Tear Sheet: SiteOne Landscape Supply Inc.

. Based on the company's performance through the first half of 2024, as well as our updated macroeconomic forecast (See " Economic Outlook U.S. Q3 2024: Milder Growth Ahead ,? published June 24, 2024), we now expect revenue growth to be flat for 2024 (compared with our previous expectation of mid-single-digit revenue growth). Slightly offsetting this development, the company continues to be acquisitive and added four companies during the last quarter. As such, we expect the company's revenue will be in the $4.3 billion to $4.4 billion range for 2024, (compared to our previous expectations of $4.5 billion) based on negative sales growth in the second half of 2024 driven by continued price deflation, with S&P Global Ratings-adjusted gross margins

...Rating Component Scores Foreign currency issuer credit rating ##/Stable/-- Local currency issuer credit rating ##/Stable/-- Business risk Fair Country risk Very Low Industry risk Intermediate Competitive position Fair Financial risk Significant Cash flow/leverage Significant Anchor ## Diversification/portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Adequate (no impact) Management and governance Neutral (no impact) Comparable rating analysis Neutral (no impact) Stand-alone credit profile ##...

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