Financials Cleanaway Waste Management Limited

Equities

CWY

AU000000CWY3

Environmental Services & Equipment

Market Closed - Australian S.E. Other stock markets 02:10:44 2024-04-26 am EDT			5-day change	1st Jan Change
2.66 ^AUD	-1.85%		+4.72%	-1.12%

Apr. 24	Cleanaway Waste Management Denies Seven Group Takeover Speculation	MT
Mar. 27	Zeotech Methane Control Program Advancing to Controlled Trials; Shares Up 4%	MT

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,764	4,519	5,437	5,198	5,766	5,930	-	-
Enterprise Value (EV) ¹	5,422	5,474	6,472	6,854	7,299	7,500	7,498	7,472
P/E ratio	38.8 x	40 x	37.7 x	66.3 x	259 x	36.1 x	29.1 x	23.6 x
Yield	1.52%	1.86%	1.74%	1.94%	1.89%	1.94%	2.35%	2.86%
Capitalization / Revenue	2.09 x	1.94 x	2.26 x	1.73 x	1.62 x	1.59 x	1.51 x	1.46 x
EV / Revenue	2.37 x	2.35 x	2.69 x	2.28 x	2.05 x	2.01 x	1.91 x	1.83 x
EV / EBITDA	11.7 x	11.6 x	12.1 x	11.8 x	10.9 x	10.3 x	9.35 x	8.5 x
EV / FCF	34.4 x	28.6 x	36.3 x	33.7 x	65.1 x	58.6 x	32.9 x	28.7 x
FCF Yield	2.91%	3.5%	2.75%	2.97%	1.54%	1.71%	3.04%	3.48%
Price to Book	1.84 x	1.76 x	2.06 x	1.98 x	1.96 x	1.98 x	1.93 x	1.87 x
Nbr of stocks (in thousands)	2,044,507	2,053,945	2,059,435	2,062,588	2,226,243	2,229,378	-	-
Reference price ²	2.330	2.200	2.640	2.520	2.590	2.660	2.660	2.660
Announcement Date	8/14/19	8/25/20	8/19/21	8/18/22	8/23/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,283	2,332	2,406	3,006	3,559	3,738	3,918	4,073
EBITDA ¹	461.6	473	535.1	581.6	668.1	729.8	801.7	878.7
EBIT ¹	240.8	251.9	258.7	257.1	302.2	353.9	404.8	465.2
Operating Margin	10.55%	10.8%	10.75%	8.55%	8.49%	9.47%	10.33%	11.42%
Earnings before Tax (EBT) ¹	168.2	155.2	206.8	116.3	33.3	242.2	299.3	355.3
Net income ¹	123.1	112.9	145.3	78.9	21.6	162.1	205.9	252.9
Net margin	5.39%	4.84%	6.04%	2.62%	0.61%	4.34%	5.25%	6.21%
EPS ²	0.0600	0.0550	0.0700	0.0380	0.0100	0.0738	0.0913	0.1129
Free Cash Flow ¹	157.8	191.7	178.2	203.3	112.1	128	228.1	259.9
FCF margin	6.91%	8.22%	7.41%	6.76%	3.15%	3.42%	5.82%	6.38%
FCF Conversion (EBITDA)	34.19%	40.53%	33.3%	34.96%	16.78%	17.54%	28.45%	29.58%
FCF Conversion (Net income)	128.19%	169.8%	122.64%	257.67%	518.98%	78.96%	110.78%	102.75%
Dividend per Share ²	0.0355	0.0410	0.0460	0.0490	0.0490	0.0517	0.0624	0.0760
Announcement Date	8/14/19	8/25/20	8/19/21	8/18/22	8/23/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	1,197	1,135	1,170	1,236	1,365	1,642	1,778	1,781	1,872	1,895	-	-	-	-
EBITDA ¹	256.4	216.6	263.8	271.3	273.7	307.9	322.2	345.9	356.5	374	-	-	-	-
EBIT ¹	127.2	124.7	132.2	126.5	129.9	127.2	138.3	163.9	173.9	177.2	-	-	-	-
Operating Margin	10.62%	10.99%	11.3%	10.23%	9.52%	7.75%	7.78%	9.2%	9.29%	9.35%	-	-	-	-
Earnings before Tax (EBT) ¹	63.2	-	111.4	95.4	75.3	41	69.2	-35.9	105	118.4	-	-	-	-
Net income ¹	46.2	66.7	78.3	67	51.5	27.4	47.9	-26.3	73.2	84.35	-	-	-	-
Net margin	3.86%	5.88%	6.69%	5.42%	3.77%	1.67%	2.69%	-1.48%	3.91%	4.45%	-	-	-	-
EPS ²	0.0220	0.0330	0.0380	0.0320	0.0250	0.0130	0.0220	-	0.0330	0.0398	0.0400	-	-	-
Dividend per Share ²	0.0200	0.0210	0.0225	0.0235	0.0245	0.0245	0.0245	0.0245	-	0.0258	0.0400	0.0400	0.0400	0.0400
Announcement Date	2/18/20	8/25/20	2/18/21	8/19/21	2/16/22	8/18/22	2/22/23	8/23/23	2/15/24	-	-	-	-	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	659	956	1,035	1,657	1,533	1,570	1,568	1,542
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.427 x	2.02 x	1.935 x	2.848 x	2.295 x	2.152 x	1.955 x	1.755 x
Free Cash Flow ¹	158	192	178	203	112	128	228	260
ROE (net income / shareholders' equity)	5.52%	6%	5.8%	5.45%	5.27%	5.71%	7.02%	8.25%
ROA (Net income/ Total Assets)	3.4%	3.56%	3.29%	2.73%	2.46%	3.78%	4.28%	4.91%
Assets ¹	3,625	3,171	4,419	2,895	877.7	4,290	4,814	5,148
Book Value Per Share ²	1.260	1.250	1.280	1.270	1.320	1.340	1.380	1.430
Cash Flow per Share ²	0.1700	0.1900	0.2100	0.2300	0.2200	0.2400	0.2600	0.2800
Capex ¹	193	210	246	263	370	395	405	399
Capex / Sales	8.45%	9%	10.23%	8.75%	10.39%	10.58%	10.34%	9.79%
Announcement Date	8/14/19	8/25/20	8/19/21	8/18/22	8/23/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Cleanaway Waste Management Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2.66 AUD

Average target price

2.8 AUD

Spread / Average Target

+5.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Waste Management, Disposal & Recycling Services

	1st Jan change	Capi.
CLEANAWAY WASTE MANAGEMENT LIMITED	-1.12%	3.87B
WASTE CONNECTIONS, INC.	+9.52%	42.18B
GFL ENVIRONMENTAL INC.	-4.13%	12.05B
CASELLA WASTE SYSTEMS, INC.	+5.38%	5.23B
STERICYCLE, INC.	-6.56%	4.3B
ZHEFU HOLDING GROUP CO., LTD.	-1.76%	2.41B
GRANDBLUE ENVIRONMENT CO., LTD.	+6.17%	2.07B
CHINA TIANYING INC.	-7.29%	1.51B
SHANGHAI ENVIRONMENT GROUP CO., LTD	+2.34%	1.42B
CHINA CONCH VENTURE HOLDINGS LIMITED	-12.35%	1.3B

Waste Management, Disposal & Recycling Services