olivLaw · US equity research
Rentokil Initial plc RTO
Services-Management Services · SIC 8741 · Vertical: Engineering, research and management services (SIC 874x)
Rentokil Initial is a global provider of pest control and hygiene and wellbeing services, operating in 90 countries with over 2,000 facilities. The company is now in a leadership transition and integrating recent acquisitions, which puts execution of its strategy at the centre of investor attention.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Rentokil Initial plc (RTO) stock was 24.17 USD (+2.55% on the day), with market capitalisation 61.1 bn USD, P/E 130.4 on diluted EPS of 0.19 USD over the last 12 months, dividend yield 0.50%, beta 0.68, 52-week range 19.75–34.52 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 71.5
- overbought (≥ 70)
- Bollinger (20, 2)
- 19.22 – 24.68
- in the upper half of the band · %B 0.91 · band width 24.9%
- SMA 50 / 200
- 21.90 / 28.30
- mixed trend
- MACD (12, 26, 9)
- 0.67 / 0.35
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +20.7% | −1.1% | +21.8 pp | — |
| 3 months | −2.3% | −0.5% | −1.9 pp | — |
| 6 months | −29.3% | +4.4% | −33.7 pp | — |
| Year to date | −18.0% | +12.3% | −30.3 pp | — |
| 1 year | −11.8% | +13.5% | −25.4 pp | −20.9% |
| 3 years | −11.6% | +76.4% | −88.0 pp | −29.7% |
| 5 years | −42.4% | +63.7% | −106.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 152.6, median 158.9, max 163.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | 6.4 bn | 6.6 bn | 6.9 bn |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | +3.6% | +4.4% |
| Net income | unavailable | unavailable | unavailable | 474.0 m | 392.0 m | 470.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −17.3% | +19.9% |
| Diluted EPS | unavailable | unavailable | unavailable | 0.19 | 0.16 | 0.19 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −17.3% | +19.5% |
| net % | unavailable | unavailable | unavailable | 7.4% | 5.9% | 6.8% |
| Free cash flow | unavailable | unavailable | unavailable | 709.0 m | 649.0 m | 764.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.3 bn USD
- Financial debt
- 4.2 bn USD
- Net debt
- 1.8 bn USD
- Equity
- 5.5 bn USD
- Total assets
- unavailable USD
- Debt / equity
- 0.76x
- Current ratio
- 1.16x
- ROE
- 8.7%
- ROA
- unavailable
- FCF margin
- 11.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.4 bn | 6.6 bn | 6.9 bn | SEC (XBRL)· 25 Mar 2026verified |
| Operating income | 727.0 m | 644.0 m | 584.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Interest expense | 232.0 m | 250.0 m | 250.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Pre-tax income | 566.0 m | 462.0 m | 390.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Income tax | 129.0 m | 116.0 m | 100.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Net income | 474.0 m | 392.0 m | 470.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Diluted EPS | 0.19 | 0.16 | 0.19 | SEC (XBRL)· 25 Mar 2026verified |
| Weighted average diluted shares | 2.5 bn | 2.5 bn | 2.5 bn | SEC (XBRL)· 25 Mar 2026verified |
| Dividend per share | 0.10 | 0.12 | 0.12 | SEC (XBRL)· 25 Mar 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.0 bn | 1.2 bn | 2.3 bn | SEC (XBRL)· 25 Mar 2026verified |
| Receivables | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 25 Mar 2026verified |
| Inventories | 264.0 m | 287.0 m | 308.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Current assets | 3.4 bn | 2.6 bn | 3.9 bn | SEC (XBRL)· 25 Mar 2026verified |
| Property, plant & equipment, net | 636.0 m | 628.0 m | 445.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Goodwill | — | 6.5 bn | 6.6 bn | SEC (XBRL)· 25 Mar 2026verified |
| Accounts payable | 1.5 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 25 Mar 2026verified |
| Long-term debt | 4.0 bn | 3.1 bn | 4.2 bn | SEC (XBRL)· 25 Mar 2026verified |
| Current liabilities | 3.3 bn | 3.2 bn | 3.3 bn | SEC (XBRL)· 25 Mar 2026verified |
| Equity | 5.2 bn | 5.3 bn | 5.5 bn | SEC (XBRL)· 25 Mar 2026verified |
| Shares outstanding at year end | 2.5 bn | 2.5 bn | 2.5 bn | SEC (XBRL)· 25 Mar 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 916.0 m | 868.0 m | 972.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Capex | 207.0 m | 219.0 m | 208.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Free cash flow | 709.0 m ≈ | 649.0 m ≈ | 764.0 m ≈ | SEC (XBRL)· 25 Mar 2026derived |
| Investing cash flow | -514.0 m | -476.0 m | 26.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Financing cash flow | -451.0 m | -952.0 m | 27.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Dividends paid | 252.0 m | 292.0 m | 304.0 m | SEC (XBRL)· 25 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 41 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 61.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet20
- Valuation12
- Returns44
- Quality74
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.58 – 7.20 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)4.39 – 7.20 (Mid 5.47)WACC 9.0% · starting FCFF 949.9 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E2.44 – 4.58 (Mid 3.52)15 companies used · median multiple 19.0x · quartiles 13.2x – 24.7xAERT, BAH, EXPO, FCN, G, HCKT, HURN, ICFI, III, IT, RMR, TSSI, VCIG, VVX, ZTG
- Dividend discount (DDM)1.58 – 2.13 (Mid 1.81)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 41/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.0% | 57 (vs peers) | 17% |
| Net margin · Quality | 6.8% | 74 (vs peers) | 10% |
| FCF conversion · Quality | 162.6% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.3x | 13 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.2x | 30 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 130.4x | 10 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.3% | 16 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.5% | 7 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 39.8% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet20/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality74/100 · 3/3 factors with a value
- Returns44/100 · 2/2 factors with a value
- Valuation12/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RENTOKIL INITIAL PLC /FI (RTO). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.9 bn USD in 2025; YoY growth 4.4%; net margin 6.8%; ROE 8.7%.
The estimated value range is 2.44–4.58 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 3.52 USD, the price of 24.17 USD leaves a potential of -85.4% (value / price − 1) and a margin of safety of -587.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 41/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 6.8%
- FCF conversion: 162.6%
- Payout ratio (FCF): 39.8%
What contradicts it
- Interest coverage: 2.3x
- P/E (TTM): 130.4x
- FCF yield: 1.3%
- Shareholder yield (distributions): 0.5%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Engineering, research and management services (SIC 874x) · same industry group (3-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RTORentokil Initial PLC | 61.1 bn | 130.4 | 8.7% | 6.8% | +4.4% | −12% / −12% |
| ITGartner, Inc. | 13.1 bn | 14.8 | 365.8% | 14.8% | +3.7% | −11% / −52% |
| BAHBooz Allen Hamilton Holding Corporation | 10.5 bn | 13.7 | 70.0% | 7.1% | −6.4% | +6% / −29% |
| GGenpact Limited | 6.9 bn | 12.1 | 22.4% | 11.1% | +6.6% | −7% / +20% |
| FCNFti Consulting, Inc | 5.4 bn | 24.7 | 15.2% | 5.9% | +2.4% | +22% / −10% |
| EXPOExponent, Inc. | 4.2 bn | 39.2 | 31.2% | 17.7% | +4.2% | +21% / +14% |
| HURNHuron Consulting Group Inc. | 2.7 bn | 25.8 | 25.5% | 6.1% | +11.7% | +5% / +66% |
| VVXV2X, Inc. | 2.4 bn | 24.7 | 8.8% | 2.0% | +3.7% | +41% / +83% |
| ASTHAstrana Health, Inc. | 2.2 bn | 48.3 | 5.1% | 1.1% | +56.4% | +72% / +19% |
| ICFIICF International, Inc. | 1.7 bn | 20.1 | 8.6% | 4.9% | −7.3% | +24% / −31% |
| BWMNBowman Consulting Group Ltd. | 744.2 m | 105.3 | 2.9% | 1.4% | +14.9% | +19% / +39% |
| ONTOnterris, Inc. | 566.4 m | — | -2.5% | -1.4% | +19.3% | −37% / −48% |
| EVHEvolent Health, Inc. | 542.7 m | — | -79.0% | -24.1% | −26.6% | +14% / −83% |
| PPHCPublic Policy Holding Company, Inc. | 381.3 m | — | -39.5% | -18.9% | +24.7% | unavailable / unavailable |
| HCKTHackett Group, Inc. | 329.4 m | 19.0 | 20.7% | 6.3% | −2.6% | −28% / −40% |
| IIIInformation Services Group Inc. | 289.5 m | 25.2 | 12.7% | 4.7% | −1.2% | +13% / +46% |
| AERTAeries Technology, Inc. | 282.0 m | 20.9 | — | 3.6% | −0.3% | +35% / −68% |
| RMRRmr Group Inc. | 250.5 m | 12.6 | 8.7% | 3.1% | −22.0% | +10% / −30% |
| SUPXSuperx Ai Technology Limited | 209.8 m | — | -101.8% | -527.7% | +1,878.6% | −84% / unavailable |
| TSSITss, Inc. | 193.3 m | 14.1 | 32.0% | 7.4% | +65.9% | −29% / +1,976% |
| VCIGVCI Global Limited | 141.3 m | 0.1 | 14.7% | 28.3% | +40.6% | −99% / −100% |
| GRNQGreenpro Capital Corp. | 122.4 m | — | -26.8% | -169.6% | −40.7% | −57% / −19% |
| AUCAtif Holdings Limited | 109.4 m | — | -90.5% | -723.7% | −74.7% | −12% / −70% |
| ROMARoma Green Finance Limited | 101.0 m | — | -44.2% | -287.8% | −22.2% | +138% / unavailable |
| RTBRTB Digital, INC. | 92.6 m | — | -141.9% | -198.5% | −38.7% | −49% / −94% |
1- and 3-year price returns: for RTO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 14.32 Total return -40% · Per year -40% | 25.32 Total return 5% · Per year 5% | 38.15 Total return 58% · Per year 58% |
| 3 years | 13.87 Total return -41% · Per year -16% | 27.60 Total return 16% · Per year 5% | 45.65 Total return 91% · Per year 24% |
| 5 years | 13.44 Total return -43% · Per year -10% | 30.08 Total return 27% · Per year 5% | 54.64 Total return 130% · Per year 18% |
- Exit P/E± 6.90
- Net margin± 4.83
- Annual revenue growth± 3.97
- Annual dilution± 0.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 25 Mar 2026; since then the company filed 6-K (03 Nov 2026), 6-K (02 Nov 2026), 6-K (27 Oct 2026), 6-K (23 Oct 2026), 6-K (22 Oct 2026).
In brief
Rentokil Initial is a global provider of pest control and hygiene and wellbeing services, operating in 90 countries with over 2,000 facilities 1. The company is now in a leadership transition and integrating recent acquisitions, which puts execution of its strategy at the centre of investor attention.
SWOT
Strengths
- Broad global coverage with a large network of facilities and presence in many countries, supporting recurring service relationships with customers.
- Strong brand in the United States through the Terminix acquisition, described as one of the most recognised names in the field.
- Innovation capacity supported by research and development centres in the UK and the United States.
Weaknesses
- Reliance on integrating frequent acquisitions can lead to unexpected costs or impairment of assets.
- The business depends on a skilled workforce, and recruitment difficulties could reduce service quality.
- IT systems and centralised processes are complex, and their implementation can cause delays and additional costs.
Opportunities
- Extending hygiene and wellbeing services to existing customers could add recurring revenue.
- Using artificial intelligence in operations could reduce costs and improve efficiency if implementation succeeds.
- Acquiring local businesses could strengthen the position in markets where the company already has a presence.
Threats
- More sophisticated cyber attacks could affect operations and customer data.
- Rising workforce costs could reduce margins if recruitment becomes harder.
- Industrial action in key operations could affect service levels and the company's reputation.
Risks
- Acquisition integration riskhigh
If the integration of acquired businesses does not succeed, the anticipated benefits may be delayed or absent, and value may be lost 1.
- Cyber security riskhigh
Cyber security incidents can lead to data release and disruption, and future attacks could be harder to detect 1.
- Executive leadership transitionmedium
The change of leadership can disrupt relationships with customers and suppliers and can lead to the departure of key personnel 1.
- Dependence on skilled staffmedium
A shortage of skilled labour can increase wage costs and affect response times to customers 1.
- IT and implementation riskmedium
Errors in implementing new systems or in integrating AI technologies can affect invoicing, collections and contract execution 1.
Investment thesis
What would need to be true (bull case)
- Global coverage and well-known brands could support recurring revenue if the integration of acquisitions proceeds as planned.
- Investment in innovation and digital systems could improve margins over the longer term.
- Discipline in portfolio management, including business disposals, can focus resources on core activities.
What would break the thesis
- Reliance on acquisitions could become a burden if integration is costly or if hidden liabilities emerge.
- Cyber risks and pressure on labour costs could affect financial results.
- The leadership transition could disrupt the execution of strategy in the period immediately ahead.
What to watch
- Progress in integrating businesses acquired in 20252026
- New strategy under the new chief executive2026
- Evolution of labour costs in markets with high employment2026
- Results of IT and AI system implementationnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 25 Mar 2026; since then the company filed 6-K (03 Nov 2026), 6-K (02 Nov 2026), 6-K (27 Oct 2026), 6-K (23 Oct 2026), 6-K (22 Oct 2026).
The business
Rentokil Initial plc is a UK-domiciled public limited company listed in London, which describes its purpose as protecting people, enhancing lives and preserving the planet 1. Its activity rests largely on route-based services, and the group currently operates 2,081 facilities in 90 countries 1. The 2022 acquisition of Terminix strengthened its position in the United States, where Terminix is described as the most recognised brand in termite and pest management 1.
The growth strategy relies substantially on acquisitions: in 2025 the group acquired 36 new businesses, and disposals are also part of its portfolio policy 1. Research and development is based mainly in the UK and the US, where the Rentokil Terminix North America Innovation Centre was opened 1. A change of chief executive took effect in March 2026, following the leadership tenure of the previous CEO 1.
The sources describe the group as having two main business areas, pest control and hygiene and wellbeing, and a geographic split between North America and the International region 1. The company publishes key performance indicators covering colleagues, customers and shareholders, which provides a framework for tracking performance 1.
Segments
Pest Control
This is the first business line described in the annual report and forms the core of the group, supported by product innovation and a network of facilities across 90 countries 1.
Hygiene & Wellbeing
The second business line extends the offer to hygiene and wellbeing services for customers and their brands, and the disposal of the Workwear business in France, completed in September 2025, shows active portfolio management 1.
Market context
The market in which the company operates is global and fragmented across pest control and hygiene services, with a consolidated presence in North America and the rest of the world across 90 countries 1. Growth depends on acquiring local businesses that are then integrated into the existing network 1.
The sources do not provide detailed data on total market size, so conclusions about market share remain limited to what the company reports 1.
Trends
- Consolidation through acquisitionsmixed
The group acquired 36 businesses in 2025 and intends to continue strategic transactions, which could extend its geographic reach if integration succeeds 1.
- Artificial intelligence and digitalisationtailwind
The company is investing in new systems, including artificial intelligence technologies, which could improve operational efficiency if implemented correctly 1.
- Shortage of skilled labourheadwind
Markets with high employment and fast growth can make it difficult to recruit operational staff, which could increase employee costs 1.
- Leadership transitionheadwind
The change of CEO in March 2026 could cause operational disruption and affect customer relationships if it is not managed without interruption 1.
Competitive position
The analysed sources do not explicitly name the group's competitors, so the competitive analysis rests on the market description in the company's own report 1. Its position as a global leader in pest control and hygiene is presented by the company as an advantage, but it is not compared with other players in the documents reviewed 1.
- Competitors not named in the source
The source does not name competitors; the analysis would require information from other documents.
- Local pest control providers
Not identified in the source; their presence can only be assessed through additional documents.
- Regional hygiene operators
Not identified in the source; their presence can only be assessed through additional documents.
- Other facility management companies
The category is mentioned generically in the sector classification, without identifying specific firms.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Why Rentokil Initial’s (RTO) Discount to Rollins Could NarrowYahoo Finance — News · 15 Sept 2026 · EN
The latest news item in our archive is from 15 Sept 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)03 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)23 Oct 2026
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)06 Oct 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)22 Sept 2026
- Current report (foreign issuer)27 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Rentokil Initial plc · 25 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.