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Waste Connections Inc WCN

Rating as of

Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

After Reviewing Our U.S. Waste Management Coverage, We Maintain Wide Moats but Raise FVEs

Analyst Note

| Brian Bernard, CFA, CPA |

After taking a fresh look at Waste Management, Republic Services, and Waste Connections, we've maintained our wide-moat, stable-trend ratings for all three firms, primarily supported by intangible assets (regulations), which create immense structural barriers to entry for each company's valuable landfill operations.

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Company Profile

Business Description

Waste Connections is the third- largest integrated provider of traditional solid waste and recycling services in the North America, operating 98 active landfills (14 are E&P waste landfills), 124 transfer stations, and 66 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 2019, roughly 14% of consolidated revenue was generated from the firm's Canadian segment.

Contact
610 Applewood Crescent, 2nd Floor
Vaughan, ON, L4K 0E3, Canada
T +1 905 532-7510
Sector Industrials
Industry Waste Management
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 18,204

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