Republic Services Reports Broadbased Strength in the First Quarter, but Shares Seem Pricey
We’re raising our fair value estimate for narrow moat Republic Services to $50 from $43 per share following strong first-quarter earnings. We added $2 per share from time value of money since our last update, while the remainder came from lowering our U.S. federal statutory tax rate assumption to 25%, consistent with Morningstar’s belief that U.S corporate tax reform is likely in 2018.Excluding a modest impact from acquisitions in the quarter, revenue grew 6.2% year over year to almost $2.4 bil...
Republic Services is a provider of non-hazardous solid waste collection, transfer, disposal, recycling, and environmental services in the United States. The company operates through collection operations, transfer stations, active landfills, recycling processing centers, treatment, recovery and disposal facilities, salt water disposal wells, and deep injection wells. In addition, the company is engaged in landfill gas-to-energy and renewable energy projects and had post-closure responsibility for closed landfills. The company's operations primarily consist of providing collection, transfer and disposal of non-hazardous solid waste, recovering and recycling of certain materials, and environmental services.
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.
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