• National Bank Financial recently upgraded RB Global (NYSE:RBA), highlighting market share gains and contract wins in Australia and the UK.
• The firm pointed to new agreements with Suncorp and Direct Line as key drivers of RB Global's expanding presence in vehicle and asset remarketing.
• The upgrade focuses on the company's growing international footprint and its potential to win additional business in core markets.

RB Global runs auctions and related services that help businesses sell heavy equipment, vehicles, and other assets, placing it at the center of used equipment and insurance salvage markets. The recent contracts with Suncorp and Direct Line indicate that its solutions are gaining traction with large insurers in Australia and the UK, two important regions for auto and equipment remarketing. For investors, this kind of customer mix can matter as much as headline volumes.

Looking ahead, the combination of larger insurance clients and broader geographic reach may affect how consistently RB Global sources assets to its platforms. Investors may want to monitor how the Suncorp and Direct Line relationships progress over time, along with any similar agreements, to assess how durable this international growth path may be.

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Quick Assessment

• ✅ Price vs Analyst Target: At US$115.50, the share price is about 8.8% below the US$126.60 analyst target.
• ✅ Simply Wall St Valuation: Simply Wall St currently views the shares as undervalued, trading around 37.1% below its estimated fair value.
• ✅ Recent Momentum: The stock has returned roughly 9.3% over the last 30 days.

Check out Simply Wall St's in depth valuation analysis for RB Global.

Key Considerations

• 📊 The upgrade and new insurer contracts in Australia and the UK point to growing traction in key remarketing channels.
• 📊 You may want to watch how international contract wins translate into asset volumes and revenue versus the current US$4,528.9m revenue base.
• ⚠️ With a P/E of about 54.8 versus the Commercial Services average of 26.6, expectations embedded in the price are already high.

Dig Deeper

For the full picture including more risks and rewards, check out the complete RB Global analysis.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.