Intrinsic value of Waste Connections Inc. - WCN

Previous Close

$88.51

  Intrinsic Value

$47.61

stock screener

  Rating & Target

sell

-46%

Previous close

$88.51

 
Intrinsic value

$47.61

 
Up/down potential

-46%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of WCN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 23.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  75.29
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  4,561
  5,072
  5,608
  6,171
  6,758
  7,371
  8,009
  8,673
  9,364
  10,082
  10,829
  11,604
  12,410
  13,248
  14,119
  15,026
  15,969
  16,951
  17,973
  19,039
  20,151
  21,310
  22,520
  23,784
  25,104
  26,483
  27,925
  29,433
  31,011
  32,662
  34,390
Variable operating expenses, $m
 
  4,194
  4,575
  4,974
  5,391
  5,826
  6,279
  6,751
  7,241
  7,751
  8,281
  8,238
  8,811
  9,405
  10,024
  10,667
  11,337
  12,034
  12,760
  13,517
  14,306
  15,129
  15,988
  16,885
  17,822
  18,801
  19,825
  20,896
  22,016
  23,188
  24,415
Fixed operating expenses, $m
 
  124
  127
  130
  134
  137
  140
  144
  147
  151
  155
  159
  163
  167
  171
  175
  180
  184
  189
  193
  198
  203
  208
  214
  219
  224
  230
  236
  242
  248
  254
Total operating expenses, $m
  3,950
  4,318
  4,702
  5,104
  5,525
  5,963
  6,419
  6,895
  7,388
  7,902
  8,436
  8,397
  8,974
  9,572
  10,195
  10,842
  11,517
  12,218
  12,949
  13,710
  14,504
  15,332
  16,196
  17,099
  18,041
  19,025
  20,055
  21,132
  22,258
  23,436
  24,669
Operating income, $m
  611
  754
  906
  1,066
  1,233
  1,408
  1,590
  1,779
  1,976
  2,180
  2,393
  3,207
  3,437
  3,676
  3,924
  4,183
  4,452
  4,733
  5,025
  5,329
  5,647
  5,978
  6,324
  6,685
  7,063
  7,457
  7,870
  8,302
  8,753
  9,226
  9,721
EBITDA, $m
  1,238
  1,551
  1,725
  1,908
  2,099
  2,298
  2,505
  2,721
  2,946
  3,179
  3,422
  3,674
  3,937
  4,209
  4,493
  4,788
  5,095
  5,415
  5,748
  6,095
  6,458
  6,836
  7,230
  7,642
  8,073
  8,523
  8,994
  9,486
  10,002
  10,541
  11,106
Interest expense (income), $m
  118
  171
  200
  230
  262
  295
  330
  366
  403
  442
  483
  525
  569
  615
  662
  711
  762
  815
  871
  929
  989
  1,052
  1,117
  1,185
  1,257
  1,331
  1,409
  1,491
  1,576
  1,665
  1,758
Earnings before tax, $m
  488
  583
  706
  836
  971
  1,113
  1,260
  1,413
  1,572
  1,738
  1,910
  2,682
  2,868
  3,061
  3,263
  3,472
  3,690
  3,917
  4,154
  4,400
  4,658
  4,926
  5,207
  5,500
  5,806
  6,126
  6,461
  6,811
  7,177
  7,561
  7,963
Tax expense, $m
  154
  157
  191
  226
  262
  300
  340
  381
  424
  469
  516
  724
  774
  827
  881
  937
  996
  1,058
  1,121
  1,188
  1,258
  1,330
  1,406
  1,485
  1,568
  1,654
  1,744
  1,839
  1,938
  2,042
  2,150
Net income, $m
  333
  425
  516
  610
  709
  812
  920
  1,031
  1,148
  1,269
  1,394
  1,958
  2,094
  2,235
  2,382
  2,535
  2,694
  2,859
  3,032
  3,212
  3,400
  3,596
  3,801
  4,015
  4,238
  4,472
  4,716
  4,972
  5,240
  5,520
  5,813

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  209
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  15,002
  16,467
  18,209
  20,034
  21,941
  23,931
  26,004
  28,161
  30,404
  32,735
  35,158
  37,676
  40,293
  43,013
  45,842
  48,784
  51,846
  55,034
  58,355
  61,816
  65,424
  69,189
  73,117
  77,220
  81,505
  85,983
  90,665
  95,562
  100,684
  106,045
  111,657
Adjusted assets (=assets-cash), $m
  14,793
  16,467
  18,209
  20,034
  21,941
  23,931
  26,004
  28,161
  30,404
  32,735
  35,158
  37,676
  40,293
  43,013
  45,842
  48,784
  51,846
  55,034
  58,355
  61,816
  65,424
  69,189
  73,117
  77,220
  81,505
  85,983
  90,665
  95,562
  100,684
  106,045
  111,657
Revenue / Adjusted assets
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
Average production assets, $m
  1,469
  1,633
  1,806
  1,987
  2,176
  2,373
  2,579
  2,793
  3,015
  3,247
  3,487
  3,737
  3,996
  4,266
  4,546
  4,838
  5,142
  5,458
  5,787
  6,131
  6,489
  6,862
  7,251
  7,658
  8,083
  8,527
  8,992
  9,477
  9,985
  10,517
  11,074
Working capital, $m
  69
  -137
  -151
  -167
  -182
  -199
  -216
  -234
  -253
  -272
  -292
  -313
  -335
  -358
  -381
  -406
  -431
  -458
  -485
  -514
  -544
  -575
  -608
  -642
  -678
  -715
  -754
  -795
  -837
  -882
  -929
Total debt, $m
  4,904
  5,716
  6,582
  7,489
  8,437
  9,426
  10,456
  11,528
  12,643
  13,801
  15,006
  16,257
  17,558
  18,910
  20,315
  21,778
  23,300
  24,884
  26,534
  28,254
  30,048
  31,919
  33,871
  35,910
  38,040
  40,266
  42,593
  45,026
  47,572
  50,236
  53,026
Total liabilities, $m
  7,372
  8,184
  9,050
  9,957
  10,905
  11,894
  12,924
  13,996
  15,111
  16,269
  17,474
  18,725
  20,026
  21,378
  22,783
  24,246
  25,768
  27,352
  29,002
  30,722
  32,516
  34,387
  36,339
  38,378
  40,508
  42,734
  45,061
  47,494
  50,040
  52,704
  55,494
Total equity, $m
  7,630
  8,283
  9,159
  10,077
  11,036
  12,037
  13,080
  14,165
  15,293
  16,466
  17,685
  18,951
  20,267
  21,636
  23,059
  24,538
  26,079
  27,682
  29,353
  31,093
  32,908
  34,802
  36,778
  38,842
  40,997
  43,250
  45,605
  48,068
  50,644
  53,341
  56,164
Total liabilities and equity, $m
  15,002
  16,467
  18,209
  20,034
  21,941
  23,931
  26,004
  28,161
  30,404
  32,735
  35,159
  37,676
  40,293
  43,014
  45,842
  48,784
  51,847
  55,034
  58,355
  61,815
  65,424
  69,189
  73,117
  77,220
  81,505
  85,984
  90,666
  95,562
  100,684
  106,045
  111,658
Debt-to-equity ratio
  0.643
  0.690
  0.720
  0.740
  0.760
  0.780
  0.800
  0.810
  0.830
  0.840
  0.850
  0.860
  0.870
  0.870
  0.880
  0.890
  0.890
  0.900
  0.900
  0.910
  0.910
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
  0.940
Adjusted equity ratio
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  333
  425
  516
  610
  709
  812
  920
  1,031
  1,148
  1,269
  1,394
  1,958
  2,094
  2,235
  2,382
  2,535
  2,694
  2,859
  3,032
  3,212
  3,400
  3,596
  3,801
  4,015
  4,238
  4,472
  4,716
  4,972
  5,240
  5,520
  5,813
Depreciation, amort., depletion, $m
  627
  797
  819
  842
  865
  890
  916
  942
  970
  999
  1,029
  467
  500
  533
  568
  605
  643
  682
  723
  766
  811
  858
  906
  957
  1,010
  1,066
  1,124
  1,185
  1,248
  1,315
  1,384
Funds from operations, $m
  1,026
  1,223
  1,335
  1,452
  1,574
  1,702
  1,835
  1,974
  2,118
  2,268
  2,423
  2,425
  2,593
  2,768
  2,950
  3,139
  3,336
  3,542
  3,756
  3,979
  4,211
  4,454
  4,707
  4,972
  5,249
  5,538
  5,840
  6,157
  6,488
  6,834
  7,197
Change in working capital, $m
  -48
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -24
  -25
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
Cash from operations, $m
  1,074
  1,237
  1,349
  1,467
  1,590
  1,719
  1,852
  1,992
  2,136
  2,287
  2,443
  2,446
  2,615
  2,791
  2,974
  3,164
  3,362
  3,568
  3,783
  4,007
  4,241
  4,485
  4,740
  5,006
  5,284
  5,575
  5,879
  6,197
  6,530
  6,879
  7,244
Maintenance CAPEX, $m
  0
  -184
  -204
  -226
  -248
  -272
  -297
  -322
  -349
  -377
  -406
  -436
  -467
  -500
  -533
  -568
  -605
  -643
  -682
  -723
  -766
  -811
  -858
  -906
  -957
  -1,010
  -1,066
  -1,124
  -1,185
  -1,248
  -1,315
New CAPEX, $m
  -466
  -165
  -173
  -181
  -189
  -197
  -206
  -214
  -222
  -231
  -240
  -250
  -260
  -270
  -281
  -292
  -304
  -316
  -329
  -343
  -358
  -373
  -390
  -407
  -425
  -444
  -464
  -486
  -508
  -532
  -557
Cash from investing activities, $m
  -400
  -349
  -377
  -407
  -437
  -469
  -503
  -536
  -571
  -608
  -646
  -686
  -727
  -770
  -814
  -860
  -909
  -959
  -1,011
  -1,066
  -1,124
  -1,184
  -1,248
  -1,313
  -1,382
  -1,454
  -1,530
  -1,610
  -1,693
  -1,780
  -1,872
Free cash flow, $m
  674
  888
  972
  1,060
  1,153
  1,249
  1,350
  1,455
  1,565
  1,679
  1,797
  1,760
  1,888
  2,021
  2,160
  2,304
  2,453
  2,609
  2,772
  2,941
  3,117
  3,301
  3,493
  3,693
  3,902
  4,121
  4,349
  4,588
  4,838
  5,099
  5,373
Issuance/(repayment) of debt, $m
  -332
  829
  866
  907
  948
  989
  1,030
  1,072
  1,115
  1,159
  1,204
  1,251
  1,301
  1,352
  1,406
  1,462
  1,522
  1,584
  1,650
  1,720
  1,793
  1,871
  1,953
  2,039
  2,130
  2,226
  2,327
  2,434
  2,546
  2,664
  2,789
Issuance/(repurchase) of shares, $m
  27
  419
  361
  308
  250
  189
  123
  54
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -354
  1,248
  1,227
  1,215
  1,198
  1,178
  1,153
  1,126
  1,115
  1,159
  1,204
  1,251
  1,301
  1,352
  1,406
  1,462
  1,522
  1,584
  1,650
  1,720
  1,793
  1,871
  1,953
  2,039
  2,130
  2,226
  2,327
  2,434
  2,546
  2,664
  2,789
Total cash flow (excl. dividends), $m
  319
  2,137
  2,199
  2,275
  2,351
  2,427
  2,503
  2,581
  2,680
  2,838
  3,002
  3,012
  3,189
  3,373
  3,566
  3,766
  3,975
  4,194
  4,422
  4,661
  4,910
  5,172
  5,445
  5,732
  6,032
  6,346
  6,676
  7,021
  7,384
  7,763
  8,162
Retained Cash Flow (-), $m
  -6,105
  -845
  -876
  -918
  -959
  -1,001
  -1,043
  -1,085
  -1,128
  -1,173
  -1,219
  -1,267
  -1,316
  -1,368
  -1,423
  -1,480
  -1,540
  -1,604
  -1,670
  -1,741
  -1,815
  -1,893
  -1,976
  -2,063
  -2,156
  -2,253
  -2,355
  -2,463
  -2,577
  -2,697
  -2,823
Prev. year cash balance distribution, $m
 
  192
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,484
  1,322
  1,357
  1,391
  1,426
  1,461
  1,496
  1,551
  1,665
  1,783
  1,745
  1,873
  2,005
  2,143
  2,286
  2,435
  2,590
  2,752
  2,920
  3,095
  3,278
  3,469
  3,668
  3,876
  4,094
  4,321
  4,558
  4,807
  5,067
  5,339
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  1,391
  1,154
  1,096
  1,032
  964
  893
  819
  755
  712
  663
  558
  509
  458
  405
  353
  302
  254
  210
  171
  136
  106
  80
  60
  43
  31
  21
  14
  9
  6
  4
Current shareholders' claim on cash, %
  100
  98.2
  96.8
  95.8
  95.0
  94.5
  94.1
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0

Waste Connections, Inc. is a solid waste services company in North America. The Company provides waste collection, transfer, disposal and recycling services in markets in the United States and Canada. The Company operates through six segments: Southern segment, Western segment, Eastern segment, Canada segment, Central segment and E&P segment. Through its R360 Environmental Solutions subsidiary, it also provides non-hazardous exploration and production, or E&P, waste treatment, recovery and disposal services in various natural resource producing areas in the United States. It also provides intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest through a network of intermodal facilities. As of December 31, 2016, it served residential, commercial, industrial and exploration and production (E&P) customers in 40 states and the District of Columbia in the United States and five provinces in Canada.

FINANCIAL RATIOS  of  Waste Connections Inc. (WCN)

Valuation Ratios
P/E Ratio 69.9
Price to Sales 5.1
Price to Book 3
Price to Tangible Book
Price to Cash Flow 21.7
Price to Free Cash Flow 38.3
Growth Rates
Sales Growth Rate 75.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.5%
Cap. Spend. - 3 Yr. Gr. Rate 4.4%
Financial Strength
Quick Ratio 12
Current Ratio 0
LT Debt to Equity 64%
Total Debt to Equity 64.3%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 7.3%
Return On Equity - 3 Yr. Avg. 9.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 42.1%
Gross Margin - 3 Yr. Avg. 38.7%
EBITDA Margin 27%
EBITDA Margin - 3 Yr. Avg. 25.6%
Operating Margin 13.4%
Oper. Margin - 3 Yr. Avg. 12.3%
Pre-Tax Margin 10.7%
Pre-Tax Margin - 3 Yr. Avg. 8.9%
Net Profit Margin 7.3%
Net Profit Margin - 3 Yr. Avg. 6.7%
Effective Tax Rate 31.6%
Eff/ Tax Rate - 3 Yr. Avg. 24.7%
Payout Ratio 37.5%

WCN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WCN stock intrinsic value calculation we used $4561 million for the last fiscal year's total revenue generated by Waste Connections Inc.. The default revenue input number comes from 2016 income statement of Waste Connections Inc.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WCN stock valuation model: a) initial revenue growth rate of 11.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.7%, whose default value for WCN is calculated based on our internal credit rating of Waste Connections Inc., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Waste Connections Inc..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WCN stock the variable cost ratio is equal to 84%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $121 million in the base year in the intrinsic value calculation for WCN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Waste Connections Inc..

Corporate tax rate of 27% is the nominal tax rate for Waste Connections Inc.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WCN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WCN are equal to 32.2%.

Life of production assets of 8 years is the average useful life of capital assets used in Waste Connections Inc. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WCN is equal to -2.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $7630 million for Waste Connections Inc. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 263.584 million for Waste Connections Inc. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Waste Connections Inc. at the current share price and the inputted number of shares is $23.3 billion.

RELATED COMPANIES Price Int.Val. Rating
Financial statements of WCN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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