Wide-moat Stericycle continues to bet big on ancillary service growth.
We’re lowering our fair value estimate for wide-moat Stericycle to $110 from $115 per share after third-quarter earnings that we viewed as a mixed bag of positive and negative results. Although we continue to expect near-term volatility in the business, we still view shares as offering a compelling margin of safety for longer-term investors. Revenue increased 23.9% to $890 million in the quarter, largely due to the Shred-It acquisition. However, internal growth slowed considerably year over year...Stericycle is engaged in the medical and hazardous waste management and secure information services. The company's segments are: North America, and International Regulated Waste and Compliance Services, which provides medical waste management services, pharmaceutical waste services, compliance programs, retail and healthcare, industrial and manufacturing hazardous waste management and secure information destruction; and Domestic Communication and Related Services, which provides appointment reminders, secure messaging, event registration, and other communications mainly for hospitals and integrated delivery network's as well as regulated recall and returns management communication, and logistics.
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