Financials Waste Connections, Inc.

Equities

WCN

CA94106B1013

Environmental Services & Equipment

Real-time Estimate Cboe BZX Other stock markets 03:49:16 2025-01-17 pm EST			5-day change	1st Jan Change
178.66 ^USD	+0.30%		+2.33%	+4.25%

Jan. 03	RBC on Waste Connections Closing Chiquita Canyon Landfill in California	MT
Dec. 19	GFL Environmental and Waste Connections Price Targets Raised at CIBC	MT

Projected Income Statement: Waste Connections, Inc.

income-statement-evolution-chart WASTE-CONNECTIONS-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,389	5,446	6,151	7,212	8,022	8,900	9,562	10,203
Change	-	1.06%	12.95%	17.24%	11.23%	10.95%	7.44%	6.69%
EBITDA ¹	1,674	1,662	1,919	2,221	2,523	2,908	3,169	3,429
Change	-	-0.69%	15.47%	15.71%	13.61%	15.27%	8.97%	8.19%
EBIT ¹	837.8	412.4	1,040	1,242	1,236	1,736	1,927	2,121
Change	-	-50.77%	152.07%	19.48%	-0.47%	40.4%	11.02%	10.05%
Interest Paid ¹	-147.4	-162.4	-162.8	-202.3	-274.6	-322.9	-327.1	-322.4
Earnings before Tax (EBT) ¹	705.9	253.9	770.7	1,049	983.5	1,401	1,606	1,826
Change	-	-64.03%	203.54%	36.1%	-6.24%	42.44%	14.61%	13.73%
Net income ¹	566.8	204.7	618	835.7	762.8	1,082	1,217	1,363
Change	-	-63.89%	201.96%	35.21%	-8.72%	41.86%	12.5%	11.93%
Announcement Date	2/12/20	2/17/21	2/16/22	2/15/23	2/13/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	1,362	1,352	1,306	1,390	1,398	1,396	1,534	1,597	1,624	1,646	1,816	1,880	1,869	1,901	2,021	2,065	2,036	2,073	2,248	2,338	2,244	2,264	2,398	2,495	2,410	2,430	2,536	2,660
Change	-	-0.7%	-3.45%	6.42%	0.63%	-0.17%	9.89%	4.12%	1.7%	1.35%	10.34%	3.49%	-0.56%	1.67%	6.35%	2.16%	-1.41%	1.82%	8.47%	4.02%	-4.02%	0.87%	5.91%	4.06%	-3.41%	0.82%	4.36%	4.88%
EBITDA ¹	419	408.5	394.3	432.6	426.6	433.2	484.9	505.6	495.4	502.1	566.8	588.1	563.6	566.9	628.9	671.2	656	650.7	731.8	787.4	740.8	717.7	797.3	850.8	810.9	775.2	855.8	915.3
Change	-	-2.5%	-3.48%	9.7%	-1.39%	1.55%	11.94%	4.28%	-2.02%	1.35%	12.88%	3.75%	-4.15%	0.57%	10.94%	6.72%	-2.25%	-0.82%	12.47%	7.6%	-5.92%	-3.13%	11.1%	6.71%	-4.68%	-4.41%	10.41%	6.95%
EBIT ¹	194.2	217	-232.4	230.7	197.1	238.4	266.8	285.1	249.3	273.9	329.6	326.8	312	314.7	344.1	353	224.5	366.8	424.7	475.3	441	417.6	476.8	531.2	489.1	451.1	489.1	566
Change	-	11.73%	-	-	-14.54%	20.91%	11.92%	6.88%	-12.56%	9.84%	20.35%	-0.86%	-4.53%	0.87%	9.35%	2.57%	-36.39%	63.37%	15.79%	11.92%	-7.22%	-5.3%	14.18%	11.39%	-7.92%	-7.76%	8.41%	15.73%
Charge d'intérêts ¹	-36.06	-37.99	-40.94	-40.64	-42.81	-42.42	-41.33	-40.42	-38.62	-41.32	-45.08	-51.16	-64.77	-68.35	-67.54	-69.02	-69.73	-78.49	-82.38	-83.52	-82.53	-82.67	-82.31	-82.24	-82.17	-	-	-
Earnings before Tax (EBT) ¹	161.9	171.6	-266.2	191.6	156.8	200.6	225	133.1	212.1	229.2	282.5	285.9	251.4	252.2	277.7	292.2	161.4	288.5	356	400.1	356.9	339.5	413.4	454.1	408.3	-	-	-
Change	-	6.03%	-	-	-18.16%	27.9%	12.15%	-40.85%	59.39%	8.06%	23.26%	1.19%	-12.07%	0.34%	10.11%	5.2%	-44.76%	78.79%	23.37%	12.38%	-10.78%	-4.88%	21.75%	9.87%	-10.09%	-100%	-	-
Net income ¹	133.3	143	-227.1	158	130.7	160.3	177	114.4	166.3	180.3	224.1	236.9	194.4	197.8	209.2	229	126.8	230.1	275.5	308	275.3	252.5	290.4	343.3	314.1	250.8	265.5	359.1
Change	-	7.33%	-	-	-17.33%	22.69%	10.44%	-35.4%	45.4%	8.43%	24.26%	5.73%	-17.96%	1.78%	5.76%	9.47%	-44.66%	81.5%	19.74%	11.82%	-10.64%	-8.26%	15.01%	18.2%	-8.48%	-20.15%	5.84%	35.25%
Announcement Date	2/12/20	5/6/20	8/6/20	10/28/20	2/17/21	4/28/21	8/4/21	10/27/21	2/16/22	5/3/22	8/2/22	11/2/22	2/15/23	4/26/23	8/2/23	10/25/23	2/13/24	4/24/24	7/24/24	10/23/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Waste Connections, Inc.

balance-sheet-analysis-chart WASTE-CONNECTIONS-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,028	4,117	4,916	6,834	6,688	7,969	7,339	6,452
Change	-	2.21%	19.41%	39.02%	-2.14%	19.16%	-7.91%	-12.09%
Announcement Date	2/12/20	2/17/21	2/16/22	2/15/23	2/13/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Waste Connections, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	666.1	597.1	744.3	912.7	934	1,139	1,151	1,167
Change	-	-10.36%	24.66%	22.62%	2.34%	21.94%	1.04%	1.41%
Free Cash Flow (FCF) ¹	916.8	841.9	953.9	1,110	1,224	1,206	1,456	1,728
Change	-	-8.17%	13.31%	16.34%	10.3%	-1.48%	20.7%	18.69%
Announcement Date	2/12/20	2/17/21	2/16/22	2/15/23	2/13/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Waste Connections, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	31.06%	30.52%	31.2%	30.79%	31.45%	32.68%	33.14%	33.61%
EBIT Margin (%)	15.55%	7.57%	16.9%	17.22%	15.41%	19.5%	20.15%	20.79%
EBT Margin (%)	13.1%	4.66%	12.53%	14.54%	12.26%	15.74%	16.79%	17.9%
Net margin (%)	10.52%	3.76%	10.05%	11.59%	9.51%	12.16%	12.73%	13.36%
FCF margin (%)	17.01%	15.46%	15.51%	15.39%	15.26%	13.55%	15.22%	16.93%
FCF / Net Income (%)	161.73%	411.33%	154.34%	132.81%	160.48%	111.45%	119.58%	126.79%
Profitability
ROA	5.46%	5.02%	5.9%	5.25%	6.17%	5.94%	6.41%	6.98%
ROE	10.75%	10.09%	12.23%	11.86%	14.61%	15.5%	15.87%	16.77%
Financial Health
Leverage (Debt/EBITDA)	2.41x	2.48x	2.56x	3.08x	2.65x	2.74x	2.32x	1.88x
Debt / Free cash flow	4.39x	4.89x	5.15x	6.16x	5.46x	6.61x	5.04x	3.73x
Capital Intensity
CAPEX / Current Assets (%)	12.36%	10.96%	12.1%	12.66%	11.64%	12.8%	12.03%	11.44%
CAPEX / EBITDA (%)	39.8%	35.92%	38.78%	41.1%	37.02%	39.16%	36.31%	34.04%
CAPEX / FCF (%)	72.66%	70.92%	78.03%	82.24%	76.3%	94.44%	79.05%	67.55%
Items per share
Cash flow per share ¹	5.824	5.342	6.489	7.838	8.239	8.92	9.932	11.22
Change	-	-8.27%	21.46%	20.8%	5.11%	8.27%	11.34%	12.95%
Dividend per Share ¹	0.665	0.76	0.845	0.945	1.05	1.161	1.264	1.366
Change	-	14.29%	11.18%	11.83%	11.11%	10.58%	8.83%	8.06%
Book Value Per Share ¹	26.3	26.06	26.86	27.64	29.8	32.39	34.45	36.88
Change	-	-0.91%	3.06%	2.93%	7.8%	8.7%	6.35%	7.04%
EPS ¹	2.14	0.78	2.36	3.24	2.95	4.189	4.749	5.37
Change	-	-63.55%	202.56%	37.29%	-8.95%	42%	13.38%	13.07%
Nbr of stocks (in thousands)	263,698	262,825	260,527	257,136	257,641	258,063	258,063	258,063
Announcement Date	2/12/20	2/17/21	2/16/22	2/15/23	2/13/24	-	-	-