Waste Connections Delivers Strong Organic Growth in 4Q; Shares Trade at a Premium to Our FVE
We reiterate our $55 fair value estimate for narrow-moat Waste Connections following fourth-quarter results. Shares trade at a premium to our fair value estimate, as we view management’s highly acquisitive capital allocation strategy with greater skepticism than the market does. Quarterly revenue grew 10.4% year over year to $1.2 billion, reflecting 4.3% organic growth, above management’s outlook of 3%-3.5%. Approximately half of the company’s business is indexed to inflation, and an environment...
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