Report
Barbara Noverini
EUR 101.80 For Business Accounts Only

Better together--waste connections and progressive waste will realize strong synergies.

We are adjusting our fair value estimate for Waste Connections to $51 from $75 following the company's 3-for-2 stock split, with a $1 contribution from time value of money since our last update. On June 16, shareholders of record as of June 7 will receive one additional common share for every two shares held. We have not modified any of the assumptions underpinning our valuation, and we reiterate our narrow-moat rating....
Underlying
Waste Connections Inc.

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.

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
Barbara Noverini

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