Progress With Progressive Waste Pushes Profits in Waste Connections’ Q3; We Intend to Raise Our FVE
Following better-than-anticipated third-quarter results, we plan on raising our fair value estimate for narrow-moat Waste Connections by approximately 5%-8% as we pull forward some merger synergy benefits and reconsider our original midcycle adjusted EBITDA margin forecast of 33.8%. At 31.6% of revenue in the quarter, EBITDA margins are quickly approaching legacy Waste Connections levels as management continues to uncover opportunities for operational enhancement in the newly acquired Progressiv...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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