Rollins (ROL): Key Takeaways from Meetings and a Fireside Chat at the JPM U.S. All Stars Conference

We hosted CEO Jerry Gahlhoff and new CFO Will Harkins at the JPM U.S. All Stars Conference in London. Management sees parts of residential weakness as a top of funnel discovery and lead issue, not deterioration in the recurring service model, with retention healthy and re-service stable. Since July, demand has stayed choppy and early green shoots failed to hold. Management ties much of the softness to shifting search behavior as Google defaults to AI overviews and consumers increasingly use LLM driven discovery, and is responding with localized content, price transparency, channel diversification, and an attribution rebuild. With shares down about 25% over the past three months, the company repurchased $100M in 3Q. We lower our numbers and cut our price target to $40 (from $45), reflecting 19.0x our FY27 adjusted EBITDA estimate of $964M, maintaining Neutral rating. Management reiterated the 6% full-year organic framework built off 6.1% first-half organic growth, with both revenue and