Financials Republic Services, Inc.

Equities

RSG

US7607591002

Environmental Services & Equipment

Market Closed - Nyse Other stock markets 21:00:07 03/05/2024 BST			5-day change	1st Jan Change
185.5 ^USD	-0.52%		-3.36%	+12.47%

05-03	TD Cowen Adjusts Price Target on Republic Services to $195 From $200	MT
05-02	Citigroup Adjusts Price Target on Republic Services to $217 From $216	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	28,605	30,693	44,219	40,761	51,887	58,423	-	-
Enterprise Value (EV) ¹	37,246	39,589	53,744	52,403	64,566	70,281	69,370	69,322
P/E ratio	26.9 x	31.9 x	34.5 x	27.5 x	30.1 x	31.1 x	27.7 x	24.4 x
Yield	1.74%	1.72%	1.27%	1.48%	1.25%	1.18%	1.25%	1.31%
Capitalization / Revenue	2.78 x	3.02 x	3.91 x	3.02 x	3.47 x	3.62 x	3.42 x	3.22 x
EV / Revenue	3.62 x	3.9 x	4.76 x	3.88 x	4.31 x	4.35 x	4.06 x	3.82 x
EV / EBITDA	12.8 x	13.2 x	15.9 x	13.3 x	14.5 x	14.4 x	13.3 x	12.4 x
EV / FCF	32.5 x	31 x	36.6 x	23.1 x	32.5 x	32.6 x	29.8 x	27.5 x
FCF Yield	3.07%	3.23%	2.74%	4.32%	3.08%	3.07%	3.35%	3.64%
Price to Book	3.52 x	3.62 x	4.96 x	4.21 x	4.95 x	5.08 x	4.71 x	4.45 x
Nbr of stocks (in thousands)	319,145	318,725	317,095	316,001	314,637	314,932	-	-
Reference price ²	89.63	96.30	139.4	129.0	164.9	185.5	185.5	185.5
Announcement Date	13/02/20	22/02/21	10/02/22	15/02/23	27/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,299	10,154	11,295	13,511	14,964	16,139	17,079	18,160
EBITDA ¹	2,910	2,989	3,384	3,929	4,447	4,865	5,206	5,571
EBIT ¹	1,869	1,830	2,115	2,488	2,848	3,113	3,366	3,629
Operating Margin	18.15%	18.03%	18.73%	18.41%	19.03%	19.29%	19.71%	19.98%
Earnings before Tax (EBT) ¹	1,296	1,143	1,575	1,832	2,192	2,427	2,698	2,881
Net income ¹	1,073	967.2	1,290	1,488	1,731	1,882	2,091	2,336
Net margin	10.42%	9.53%	11.42%	11.01%	11.57%	11.66%	12.24%	12.87%
EPS ²	3.330	3.020	4.040	4.690	5.470	5.968	6.706	7.616
Free Cash Flow ¹	1,145	1,277	1,470	2,265	1,987	2,158	2,327	2,522
FCF margin	11.12%	12.58%	13.02%	16.77%	13.28%	13.37%	13.62%	13.89%
FCF Conversion (EBITDA)	39.35%	42.72%	43.46%	57.65%	44.67%	44.36%	44.69%	45.27%
FCF Conversion (Net income)	106.68%	132.03%	113.95%	152.27%	114.77%	114.68%	111.28%	107.95%
Dividend per Share ²	1.560	1.660	1.770	1.910	2.060	2.185	2.312	2.428
Announcement Date	13/02/20	22/02/21	10/02/22	15/02/23	27/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,953	2,969	3,414	3,598	3,530	3,581	3,726	3,826	3,832	3,862	4,033	4,133	4,106	4,084	4,277
EBITDA ¹	830.1	903.5	1,010	1,051	965	1,040	1,116	1,146	1,145	1,164	1,223	1,259	1,235	1,248	1,313
EBIT ¹	510.3	571.4	649.6	674.6	592.5	657.2	733.3	738.8	718.5	765.3	779.6	809.7	785	818.8	843.2
Operating Margin	17.28%	19.25%	19.03%	18.75%	16.79%	18.35%	19.68%	19.31%	18.75%	19.82%	19.33%	19.59%	19.12%	20.05%	19.72%
Earnings before Tax (EBT) ¹	276.9	472.2	478.1	507.8	373.4	522.1	580.2	606.3	482.9	598.9	624.7	655.7	555.4	674	709
Net income ¹	313.1	352	371.9	416.9	346.8	383.9	427.4	480.2	439.6	453.7	465.7	503.2	456.3	503.1	506
Net margin	10.6%	11.86%	10.89%	11.59%	9.83%	10.72%	11.47%	12.55%	11.47%	11.75%	11.55%	12.18%	11.11%	12.32%	11.83%
EPS ²	0.9800	1.110	1.170	1.320	1.090	1.210	1.350	1.520	1.390	1.440	1.488	1.619	1.442	1.604	1.618
Dividend per Share ²	0.4600	0.4600	0.4600	0.4950	0.4950	0.4950	0.4950	0.5350	0.5350	0.5350	0.5380	0.5600	0.5600	0.5775	0.5775
Announcement Date	10/02/22	05/05/22	04/08/22	27/10/22	15/02/23	27/04/23	31/07/23	26/10/23	27/02/24	30/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,641	8,896	9,525	11,642	12,679	11,858	10,946	10,899
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.97 x	2.976 x	2.815 x	2.963 x	2.851 x	2.437 x	2.103 x	1.956 x
Free Cash Flow ¹	1,145	1,277	1,470	2,265	1,987	2,158	2,327	2,522
ROE (net income / shareholders' equity)	13.4%	11.7%	14.8%	15.9%	17.1%	17.1%	17.6%	18.5%
ROA (Net income/ Total Assets)	4.85%	4.19%	5.33%	5.79%	5.73%	5.88%	6.25%	6.2%
Assets ¹	22,150	23,084	24,195	25,705	30,232	31,995	33,464	37,684
Book Value Per Share ²	25.50	26.60	28.10	30.60	33.30	36.50	39.40	41.70
Cash Flow per Share ²	7.300	7.730	8.720	10.10	11.40	12.50	13.10	-
Capex ¹	1,207	1,195	1,316	1,454	1,631	1,808	1,881	2,024
Capex / Sales	11.72%	11.77%	11.65%	10.76%	10.9%	11.2%	11.01%	11.14%
Announcement Date	13/02/20	22/02/21	10/02/22	15/02/23	27/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Republic Services, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

185.5 USD

Average target price

201.7 USD

Spread / Average Target

+8.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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BEIJING ORIGINWATER TECHNOLOGY CO., LTD.	-1.80%	2.45B

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