I haven’t noticed a dedicated thread for equipment rental companies on the forum yet. Currently, Cramo and Ramirent are listed on the Helsinki Stock Exchange.
What are your thoughts on these companies and the industry?
The market and analysts seem to be surprisingly unanimous that this industry has no future, and recommendations and share prices have happily plummeted recently.
I personally see an overreaction here. Ramirent, in particular, has already dropped close to its 5-year lows. Is it really true that construction will stop dead in its tracks and equipment rental companies will be in trouble?
The companies have, however, improved their results quarter after quarter, and at least Ramirent, which I follow more closely, has communicated that there is still room to improve its own operations. At the same time, I have to wonder that there are many companies on the stock exchange that do not make a profit even in a good phase of the cycle, and yet are valued at much higher multiples.
I somehow have a feeling that now that construction companies are struggling with profitability/project challenges, everything even remotely related to construction should be avoided. At least in terms of turnover, there is no dramatic decrease yet, quite the opposite.
If we consider rental companies, large construction companies are not the only customer segment, and Kesko provided information that sales of building materials have improved, especially in countries outside Finland.
If Mr. Market is wrong this time regarding the companies or the timing of the cycle, the prices even seem cheap.
@Sauli_Vilen commented a bit on the Ramirent case in the latest Heikkilä&Vilen show, and Taaler’s Olli Viitikko also commented in a similar vein in his blog.
Especially Olli’s blog was good as it showed a slight sense of frustration 
Unsexy, but it worked for me! Thanks, Frenchies!
I already put it up for sale. Hopefully the deal falls through