Inside the Market’s roundup of some of today’s key analyst actions
Ahead of third-quarter earnings season, RBC Capital Markets analyst Walter Spracklin thinks the North American waste sector is “screening good value.”
In a research report released Monday, Mr. Spracklin left his estimates across the sector largely unchanged ahead of quarterly releases with the lone exception being a slight reduction to “Our preferred names in the waste sector remain our two outperform-rated names: Waste Connections and GFL,” he said. “We see WCN as the best-in-class operator with tailwinds driven by the Arrowhead acquisition and the greatest ability for meaningful margin expansion to exit the year. WCN is trading at the lower end of its 5-year historical 1 year forward valuation range and is attractively valued, in our view.
“In addition to the revisions to our estimates to account for declining rig counts and to better align our model with expected GAAP presentation, we also lower the multiple used for Composite Technologies in our sum-of-parts valuation to 5.5 times , dropping our target to $20.50 ,” he said. “Our new target is equivalent to a 6-per-cent FCF yield, a level we believe is more defensible given current opportunity cost of cash investments.
“Footfall metrics are a growing concern, with growth year-over-year and versus 2019 both steadily decelerating from mid-July onward and year-over-year growth moving into negative territory,” he said. “This is also not simple a result of decelerating industry trends, but MCD has also seen their market share of all tracked LSR concepts and of the big three steadily erode since that same mid-July window .
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