Financials Waste Management, Inc.

Equities

WM

US94106L1098

Environmental Services & Equipment

Market Closed - Nyse Other stock markets 21:00:01 01/05/2024 BST			5-day change	1st Jan Change
206.8 ^USD	-0.61%		-0.97%	+15.44%

05-01	GFL Environmental Up 0.5% In US After Hours As Q1 Loss Narrows Vs a Year Ago On Higher Revenues, and Increases 2024 Adjusted EBITDA Guidance	MT
04-30	Waste management firm Republic Services beats profit estimates on price hikes	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	48,347	49,838	69,817	64,396	72,137	83,433	-	-
Enterprise Value (EV) ¹	58,284	63,095	83,104	79,029	87,908	99,221	98,540	97,631
P/E ratio	29.1 x	33.5 x	38.9 x	29.1 x	31.6 x	28.5 x	26.1 x	22.9 x
Yield	1.8%	1.85%	1.38%	1.66%	1.56%	1.46%	1.53%	1.57%
Capitalization / Revenue	3.13 x	3.27 x	3.89 x	3.27 x	3.53 x	3.87 x	3.63 x	3.43 x
EV / Revenue	3.77 x	4.15 x	4.63 x	4.01 x	4.3 x	4.6 x	4.29 x	4.02 x
EV / EBITDA	13.3 x	14.6 x	16.5 x	14.3 x	14.9 x	15.3 x	14 x	12.9 x
EV / FCF	28.3 x	23.8 x	32.8 x	40 x	46.2 x	46.7 x	35 x	28.5 x
FCF Yield	3.53%	4.21%	3.04%	2.5%	2.16%	2.14%	2.86%	3.51%
Price to Book	6.89 x	6.73 x	9.85 x	9.51 x	10.6 x	10.9 x	9.7 x	8.47 x
Nbr of stocks (in thousands)	424,241	422,606	418,316	410,477	402,775	401,083	-	-
Reference price ²	114.0	117.9	166.9	156.9	179.1	206.8	206.8	206.8
Announcement Date	13/02/20	18/02/21	02/02/22	01/02/23	12/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	15,455	15,218	17,931	19,698	20,426	21,568	22,965	24,306
EBITDA ¹	4,383	4,321	5,032	5,512	5,899	6,486	7,023	7,571
EBIT ¹	2,809	2,650	3,033	3,474	3,828	4,320	4,711	5,135
Operating Margin	18.18%	17.41%	16.91%	17.64%	18.74%	20.03%	20.51%	21.13%
Earnings before Tax (EBT) ¹	2,105	1,893	2,349	2,918	3,021	3,691	4,100	4,599
Net income ¹	1,670	1,496	1,816	2,238	2,304	2,864	3,144	3,533
Net margin	10.81%	9.83%	10.13%	11.36%	11.28%	13.28%	13.69%	14.54%
EPS ²	3.910	3.520	4.290	5.390	5.660	7.255	7.909	9.035
Free Cash Flow ¹	2,056	2,656	2,530	1,976	1,902	2,126	2,814	3,428
FCF margin	13.3%	17.45%	14.11%	10.03%	9.31%	9.86%	12.25%	14.1%
FCF Conversion (EBITDA)	46.91%	61.47%	50.28%	35.85%	32.24%	32.78%	40.06%	45.27%
FCF Conversion (Net income)	123.11%	177.54%	139.32%	88.29%	82.55%	74.25%	89.49%	97.02%
Dividend per Share ²	2.050	2.180	2.300	2.600	2.800	3.010	3.156	3.244
Announcement Date	13/02/20	18/02/21	02/02/22	01/02/23	12/02/24	-	-	-

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	4,678	4,661	5,027	5,075	4,935	4,892	5,119	5,198	5,217	5,159	5,425	5,517	5,468	5,502	5,826
EBITDA ¹	1,249	1,285	1,415	1,453	1,359	1,333	1,467	1,541	1,558	1,528	1,637	1,695	1,639	1,627	1,802
EBIT ¹	739	803	907	950	814	828	946	1,022	1,032	1,014	1,091	1,145	1,080	1,056	1,209
Operating Margin	15.8%	17.23%	18.04%	18.72%	16.49%	16.93%	18.48%	19.66%	19.78%	19.65%	20.11%	20.76%	19.75%	19.2%	20.76%
Earnings before Tax (EBT) ¹	642	671	776	828	643	696	809	872	644	869	925.4	989.8	939.3	900.3	1,028
Net income ¹	506	513	587	639	499	533	615	663	493	708	719.9	766.2	718.4	691.1	803.3
Net margin	10.82%	11.01%	11.68%	12.59%	10.11%	10.9%	12.01%	12.75%	9.45%	13.72%	13.27%	13.89%	13.14%	12.56%	13.79%
EPS ²	1.200	1.230	1.410	1.540	1.210	1.300	1.510	1.630	1.220	1.750	1.783	1.897	1.783	1.778	1.989
Dividend per Share ²	0.5750	0.6500	0.6500	0.6500	0.6500	0.7000	0.7000	0.7000	0.7000	0.7500	0.7520	0.7520	0.7520	0.7938	0.7938
Announcement Date	02/02/22	26/04/22	27/07/22	26/10/22	01/02/23	26/04/23	25/07/23	24/10/23	12/02/24	24/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,937	13,257	13,287	14,633	15,771	15,788	15,106	14,198
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.267 x	3.068 x	2.641 x	2.655 x	2.674 x	2.434 x	2.151 x	1.875 x
Free Cash Flow ¹	2,056	2,656	2,530	1,976	1,902	2,126	2,814	3,428
ROE (net income / shareholders' equity)	28.2%	20.6%	24.9%	33.2%	33.5%	40.1%	38.8%	39.3%
ROA (Net income/ Total Assets)	7.47%	5.24%	6.22%	7.68%	7.18%	8.61%	8.9%	9.2%
Assets ¹	22,371	28,544	29,220	29,151	32,089	33,246	35,337	38,401
Book Value Per Share ²	16.50	17.50	16.90	16.50	17.00	19.00	21.30	24.40
Cash Flow per Share ²	9.060	8.010	10.30	10.90	11.60	12.80	13.80	15.90
Capex ¹	1,818	1,632	1,904	2,587	2,895	3,137	2,876	2,617
Capex / Sales	11.76%	10.72%	10.62%	13.13%	14.17%	14.55%	12.52%	10.77%
Announcement Date	13/02/20	18/02/21	02/02/22	01/02/23	12/02/24	-	-	-

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 Waste Management, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

206.8 USD

Average target price

222.4 USD

Spread / Average Target

+7.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Environmental Services & Equipment

	1st Jan change	Capi.
WASTE MANAGEMENT, INC.	+15.44%	83.43B
REPUBLIC SERVICES, INC.	+12.79%	60.38B
VERALTO CORPORATION	+14.73%	23.12B
TETRA TECH, INC.	+15.31%	10.41B
CLEAN HARBORS, INC.	+15.96%	10.22B
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A.	-12.64%	5.93B
GEM CO., LTD.	+27.47%	4.92B
KURITA WATER INDUSTRIES LTD.	+14.02%	4.49B
CECEP ENVIRONMENTAL PROTECTION CO., LTD.	-5.29%	3B
BEIJING ORIGINWATER TECHNOLOGY CO., LTD.	-1.80%	2.45B

Other Environmental Services & Equipment