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Waste Connections Inc WCN Stock Quote

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Morningstar‘s Stock Analysis WCN

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Strength in Core Pricing Propels Wide-Moat-Rated Waste Connections to Strong Third-Quarter Results

Analyst Note

| Brian Bernard, CFA, CPA |

Waste Connections posted solid third-quarter results, driven by strong pricing tailwinds. Revenue growth of 18% and adjusted EPS of $1.10 (up 24% year over year) modestly exceeded our estimates for the quarter. Management remained optimistic heading into the fourth quarter and modestly raised its full-year 2022 revenue guidance by 1% while maintaining its adjusted free cash flow target of $1.16 billion. We maintain our $98 fair value estimate for New York Stock Exchange-listed shares. We lowered our fair value estimate for Toronto Stock Exchange-listed shares by 2% to CAD 132 due to foreign exchange.

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Key Statistics WCN

Company Profile WCN

Business Description

Waste Connections is the third-largest integrated provider of traditional solid waste and recycling services in the North America, operating 97 active landfills (12 are exploration and production waste landfills and 14 are nonmunicipal waste landfills), 142 transfer stations, and 71 recycling operations. The firm serves residential, commercial, industrial, and energy end markets. Waste Connections entered the Canadian market with its 2016 merger with Progressive Waste. In 2021, 14% of consolidated revenue was generated from the firm's Canadian segment.

6220 Highway 7, Suite 600, Woodbridge
Vaughan, ON, L4H 4G3, Canada
T +1 905 532-7510
Industry Waste Management
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 19,998