction & Appraisal Survey

March 2017

3/28
Q1'17 Equipment Rental Survey; Rental Demand Moving Higher & Go-Forward Expectations Positive
3/28
TRG C&I 2017 - Is Non-res Dead?
3/27
TRG C&I 2017 - Sifting Through the Political Hoopla
3/17
Expansive Definition of Infrastructure; The Smoking Gun
3/13
CONEXPO-CON/AGG; Feedback from Meetings at the Triennial Construction Industry Trade Show
3/8
Q3’17 (January) Ashtead Results; Sunbelt Continues to Post Strong Growth with a Greater Investment in Fleet Than Peers
3/6
HRI – Q4’16 Post Conference Call Recap
3/3
Q4’16 Neff Results a Read-through for URI, HRI & HEES; Rental Revenue Up 6% YOY & Time
3/3
HEES – Q4’16 Post Conference Call Recap
3/1
HRI – Q4’16 A Modest EBITDA Miss, FY’17 EBITDA Guidance In-Line With Consensus; Extension Filed for 10-K

February 2017

2/24
RBA – Q4’16 Conference Call Recap
2/24
ASTE – Q4’16 Conference Call Recap
2/23
HEES – Q4’16 An EBITDA Beat, EPS Results Somewhat More Skewed Due to Significantly Lower Than Expected Taxes
2/21
ASTE – Q4’16 In-Line On Strong Sales & Lower Than Expected Margins; Backlog at a December Record
2/21
RBA – Q4’16 A Beat Supported By A Particularly Strong Auction Revenue Rate

January 2017

1/30
URI - Q4'16 A Strong Beat, NES Rental Acquisition Announced
1/25
URI - Q4'16 Results Exceed Expectations & FY’17 Guidance Initiated; Acquires NES Rentals
1/24
Q4'16 Auction & Appraisal Survey
1/12
Q4'16 Equipment Rental Survey
1/6
Potential Infrastructure Stimulus to Boost Equipment Rental Companies; Updating Estimates & Raising PTs

December 2016

12/21
HRI – Path to Robust Profit Growth: Balancing Fundamental Revenue Growth, Margin Expansion & Potential Tax Cuts Benefits
12/14
HRI – Takeaways from Marketing with Herc Senior Management
12/6
Q2’17 (October) Ashtead Results; Sunbelt Continues to Post Strong Growth with a Greater Investment in Fleet
12/5
URI - Key Takeaways From United Rentals Investor Day in NYC

November 2016

11/18
RBA – Q3’16 Conference Call Recap & Estimate Update
11/9
RBA – Q3’16 A Beat Excluding a Non-Cash Impairment Charge & Acquisition-Related Costs
11/9
HRI – Q3’16 Conference Call Recap & Estimate Update
11/8
HRI – Q3’16 Beats Consensus EBITDA & FY’16 Guidance Reiterated
11/3
ASTE – Q3’16 Conference Call Recap & Estimate Update

October 2016

10/31
HEES – Q3’16 Conference Call Recap & Estimate Update
10/27
HEES – Q3’16 Earnings In-Line With Consensus Estimates On Lower Than Expected Top-Line & Higher Than Expected Margins
10/26
Q3’16 Neff Results a Read-through for URI, HRI & HEES; Non-Energy Intensive Markets Continue to Trend Positively As Excess Fleet is Absorbed
10/25
ASTE – Q3’16 A Miss On Lower Than Expected Margins; Revenue & Backlog Growth Remain Strong
10/24
URI – Q3’16 Recap & Estimate Update; Industry Fleet Absorption Improving
10/19
URI – Q3’16 Beats Expectations; FY’16 Guidance Updated With Higher Rates, EBITDA and FCF
10/18
Q3'16 Auction & Appraisal Survey
10/6
Q3’16 Equipment Rental Survey
10/3
Feedback from a Top Private Rental Company, September Looks Like an Inflection Point

September 2016

9/26
HRI – Initiating Coverage of Herc Rentals with a Buy Rating
9/19
HEES – Key Takeaways from Marketing in Boston
9/7
Q1’17 Ashtead Results; Strong Rental Revenue Growth at Sunbelt Driven Primarily by Increased Fleet on Rent

August 2016

8/31
RBA – Upgrading Ritchie Bros to a Buy on the IronPlanet Acquisition and Strategic Alliance with Caterpillar
8/30
RBA – Announces Acquisition of IronPlanet and a Strategic Alliance with Caterpillar
8/11
RBA – Q2’16 Conference Call Recap & Estimate Update
8/8
RBA – Q2’16 Misses Primarily on Higher SG&A
8/1
HEES – Q2’16 Conference Call Recap & Estimate Update

July 2016

7/28
HEES – Q2’16 Earnings a Miss, Primarily On Weaker Than Expected New and Used Sales
7/27
ASTE – Q2’16 Conference Call Recap & Estimate Update
7/26
ASTE – Q2’16 A Beat On Stronger Top-Line & Margins; Domestic Business Benefitting from the Federal Highway Bill
7/26
URI – Q2’16 Recap & Estimate Update; Beats & Reaffirms Financial Guidance
7/20
URI – Q2’16 Beats Expectations; FY’16 Financial Guidance Reaffirmed, With Updates to Utilization & Rate
7/15
RBA – Updating Estimates to Incorporate June Historical Auction Metrics
7/7
Q2'16 Auction & Appraisal Survey
7/1
Q2'16 Equipment Rental Survey

June 2016

6/14
Q4’16 Ashtead Results; Strong Rental Revenue Growth at Sunbelt Driven by Increased Fleet on Rent, While Yield Declines 2% YOY
6/13
Preliminary Thoughts on the Herc Rentals Spin & Takeaways from Their Analyst Day in NYC

May 2016

5/12
RBA – Q1’16 Conference Call Recap & Estimate Update
5/9
RBA – Q1’16 Earnings A Strong Beat Driven By Better Than Expected Auction Revenue Rate
5/5
ASTE – Q1’16 Conference Call Recap & Estimate Update
5/2
HEES – Q1’16 Conference Call Recap & Estimate Update

April 2016

4/28
HEES – Q1’16 Earnings a Beat Largely Driven by Stronger Than Expected New Equipment Sales, Rental Business Still Seeing Growth
4/26
URI – Q1’16 Posts In-Line EBITDA, Utilization Returns to Positive Territory
4/26
ASTE – Q1’16 A Beat On Higher Margins, Domestic Business Posting Strong Growth
4/20
URI – Q1’16 Posts In-Line EBITDA; FY’16 Guidance Lowered as Management Trims Rate Expectations
4/13
Q1’16 Auction & Appraisal Survey; More Lots with Weaker Pricing Continues to Be the Theme

March 2016

3/31
Q1’16 Equipment Rental Survey; Drag from Excess Fleet Continues, Longer-term View Remains Positive
3/8
Q4’15 Neff Results: Non-Oil & Gas Markets Trending Positively On Both Utilization and Rates; A Read-through for URI and HEES
3/3
RBA - Q4’15 Conference Call Recap & Estimate Update
3/1
Highway & Street Construction PIP up 34% YOY to Record $110.6B. Total Construction up 10.4%, NR up 12.3%, Res up 7.6% YOY
3/1
Q3’16 Ashtead Results; Rental Revenue Growth at Sunbelt Driven by a Larger Fleet, While Yield Declines 1% YOY

February 2016

2/29
HEES - Q4’15 Conf Call Recap & Estimate Update; Lowering Our PT to $28
2/25
RBA - Q4’15 Earnings Misses By $0.03
2/25
HEES - Q4’15 Earnings a $0.04 Miss Driven by Lower Margins, Rental Business Still Seeing Top-Line Growth and Better Rate
2/24
ASTE - Q4'15 Conf Call; Outlook Calls for Top and Bottom-Line Growth in FY’16
2/23
ASTE - Q4’15 A Miss on Lower Revenue and Lower Margin
2/12
Takeaways from the IronPlanet Auction in Orlando
2/1
URI - Q4’15 Utilization & Rate Trends Weaker, Lowering Our PT to $95

January 2016

1/29
TRG Announces First Annual Construction and Industrial Conference – April 5, 2016 – NYC
1/27
URI - Q4’15 A Miss On Lower Than Expected Utilization and Gross Margins; FY’16 Outlook In-Line with Consensus
1/15
Q4’15 Auction & Appraisal Survey; Private Auctioneers Still Seeing Greater Volume, Offset By Weaker Pricing
1/11
Q4’15 Equipment Rental Survey; Utilization Picking Back Up As Excess Fleet Gets Absorbed
1/4
ASTE - Conference Call Tomorrow - REMINDER

December 2015

12/9
Q2’16 Ashtead Results; Strong Results a Positive Read-Through for Rental Demand
12/8
First Multi-Year Highway Bill in Decade Establishes Long-Term Funding Visibility + Stocks That Benefit
12/2
Conference Committee Passes Fully-Funded, 5-Year $300B Transportation Bill

November 2015

11/16
Reminder of TRG Coverage European Exposure
11/13
RBA - Q3’15 Recap & Estimate Update; Strong ARR Performance Continues
11/12
NEFF - Q3’15 Results: Non-Oil & Gas Markets Trending Positively, A Read-through for URI and HEES
11/5
RBA – Q3’15 Earnings A Beat On Stronger Auction Revenue Rate, Acquisition of Xcira Announced
11/2
HEES - Q3’15 Beats as the Rental Business Improves, Guidance Lowered

October 2015

10/29
HEES - Q3’15 Earnings Snapshot; $0.02 Beat On Better Than Expected Revenues, FY’15 Guidance Lowered
10/26
URI - Q3’15 Below Trend-Line But Still A Beat, LT Drivers Remain Intact
10/21
URI – Q3’15 Beats Again Despite Weaker Trends in Key Metrics Due to Excess Fleet in the Market, FY’15 Guidance Reiterated
10/21
ASTE - Q3’15 Focuses on a Confluence of Headwinds, Revenue and Margins Weaker Than Expected As Backlog Declines
10/20
ASTE - Q3’15 Another Big Miss on Lower Revenue and Lower Gross Margins
10/16
Q3’15 Auction & Appraisal Survey; Auctioneers Still Seeing Greater Volume On Weaker Pricing
10/8
Q3’15 Equipment Rental Survey; Drags Continue from Lower O&G Activity and Fleet Absorption Issues

September 2015

9/2
Q1'16 Ashtead Results; Strong Seasonal Pick-up After Wet Spring; Utilization at the End of July Up 200 bps YOY

August 2015

8/13
RBA - Q2'15 Conf Call Recap & Estimate Update
8/6
RBA - Q2'15 Earnings a Beat, Primarily on Better Than Expected Auction Revenue Rate
8/4
Q2'15 Neff Results; Wet Weather & Lower O&G Activity Contribute

July 2015

7/31
HEES - Q2'15 Conf Call Recap & Estimates Update
7/30
HEES - Q2'15 Earnings Snapshot; $0.04 Miss Primarily on Lower than Expected Margins, FY'15 Guidance Lowered
7/27
URI - Q2'15 Conference Call; Key Metrics Weaker on Temporary Drags
7/23
URI - Q2'15 Beats Despite the Negative Impact from Lower O&G Activity; $1B Share Repo Announced & Guidance Lowered
7/22
ASTE - Q2'15 Conf Call Recap & Estimate Update
7/21
ASTE - Q2'15 A Big Miss on Lower Sales & Operating Margins; International Business Hity by Stronger USD
7/17
Takeaways from IronPlanet Meetings in the Northeast; Value Prop of the Online Auction Model & Recent Strategic Decisions to Propel Future Growth

June 2015

6/10
Feedback from a Top Private Rental Company; Real Drag in May Was From Unprecedented Rain

May 2015

5/15
RBA - Q1'15 Conference Call Recap & Estimate Update
5/8
RBA - Q1'15 Earnings a Strong Beat, Primarily on Stronger Than Anticipated ARR
5/5
HEES - Q1'15 Conference Call Recap & Estimate Update

April 2015

4/30
HEES - Q1'15 Earnings Snapshot; $0.04 Miss on Lower New Equipment Sales & FY'15 Guidance Provided
4/27
URI - Q1'15 Conference Call Takeaways & Estimate Update; Another Strong EPS Beat Despite Weaker Oil & Gas Results
4/23
ASTE - Q1'15 Conference Call Recap & Estimate Update
4/22
URI - Q1'15 a Strong EPS Beat; Top-End of FY'15 Outlook Lowered
4/21
ASTE - Q1'15 Beats by $0.08 on Significantly Higher Revenue; International Backlog Declines
4/17
Q1'15 Equipment Rental Survey; Non-res and Industrial End-Markets Driving Utilization and Rates Higher
4/6
Q1'15 Auction & Appraisal Survey; Used Values Flatten Out While the Supply of Equipment Improves

March 2015

3/27
Non-res Revisited; Non-res Recovery is Gaining Strength
3/20
RBA - Q4'14 Conf Call Estimate Update
3/12
Q4'14 Neff Corp. Results Provide Another Comp for Public Rental Companies
3/3
Q3'15 Ashtead Results; Strong Retnal Growth at Sunbelt a Positive Read-through for URI and HEES
3/3
RBA - Q4'14 Earnings Snapshot; Ex-Items EPS In-Line
3/2
HEES - Q4'14 Earnings Recap: A Focus on the Impact From Oil Prices

February 2015

2/26
HEES - Q4'14 Earnings Snapshot; $0.03 Beat Driven By Growth in Both Rental and New Equipment Rental Sales
2/25
ASTE - Q4'14 Conf Call Estimate Update
2/24
ASTE - Q4'14 Beats By a Penny, Backlog Reaches a Record High

January 2015

1/23
URI - Q4'14 Conf Call Takeaways; Fundamentals Strong Despite Lower Oil Prices, Recent Sell-Off Represents a Buying Opportunity
1/22
URI - Q4'14 Another Strong Beat; FY'15 Outlook In-Line With Consensus Estimates
1/20
Q4'14 Equipment Rental Survey; Rental Activity in NOn-res & Industrial Strengthen Sequentially, Participants Unphased by Lower Oil Prices
1/13
RBA - Investor Day Focuses on Strategic Vision, Capital Allocation Priorities and Long-Term Financial Targets
1/5
Q4'14 Auction & Appraisal Survey; Auction Industry Sees Supply-Side Improving, Lower Oil Prices to Spur Disposals
1/5
Top Stock Ideas Going Into 2015

December 2014

12/10/14
Q2'15 Ashtead Results; Robust Top-Line Growth at Sunbelt Continues
12/5/14
URI - Investor Day Takeaways; Multi-Year FCF Guidance & Share Repurchase Announced; Raising our PT From $127 to $140
12/2/14
Lower Energy Prices Not Expected to Have a Meaningful Impact on the Equipment Rental Business

November 2014

11/4/14
RBA - Q3'14 Conf Call Recap & Estimate Update
11/4/14
RBA - Q3'14 Ex-Items EPS In-Line; Reorganization Announced

October 2014

10/31/14
HEES - Q3'14 Recap & Estimate Update; Raising Our PT to $49
10/30/14
HEES - Q3'14 Earnings Snapshot: High Quality Miss as Equipment Rental Exceeds Expectations
10/22/14
ASTE - Q3'14 Conference Call Recap & Estimate Update
10/21/14
ASTE - Q3'14 Results; Big Miss on Top & Bottom Line, Backlog Growth a Bright Spot
10/17/14
URI - Q3'14 Conf Call Takeaways; Macro in North America Still Favorable
10/16/14
URI - Q3'14 Beats on Broad-Based Strength in Rental; Disconnect Between Stock Price & Fundamentals Represent An Opportunity
10/10/14
Q3'14 Auction & Appraisal Survey; Auction Industry Poised to Benefit From Improving End-Markets
10/7/14
Q3'14 Equipment Rental Survey; Utilization & Rate Trending Higher With Increased Activity in Non-Res & Industrial End Markets

September 2014

9/29/14
RBA - San Fran Marketing Lays Out Go-Forward Growth Drivers
9/3/14
Q1'15 Ashtead Results; Strong Rental Revenue Growth Continues in the United States

August 2014

8/6/14
RBA - Q2'14 Conference Call Recap & Estimate Update
8/5/14
RBA - Q2'14 Beats By $0.02 On Record GAP & Lower ARR
8/4/14
HEES - Q2'14 Recap & Estimate Update; Raising our PT to $44

July 2014

7/31/14
HEES - Q2'14 A Strong Beat on Higher Revenues & Margins
7/24/14
ASTE - Q2'14 Conf Call Recap & Estimate Update
7/22/14
ASTE - Q2'14 Results; In-Line on Higher Revenue & Lower Gross Margins
7/18/14
URI - Q2'14 Conf Call Takeaways; Raising PT to $127
7/17/14
URI - Q2'14 Another Ex-Items Beat; FY'14 Guidance Raised
7/3/14
Q2'14 Auction & Appraisal Survey; Environment Incrementally Improving

June 2014

6/20/14
Q4'14 Ashtead Results; Strong Momentum Across Rental

May 2014

5/13/14
ASTE - Q1'14 Recap; Earnings Miss Driven By Lower International Sales
5/7/14
RBA - Q1'14 In-Line; GAP & Adj. EBIT Guidance Lowered
5/6/14
HEES - Q1'14 Conf Call Takeaways; Raising PT to $41

April 2014

4/23/14
ASTE - Q1'14 Recap; Earnings Miss Driven By Lower International Sales
4/22/14
Q1'14 Auction & Appraisal Survey; Quarter Marked By a Weather Driven Pause
4/21/14
URI - Q1'14 Conf Call Takeaways; Raising PT to $120
4/16/14
URI - Q1'14 A Strong Ex-Items EPS Beat; Rates, Utilization & Fleet-on-Rent Move Higher Despite Tough Weather
4/1/14
ASTE - Acquisition of Telestack

March 2014

3/27/14
URI - Branch Tour Points to Key Differentiators & A Focus on Continuous Improvement
3/18/14
Hertz Announces Q4'13 Results & Spin-off of HERC
3/11/14
Optimism for 2014 Evident at CONEXPO
3/11/14
RBA - Investor Day at CONEXPO
3/10/14
URI Announces Acquisition of National Pump; Increases Exposure to Oil & Gas at an Attractive Price Point
3/5/14
Q3'14 Ashtead Results; Strong Momentum Across Retnal
3/4/14
RBA - Q4'13 Conference Call - Post Significantly Higher GAP, But Still Cautious on Slope of Recovery
3/3/14
ASTE - Q4'13 Conference Call - EPS Growth Driven by Lower SG&E and R&D Tax Credits
3/3/14
HEES - Q4'13 Conference Call - Strength in Rental Continues

February 2014

2/10/14
Q4'13 Auction & Appraisal Survey; Used Values Flat to Modestly Higher; Supply-Side Beginning to Improve

January 2014

1/24/14
URI - Q4'13 Another Strong Quarter on Broad-Based Improvement in Demand; Outlook Remains Favorable
1/23/14
URI - Q4'13 an Ex-Items EPS Beat as Strength in Rental Continues; FY'14 Outlook In-Line With Expectations
1/20/14
Q4'13 Equipment Rental Survey; Rental Demand Expected to Accelerate in 2014 on End-Market Recovery
1/17/14
ASTE - Astec Marketing in Boston Highlights Shift in End-Markets

December 2013

12/10/13
Q2'14 Ashtead Results; Positive Momentum at Sunbelt

November 2013

11/7/13
RBA - Q3'13 Beats on Impressive ARR Performance, But Growth Over the Intermediate Term Still Dependent on Ability to Drive GAP
11/5/13
RBA - Q3'13 Beats By $0.04 on Higher ARR Despite GAP Decline
11/4/13
HEES - Q3'13 Conference Call Takeaways; Showing Broad Based Strength in Rental & Distribution Sides of the Business

October 2013

10/23/13
ASTE - Q3'13 Conference Call Takeaways; Still Waiting for a Turnaround in Core End-Markets
10/21/13
URI - Q3'13 Earnings Marks a Continuation of Positive Rental Trends & Authorization of a $500MM Buyback; Reiterate Our Buy Rating
10/17/13
URI - United Rentals Announces $500MM Repurchase Program, Q3'13 Adjusted EPS Beats Consensus & Guidance Reaffirmed
10/8/13
Q3'13 Auction & Appraisal Survey; Values Flat to Modestly Higher, Supply-Side Remains Tight

September 2013

9/24/13
Q3'13 Equipment Rental Survey; Rental Fundamentals Remain Positive; Raising PTs and Reiterating Buy-Ratings on URI and HEES
9/4/13
Q1'14 Sunbelt Results - Continued Momentum Points to Strong Growth Across the Equipment Rental Industry

August 2013

8/7/13
RBA - Q2'13 Conference Call Takeaways; Challenging GAP Environment Continues, ARR Improves as Quantity of At-Risk Business Declines
8/2/13
HEES - Q2'13 Conference Call Takeaways; Rental & Distribution Benefitting From Strong Industrial and Improving Construction Markets

July 2013

7/18/13
URI - Q2'13 Earnings - Momentum Continues With Record Margins; Reiterating Our Buy Rating
7/8/13
Q2'13 Auction & Appraisal Survey; Challenging Environment for the Auction Industry Continues

June 2013

6/25/13
Q2'13 Equipment Rental Survey; Recent Sell-Off Represents a Buying Opportunity, Fundamentals Still Positive
6/20/13
Sunbelt Posts Strong Q4'13, A Positive for United Rentals and H&E Equipment

May 2013

5/3/13
HEES - Q1'13 Conference Call Takeaways; Positive Trends Continue in Rental & Distribution Business
5/2/13
RBA - Q1'13 Takeaways; GAP Continues Decline With Less At-Risk Business

April 2013

4/26/13
Q1'13 Auction & Appraisal Survey; Values Mixed as Competitive Environment Remains Elevated
4/25/13
ASTE - Q1'13 Conference Call Takeaways; Revenue Down Slightly YOY, Margin Improvement Driven by the Asphalt Segment
4/17/13
URI - Q1'13 Conference Call Takeaways; Key Metrics Continue to Improve Confirming Secular Shift to Rental
4/17/13
URI - Q1'13 Results; United Posts Improving Rates, Fleet on Rent and Utilization; Q1'13 Cost of Rental Higher
4/12/13
Q1'13 Rental Survey; Rental Industry Marching Onward and Upward

March 2013

3/18/13
HEES - Key Takeaways from Boston Marketing
3/6/13
HEES - Q4'12 Conference Call Takeaways; Strength Across Segments Continues, In-Line with TRG Expectations
3/5/13
ASTE - Q4'12 Conference Call Takeaways; Positives Emerging, But Cautious on Timing and Slope of Recovery

February 2013

2/22/13
RBA - Orlando Auction Takeaways Confirm TRG's Thesis

January 2013

1/31/13
Q4'12 Auction & Appraisal Survey; Values Flat to Slightly Higher, Quantity of Late-Model Equipment in the Marketplace Still Low
1/28/13
URI - Q4'12 Conference Call Takeaways; Raising Price Target to $70
1/24/13
URI - Q4'12 Another EPS Beat; Looking for Upside to FY'13 Guidance
1/22/13
Q4'12 Rental Survey; Rental Industry Continues to Outperform End-Markets, Raising Price Target for HEES to $24
1/2/13
Things Really Are Bigger in Texas

December 2012

12/5/12
URI - Key Takeaways from Investor Day

November 2012

11/2/12
HEES - Q3'12 Conference Call Recap; Benefitting From the Secular Shift to Rental
11/1/12
Astec Industries Announces Divestitures in their Underground Business & a $1.00 Special Dividend

October 2012

10/31/12
RBA - Q3'12 Conference Call Takeaways; At-Risk Negatively Impacts ARR Once Again
10/29/12
ASTE - Q3'12 Conference Call Takeaways; Waiting for Pent-up Demand
10/22/12
Q3'12 Auction & Appraisal Survey; Used Equipment Prices Continue to Moderate, Updating RBA Estimates
10/18/12
URI Results - Q3'12 Results; Strong Beat, Reiterating $60 Price Target
10/17/12
URI - Q3'12 Beat Driven by Higher Rates and Impressive Leverage
10/11/12
Q3'12 Rental Survey; Story Intact as Secular Shift to Rental Continues

September 2012

9/24/12
Construction Auctioneer Travels with TRG; Industry Waiting for a Catalyst to See Any Material Improvement

August 2012

8/30/12
URI - Key Takeaways from United Rentals Branch Tour
8/21/12
Update on the ABI; A Useful Metric Only When Paired with Primary Research
8/6/12
RBA - Q2'12 Conference Call Recap; At-Risk Business Negatively Impacts ARR
8/3/12
HEES - Q2'12 Conference Call Recap; Strong Beat Driven by Improvement in Rental

July 2012

7/31/12
Hertz Q2'12 Results Confirm Strength in Equipment Rental
7/25/12
ASTE - Q2'12 Conference Call Takeaways; Highway Bill Not a Panacea
7/24/12
Q2'12 Auction & Appraisal Survey; Improvement in Pricing Moderates, Late-Model Scarcity Continues
7/19/12
URI - Q2'12 Post Conference Call Takeaways; Reiterate $60 PT, Buy on Weakness
7/18/12
URI - Q2'12 Results; Impressive Rate Increases on Strong But Slightly Lower Utilization
7/17/12
Auction Industry Feedback Points to Stable, Tight Market
7/9/12
Q2'12 Rental Survey; Heading in the Right Direction As Expected

June 2012

6/22/12
Sunbelt Q4'12 Results - A Continuation of Positive Trends in the Rental Industry
6/6/12
Update - European Exposure & What This Means for TRG Stocks

May 2012

5/8/12
Q1'12 RBA Results & Conf. Call Takeaways

April 2012

4/25/12
ASTE - Q1'12 Conference Call Takeaways; Miss Driven by Lower Margins
4/18/12
URI/RRR - Q1'12 Strong Beat; Benefitting from Secular Trends
4/12/12
Q1'12 Rental Survey; Secular Shift to Rental Continues
4/10/12
Q1'12 Auction & Appraisal Survey - Used Prices Continue to Increase

March 2012

3/9/12
RBA - Q4'11 Results and Conference Call Takeaways
3/7/12
HEES - Q4'11 Results and Conference Call Takeaways

February 2012

2/24/12
ASTE - Q4'11 Results and Conference Call Takeaways
2/22/12
Used Prices Continue to Climb; Foundation For Rental Still Solid
2/21/12
Heads I Win, Tails You Lose; The Rental Thesis Continues to Play Out

January 2012

1/26/12
URI - Strong Beat in Q4'11; 2012 Guidance Positive

December 2011

12/19/11
Consolidation Cycle Begins - United to Buy RSC

November 2011

11/22/11
HEES - Q3'11 Strong Beat; Results and Conference Call Takeaways
11/22/11
RBA - Q3'11 Results Recap

October 2011

10/26/11
ASTE - Q3'11 Results and Conference Call Takeaways
10/24/11
RRR - Don't Let the Relatively In-Line Quarter Fool You
10/20/11
URI - Not Seeing a Double Dip in 2012, Shift to Rental Continues
10/19/11
URI - Strong Beat in Q3'11; Another Quarter of Record Utilization
10/11/11
Construction Equipment - Q3'11 Rental Survey; No Signs of a Slow Down
10/6/11
Construction Equipment - Used Prices Continue To Climb; Supporting Rental Industry Trends

August 2011

8/31/11
Investors Are Misinterpreting the Effects of a Double Dip on URI/RRR
8/8/11
HEES - Q2'11 Returns to Profitability; Conference Call Takeaways
8/8/11
RBA - Q2'11 Results and Conference Call Takeaways

July 2011

7/28/11
MTW - Q2'11 Results and Conference Call Takeaways
7/27/11
MTW - First Look at Q2'11 Results
7/26/11
ASTE - Q2'11 Results and Conference Call Takeaways
7/25/11
CAT - Q2'11 Conference Call Takeaways
7/25/11
TEX - Q2'11 Post Conference Call Takeaways
7/25/11
RRR - Q2'11 Results Strong; Reiterate Buy
7/21/11
URI - Shift to Rental Continues; Reiterate Buy
7/21/11
TEX - Surprise, Surprise, Another Messy Quarter
7/20/11
URI - Despite Strong Top-line, Margins Prove Light Again
7/18/11
Construction Equipment - Q2'11 Equipment/Crane Rental Survey Shows Continued Strength
7/1/11
Construction Equipment - Q2'11 Appraisal and Auction Survey

June 2011

6/24/11
Construction Equipment - Q2'11 Road Building Equipment Survey; Astec Industries Marketing Feedback

May 2011

5/25/11
URI - Marketing Trip Highlights In-Tact Thesis
5/12/11
HEES - Reports Q1'11 EPS of ($0.19); Conference Call Takeaways
5/5/11
RBA - Q1'11 Results and Conference Call Takeaways
5/2/11
CAT - Q1'11 Conference Call Takeaways
5/2/11
MTW - Q1'11 Results and Conference Call Takeaways

April 2011

4/26/11
ASTE - Q1'11 Results and Conference Call Takeaways
4/25/11
TEX - Q1'11 Backlogs Show Strength, Catch-Up Capex Accelerating
4/25/11
RRR - Q1'11 Results and Conference Call Takeaways
4/25/11
URI - United Does Not Have a Cost Control Problem
4/20/11
URI - Q1'11 Margins Light, But Story Remains Intact
4/14/11
Construction Equipment - Q1'11 Equipment and Crane Rental Suvey Show Continued Improvement
4/6/11
Construction Equipment - Q1'11 Auction and Appraisal Survey
4/5/11
Construction Equipment - Q1'11 Roadbuilding Equipment Survey - Industry Begins to Play Catch-up After Capex Deferral

March 2011

3/9/11
Construction Equipment - What to Do When QE2 is Through
3/4/11
HEES - Reports Q4'10 EPS of ($0.07); Conference Call Take-Aways

February 2011

2/28/11
RBA - Q4'10 Conference Call Take-Aways
2/23/11
ASTE - Q4'10 Better Than Expected, Inflation and Highway Bill are Concerns
2/15/11
TEX - Q4'10 Conference Call Take-Aways
2/10/11
TEX - Q4'10 Results Snapshot
2/9/11
RRR - Q4'10 Conference Call and Investor Day Take-Aways
2/9/11
RRR - Q4'10 Earnings Snapshot
2/4/11
MTW - Q4'10 Conference Call Take-Aways
2/4/11
URI - Q4'10 Post Conference Call Take-Aways
2/2/11
URI - Q4'10 Results Strong; Re-Iterate Buy

January 2011

1/28/11
CAT - Q4'10 Results and North American Takeaways
1/26/11
Construction Equipment - Q4'10 Road Building Equipment Survey
1/25/11
Construction Equipment - Q4'10 Crane Rental Survey Shows More of the Same
1/14/11
URI Marketing Feedback and RRR Guidance Raise Point to Positive Trends
1/11/11
Construction Equipment - Q4'10 Equipment Rental Survey Shows YOY Rate Improvement
1/6/11
Construction Equipment - Q4'10 Auction and Appraisal Survey

December 2010

12/9/10
MTW - Downgrading to Hold on Valuation

November 2010

11/5/10
HEES - Q3'10 Results Demonstrate Secular Shift to Rental
11/3/10
RBA - Q3'10 Beat, Q4 Looks Soft; New Buyer Fees Coming
11/1/10
MTW - Q3'10 Conference Call Take-Aways

October 2010

10/29/10
MTW - First Look at Q3'10 Results
10/25/10
CAT - Q3'10 Results; North American Market Take-Aways
10/22/10
RRR - Q3'10 Heading the Right Way
10/22/10
TEX - Q3'10 Lumpy; Time to Back Away From the Deal Table
10/21/10
URI - Conference Call Take-Aways
10/21/10
TEX - First Look at Q3'10 Results
10/20/10
URI - Upside Surprise Again; Q3'10 Results Strong
10/20/10
ASTE - Q3'10 Beat; Still Looking For a Highway Bill
10/19/10
ASTE - First Look at Q3'10 Results
10/14/10
Construction Equipment - Q3'10 Crane Rental Survey
10/7/10
Construction Equipment - Q3'10 Contractor Survey

September 2010

9/29/10
Construction Equipment - Q3'10 Road Building Equipment Survey
9/27/10
Construction Equipment - Q3'10 Equipment Rental Survey
9/2/10
Construction Equipment - Q3'10 Auction and Appraisal Survey

August 2010

8/31/10
Rental Industry Update - When in Doubt, Rent It Out
8/11/10
CAT, MTW, ASTE - 10Q Reviews - Below the Fold
8/10/10
RBA - Q2'10 Results & Conference Call Take-Aways
8/6/10
HEES - Reports Q2'10 EPS of ($0.20); Conference Call Take-Aways

July 2010

7/29/10
URI - 10Q Review - Below the Fold
7/29/10
MTW - Q2'10 Conference Call Take-Aways
7/26/10
CAT - Q2'10 Conference Call Take-Aways
7/23/10
RRR - Reports Q2'10 EPS of ($0.21)
7/23/10
TEX - Q2'10 Results Largely In-Line, Re-iterate Buy Rating
7/21/10
URI - Q2'10 Out of the Park; Upgrading to BUY
7/21/10
ASTE - Q2'10 Beat, Blocking/Tackling Have to Do Till Highway Bill's Arrival
7/16/10
RBA - Counter-Cyclical Crows Come to Roost; Cutting #'s Post Pre-Release
7/12/10
Construction Equipment – Q2’10 Road Building Equipment Survey

June 2010

6/28/10
Q2’10 Crane Rental Survey

May 2010

5/25/10
Equipment and Rental Survey
5/7/10
HEES - Q1’10 Results
5/5/10
RBA Q1’10 Results

April 2010

4/29/10
MTW - Q1’10 Conference Call Take-Aways
4/29/10
CAT - Q1’10 Conference Call Take-Aways
4/26/10
URI - Reports Q1’10 Results; Off to the Races, We Think Not Yet?
4/26/10
RRR - Reports Q1’10 EPS of ($0.37)
4/23/10
TEX - Q1’10 Results Largely In-Line, Re-iterate Buy Rating
4/21/10
ASTE - Strong Q1’10 Results, Stepping to Sidelines on Valuation
4/19/10
Construction Equipment - Q1’10 Auction and Appraisal Survey

March 2010

3/23/10
Construction Equipment - Road Building Equipment Survey
3/05/10
HEES - Reports Q4’09 Ex-Items EPS of ($0.19)
3/05/10
RBA - Reports Q4’09 EPS of $0.21; FY’10 Outlook Seems Optimistic

February 2010

2/19/10
TEX - Q4’09 Results In-Line, Re-iterate Buy Rating
2/17/10
RRR - Reports Q4’09 EPS of ($0.28); Maintain Hold
2/12/10
Construction Equipment - Industry Shows Highlight Conservative Outlook for 2010
2/4/10
MTW - Reports Q4’09 Results; Cranes Seeing Signs of a Bottom
2/3/10
Construction Equipment - Crane Rental Survey Seeing Bottom
2/1/10
CAT - Reports Q4’09 Results; Re-Affirms FY’10 Outlook

January 2010

1/19/10
Construction Equipment - Investor Meetings Confirm Positive Thesis
1/14/10
Construction Equipment - Eq. Rental Survey Shows “Less Worse” Trend

December 2009

12/23/09
TEX - Upgrading to Buy Following Mining Divestiture
12/22/09
RBA - Q4’09 GAP Lighter than Expected
12/16/09
ASTE - Reiterating Buy Rating Following Roadtec Plant Tour
12/11/09
Construction Equipment - Road Building Equipment Survey
12/9/09
RBA - Analyst Day Highlights Longer-Term Corporate Strategy

November 2009

11/20/09
Construction Equipment - Auction and Appraisal Survey; Double Dip Possible
11/05/09
HEES - Reports Q3’09 EPS of ($0.07)
11/04/09
RBA - Reports Q3’09 EPS of $0.12; Consignors Sitting on the Fence
11/02/09
MTW - BUY 1x Items Cloud Q3'09 Results; Re-iterate BUY

October 2009

10/30/09
RRR - Reports Q3’09 EPS of ($0.06); Nearing a Bottom, Not There Yet
10/30/09
URI - Reports Break-Even Q3’09 Results; Still a 2H’10 Story
10/23/09
TEX - Reports Q3’09 Ex-Items EPS of ($0.77), At the “Inflection Point”
10/21/09
CAT - Reports Q3’09 Headline EPS of $0.64; Upbeat FY’10 Outlook
10/21/09
ASTE - Reports Q3’09 EPS of $0.15; FY’10 Domestic Outlook Cautious
10/19/09
Construction Equipment - Q3'09 Earnings Preview
10/15/09
Construction Equipment - Rental Survey and ICUEE Show Feedback
10/14/09
Industry Initiation - Construction Equipment - Initiation of Coverage, Public Spending a Focus

September 2009

09/8/09
Sterling Construction - Northeast Marketing Snapshot