Review of GDI Integrated Facility Services

NOV 21, 2023 - We think the fact that GDI’s share price has been under pressure recently due to a meaningful slowdown in acquisition activities, which historically contributed a significant portion of revenue growth. We still like the business model of GDI as a highly recurring revenue niche service provider. We are maintaining our rating at ‘B+’, while at the same time remaining open for a future downgrade if acquisition activities do not improve and organic growth slows down.