Rentokil: Will the Terminix Integration Deliver?
The market treats a 20%+ North American margin by 2027 as a scheduling problem. The back half of this integration may decide otherwise.
Operations
Harley-Davidson: Can the Dealer Network Sell the Recovery?
HOG betting its turnaround on a cheap entry bike. The strategy assumes a dealer network that's quietly falling apart can still sell volume. We're not sure it can.
McDonald's: Is the Franchise Model Repricing?
The asset-light premium assumes operators absorb the strain. Operator relations just hit a survey low. We think the model itself is the live question.