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WM

Waste Management

$82.60

1.81 (2.24%)

07:10
02/15/18
02/15
07:10
02/15/18
07:10

Waste Management sees FY18 adjusted EPS $3.97-$4.05, consensus $3.68

Core price is expected to be 4.0% or greater for 2018. Internal revenue growth from yield on the collection and disposal business is expected to be 2.0% or greater. Internal revenue growth from volume is expected to be between 2.0% and 2.2%. With continued commodity pricing pressure and expected cost increases from efforts to reduce contamination, earnings from the Company's recycling operations are expected to decline from the record-high levels it saw in 2017. The Company currently expects earnings from its recycling business to decline between 8c-10c per diluted share in 2018 when compared with the prior year, with much of the decline expected in the first half of 2018. Adjusted operating EBITDA is expected to be $4.2 to $4.25 billion for the full year. Free cash flow for 2018 is projected to be between $1.95 and $2.05 billion. Capital expenditures are expected to be in the range of $1.6 to $1.7 billion. The Board of Directors has indicated its intention to increase the dividend by $0.16, or 9.4%, to $1.86 per share on an annual basis, for an approximate annual cost of $810 million. The Board must separately approve and declare each dividend. The Board of Directors has authorized management to repurchase up to $1.25 billion of the Company's common stock. The Company's effective tax rate is expected to be approximately 26%. The Company plans to utilize a portion of its cash tax savings to pay approximately $65 million in bonuses to approximately 34,000 of its employees. Adjusted earnings per diluted share for 2018 is expected to be between $3.97 and $4.05, including an anticipated $0.62 earnings per diluted share benefit from tax reform partially offset by an $0.11 earnings per diluted share impact from the previously announced retention bonus for approximately 34,000 of the Company's employees.

  • 15

    Feb

WM Waste Management
$82.60

1.81 (2.24%)

12/11/17
12/11/17
UPGRADE
Target $95

Buy
Waste Management upgraded to Buy, added to Select List at Stifel
As previously reported, Stifel analyst Michael Hoffman upgraded Waste Management to Buy from Hold, saying he believes the company can embrace technology to improve customer experience, lower turnover, support better pricing, and improve productivity. Hoffman, who also added the stock to the Stifel Analyst Select List and raised his price target on the shares to $95 from $80, also cited the company's organic growth, better free cash flow outlook and benefits from tax reform.
12/11/17
12/11/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. U.S. Steel (X) upgraded to Hold from Sell at Axiom with analyst Gordon Johnson saying he believes protectionism from the Trump administration and positive seasonality could create a "more optimistic tone" in the near-term. 2. Waste Management (WM) upgraded to Buy from Hold at Stifel with analyst Michael Hoffman saying he believes the company can embrace technology to improve customer experience, lower turnover, support better pricing, and improve productivity. 3. Air Products (APD) upgraded to Buy from Hold at Jefferies with analyst Laurence Alexander saying he believes the industrial gases are positioned for a "classic late-cycle trade" amid improving industrial demand and a turn in the capex cycle. 4. DaVita (DVA) upgraded to Buy from Neutral at Citi with analyst Patrick Wood saying the sale of the company's DMG unit has resulted in an "unusual situation" where almost 40% of DaVita's current market capitalization is cash. 5. First Solar (FSLR) upgraded to Outperform from Neutral at Baird with analyst Ben Kallo citing its strong pipeline and balance sheet and continued cost and efficiency improvements. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/03/18
MACQ
01/03/18
UPGRADE
MACQ
Outperform
Waste Management upgraded to Outperform from Neutral at Macquarie
01/03/18
MACQ
01/03/18
UPGRADE
Target $114
MACQ
Outperform
Waste Management upgraded to Outperform on strong cash flow at Macquarie
As previously reported, Macquarie upgraded Waste Management to Outperform from Neutral and raised its price target to $114 from $79. Analyst Hamzah Mazari expects a structurally higher free cash flow profile going forward driven by sustainable working capital improvement metrics, sees significant self help opportunities to bring customer churn down, higher than expected structural cash tax savings, and views valuation as attractive versus peers.

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