Waste Management Shrugs Off Hurricane and Recycling Woes to Deliver a Strong 3Q
We’re raising our fair value estimate for narrow-moat Waste Management to $63 from $61 on time value of money since our last update; however, we continue to believe that valuations in the North American solid waste industry look rich, and would wait for a pullback in Waste Management’s shares before putting new money to work. That said, the company delivered strong third-quarter results despite disruptions from two major hurricanes. Revenue increased year over year by 4.7% to $3.7 billion in the...Waste Management is a holding company. Through its subsidiaries, the company is a provider of waste management environmental services. The company partners with its residential, commercial, industrial and municipal customers and the communities it serves to manage and reduce waste at each stage from collection to disposal, while recovering resources and creating renewable energy. The company's Solid Waste business is operated and managed by its subsidiaries that focus on various geographic areas and provide collection, transfer, disposal, and recycling and resource recovery services. Through its subsidiaries, the company is also a developer, operator and owner of landfill gas-to-energy 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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