Silver Beech Capital’s Updates on WillScot (WSC)

2 hours ago 2

Soumya Eswaran

Tue, December 23, 2025 astatine 7:21 AM CST 3 min read

Silver Beech Capital, a value-oriented concern absorption firm, released its third-quarter 2025 capitalist letter. A transcript of the missive tin beryllium downloaded here. Since its inception, Silver Beech has achieved a nett annualized instrumentality of 19.5%, representing an annualized outperformance of 5.3% implicit the S&P 500. The money was up 3.5% done the 3rd 4th of 2025, compared to the S&P 500’s 14.8% and the Russell 2000’s 10.4% YTD returns. The S&P 500 returned +8.1% successful Q3, driven by the market's rebound pursuing the volatility connected Liberation Day. However, the existent marketplace enlargement is the effect of monetary easing and beardown exertion earnings. The steadfast believes that the existent equity valuation is mostly disconnected from fundamentals. In addition, you tin cheque the fund’s apical 5 holdings to find its champion picks for 2025.

In its third-quarter 2025 capitalist letter, Silver Beech Capital highlighted stocks specified arsenic WillScot Holdings Corporation (NASDAQ:WSC). WillScot Mobile Mini Holdings Corp. changed its sanction to WillScot Holdings Corporation (NASDAQ:WSC) successful July 2024. WillScot Holdings Corporation (NASDAQ:WSC) is simply a institution that offers workspace and portable retention solutions. The one-month instrumentality of WillScot Holdings Corporation (NASDAQ:WSC) was 1.56%, and its shares mislaid 42.13% of their worth implicit the past 52 weeks. On December 22, 2025, WillScot Holdings Corporation (NASDAQ:WSC) banal closed astatine $19.56 per share, with a marketplace capitalization of $3.561 billion.

Silver Beech Capital stated the pursuing regarding WillScot Holdings Corporation (NASDAQ:WSC) successful its 3rd 4th 2025 capitalist letter:

"At its existent price, we judge WillScot Holdings Corporation (NASDAQ:WSC) represents the astir asymmetric accidental successful the portfolio. Following a ~40% diminution from our outgo basis, the banal has derated importantly from a ~10x TEV/EBITDA (2024E) aggregate to ~7.5x (2025E), and a ~7% escaped currency travel output (2024E) to ~13% (2025E). At this valuation, the marketplace is pricing WillScot arsenic a concern successful secular decline. This stands successful stark opposition to our presumption of WillScot arsenic a compounding concern services franchise with a ascendant marketplace position.