Waste Management Inc.

Overview Key strengths Key risks Largest solid waste services company in North America, with good geographic and customer diversity. Relatively high absolute adjusted debt levels, including sizable asset retirement and environmental obligations. Fairly predictable demand due to the essential nature of its services, which leads to a relatively stable earnings stream across all macroeconomic environments. Exposure to cyclical demand in some segments, such as roll-off hauls and commodities recycling. Solid profitability supported by a variable-cost structure, the contractual nature of its services, and its ownership of a considerable number of landfills. Through the first nine months of the year, revenue was up 3.2% from the same period last year while EBITDA was up 6.7%. Volumes in the event-driven landfills portion

...Operating performance has remained in line with our expectations through the third quarter of 2023, and despite macroeconomic uncertainty, we expect the company's positive operating performance trajectory to persist into 2024. Through the first nine months of the year, revenue was up 3.2% from the same period last year while EBITDA was up 6.7%. Volumes...

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