Better Together: Waste Connections and Progressive Waste Will Realize Strong Synergies
We expect to raise our $65 fair value estimate for narrow-moat Waste Connections by $2-$3 per share to account for the time value of money since our last update, as well as better-than-anticipated results from the company’s integration of recently acquired Progressive Waste. We continue to admire Waste Connections’ best-in-class execution of its acquisition playbook, a major driver of the company’s premium valuation, in our opinion. That said, sectorwide exuberance over improving pricing and vol...Waste Connections is a solid waste services company in North America, providing waste collection, transfer, disposal and recycling services in mostly exclusive and secondary markets in the U.S. and Canada. Through its R360 Environmental Solutions subsidiary, Co. is also a provider of non-hazardous exploration and production (E&P), waste treatment, recovery and disposal services in several of the natural resource producing areas in the U.S. Co. also provides intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest through a network of intermodal facilities.
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.
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