Financials Waste Management, Inc.

Equities

WM

US94106L1098

Environmental Services & Equipment

Market Closed - Nyse Other stock markets 04:00:01 2024-04-26 pm EDT			5-day change	1st Jan Change
210.1 ^USD	-1.22%		+1.46%	+17.31%

Apr. 26	Jefferies Raises Price Target on Waste Management to $259 From $256	MT
Apr. 26	UBS Raises Waste Management Price Target to $218 From $205, Maintains Neutral Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	48,347	49,838	69,817	64,396	72,137	84,268	-	-
Enterprise Value (EV) ¹	58,284	63,095	83,104	79,029	87,908	100,012	99,461	98,420
P/E ratio	29.1 x	33.5 x	38.9 x	29.1 x	31.6 x	28.8 x	26.8 x	23.6 x
Yield	1.8%	1.85%	1.38%	1.66%	1.56%	1.43%	1.5%	1.54%
Capitalization / Revenue	3.13 x	3.27 x	3.89 x	3.27 x	3.53 x	3.91 x	3.66 x	3.46 x
EV / Revenue	3.77 x	4.15 x	4.63 x	4.01 x	4.3 x	4.64 x	4.32 x	4.04 x
EV / EBITDA	13.3 x	14.6 x	16.5 x	14.3 x	14.9 x	15.4 x	14.2 x	13 x
EV / FCF	28.3 x	23.8 x	32.8 x	40 x	46.2 x	46.2 x	35.4 x	28.7 x
FCF Yield	3.53%	4.21%	3.04%	2.5%	2.16%	2.16%	2.82%	3.49%
Price to Book	6.89 x	6.73 x	9.85 x	9.51 x	10.6 x	10.9 x	9.58 x	8.61 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	210.1	210.1	210.1
Announcement Date	2/13/20	2/18/21	2/2/22	2/1/23	2/12/24	-	-	-

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	21,569	23,000	24,384
EBITDA ¹	4,383	4,321	5,032	5,512	5,899	6,477	6,993	7,556
EBIT ¹	2,809	2,650	3,033	3,474	3,828	4,329	4,693	5,126
Operating Margin	18.18%	17.41%	16.91%	17.64%	18.74%	20.07%	20.4%	21.02%
Earnings before Tax (EBT) ¹	2,105	1,893	2,349	2,918	3,021	3,729	4,079	4,617
Net income ¹	1,670	1,496	1,816	2,238	2,304	2,802	3,131	3,491
Net margin	10.81%	9.83%	10.13%	11.36%	11.28%	12.99%	13.61%	14.32%
EPS ²	3.910	3.520	4.290	5.390	5.660	7.290	7.836	8.886
Free Cash Flow ¹	2,056	2,656	2,530	1,976	1,902	2,165	2,809	3,433
FCF margin	13.3%	17.45%	14.11%	10.03%	9.31%	10.04%	12.21%	14.08%
FCF Conversion (EBITDA)	46.91%	61.47%	50.28%	35.85%	32.24%	33.42%	40.17%	45.44%
FCF Conversion (Net income)	123.11%	177.54%	139.32%	88.29%	82.55%	77.26%	89.73%	98.34%
Dividend per Share ²	2.050	2.180	2.300	2.600	2.800	3.010	3.156	3.244
Announcement Date	2/13/20	2/18/21	2/2/22	2/1/23	2/12/24	-	-	-

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	5,424	5,520	5,461	5,476	5,789
EBITDA ¹	1,249	1,285	1,415	1,453	1,359	1,333	1,467	1,541	1,558	1,528	1,633	1,690	1,641	1,641	1,795
EBIT ¹	739	803	907	950	814	828	946	1,022	1,032	1,014	1,086	1,154	1,083	1,042	1,168
Operating Margin	15.8%	17.23%	18.04%	18.72%	16.49%	16.93%	18.48%	19.66%	19.78%	19.65%	20.01%	20.91%	19.83%	19.03%	20.17%
Earnings before Tax (EBT) ¹	642	671	776	828	643	696	809	872	644	869	922.8	990.4	947.8	900.3	1,028
Net income ¹	506	513	587	639	499	533	615	663	493	708	736.6	787	740.2	685.2	782.6
Net margin	10.82%	11.01%	11.68%	12.59%	10.11%	10.9%	12.01%	12.75%	9.45%	13.72%	13.58%	14.26%	13.55%	12.51%	13.52%
EPS ²	1.200	1.230	1.410	1.540	1.210	1.300	1.510	1.630	1.220	1.750	1.806	1.943	1.820	1.722	1.975
Dividend per Share ²	0.5750	0.6500	0.6500	0.6500	0.6500	0.7000	0.7000	0.7000	0.7000	-	0.7520	0.7520	0.7520	0.7938	0.7938
Announcement Date	2/2/22	4/26/22	7/27/22	10/26/22	2/1/23	4/26/23	7/25/23	10/24/23	2/12/24	4/24/24	-	-	-	-	-

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	15,745	15,194	14,153
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.267 x	3.068 x	2.641 x	2.655 x	2.674 x	2.431 x	2.173 x	1.873 x
Free Cash Flow ¹	2,056	2,656	2,530	1,976	1,902	2,165	2,809	3,433
ROE (net income / shareholders' equity)	28.2%	20.6%	24.9%	33.2%	33.5%	40.8%	39.4%	39.4%
ROA (Net income/ Total Assets)	7.47%	5.24%	6.22%	7.68%	7.18%	8.6%	8.8%	9%
Assets ¹	22,371	28,544	29,220	29,151	32,089	32,577	35,575	38,789
Book Value Per Share ²	16.50	17.50	16.90	16.50	17.00	19.30	21.90	24.40
Cash Flow per Share ²	9.060	8.010	10.30	10.90	11.60	12.70	13.90	15.90
Capex ¹	1,818	1,632	1,904	2,587	2,895	3,124	2,876	2,627
Capex / Sales	11.76%	10.72%	10.62%	13.13%	14.17%	14.48%	12.5%	10.77%
Announcement Date	2/13/20	2/18/21	2/2/22	2/1/23	2/12/24	-	-	-

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

210.1 USD

Average target price

219.8 USD

Spread / Average Target

+4.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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