Cintas: Expensive Valuation for an Unremarkable Business

Cintas Corporation (NASDAQ: CTAS) is undoubtedly an impressive company if you just look at the figures: record revenues of over $10.3 billion and a record profit of $1.8 billion in the past fiscal year. Additionally, the balance sheet is extremely healthy. The historical performance is also exceptional, with a stock return of 26.2% p.a. over the last ten years. Furthermore, an expected earnings growth of solid 10.1% per year until 2028 underscores the operational strength of the company. Nonetheless, I am not convinced by the stock. The business...