Report
Tim Mann
EUR 101.80 For Business Accounts Only

Ceasing Coverage of Cleanaway

We plan to cease coverage on no-moat Cleanaway in August 2017. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest.
We still view no-moat Cleanaway as significantly overvalued, with investors overestimating the longer-term earnings leverage to waste volume growth, which we view as tracking at a 3% CAGR over the next five years. We believe the current share price of AUD 1.35 implies roughly 5% volume growth per year over the next five year...
Underlying
Cleanaway Waste Management Ltd.

Cleanaway Waste Management is focused on the following segments: Solids, which comprises the collection, treatment, recycle and disposal of all types of solid waste streams, including general waste, recyclables, construction and demolition waste and medical and washroom services; as well as Liquids and Industrial Services, which comprises the collection, treatment, processing and recycling of liquid and hazardous waste, including industrial waste, grease trap waste, oily waters and used mineral and cooking oils in packaged and bulk forms for resale, disposal and to produce fuel oils and base oils, as well as services including industrial cleaning, vacuum tanker loading, site remediation.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Tim Mann

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