Intrinsic value of Waste Management - WM

Previous Close

$88.06

  Intrinsic Value

$30.93

stock screener

  Rating & Target

str. sell

-65%

Previous close

$88.06

 
Intrinsic value

$30.93

 
Up/down potential

-65%

 
Rating

str. sell

We calculate the intrinsic value of WM 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  5.00
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  13,609
  14,249
  14,923
  15,632
  16,380
  17,167
  17,995
  18,866
  19,782
  20,745
  21,759
  22,824
  23,943
  25,120
  26,357
  27,657
  29,023
  30,458
  31,965
  33,549
  35,213
  36,961
  38,797
  40,725
  42,751
  44,878
  47,112
  49,459
  51,923
  54,511
  57,229
Variable operating expenses, $m
 
  12,581
  13,146
  13,742
  14,370
  15,030
  15,725
  16,456
  17,225
  18,034
  18,884
  19,157
  20,096
  21,084
  22,122
  23,213
  24,360
  25,564
  26,829
  28,159
  29,555
  31,022
  32,563
  34,182
  35,882
  37,667
  39,543
  41,512
  43,580
  45,753
  48,034
Fixed operating expenses, $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
Total operating expenses, $m
  11,317
  12,581
  13,146
  13,742
  14,370
  15,030
  15,725
  16,456
  17,225
  18,034
  18,884
  19,157
  20,096
  21,084
  22,122
  23,213
  24,360
  25,564
  26,829
  28,159
  29,555
  31,022
  32,563
  34,182
  35,882
  37,667
  39,543
  41,512
  43,580
  45,753
  48,034
Operating income, $m
  2,292
  1,668
  1,776
  1,890
  2,010
  2,137
  2,270
  2,410
  2,557
  2,712
  2,874
  3,667
  3,847
  4,036
  4,235
  4,444
  4,663
  4,894
  5,136
  5,390
  5,658
  5,938
  6,233
  6,543
  6,869
  7,210
  7,569
  7,946
  8,342
  8,758
  9,195
EBITDA, $m
  3,593
  3,175
  3,325
  3,483
  3,650
  3,825
  4,010
  4,204
  4,408
  4,623
  4,849
  5,086
  5,335
  5,598
  5,873
  6,163
  6,467
  6,787
  7,123
  7,476
  7,847
  8,236
  8,645
  9,075
  9,526
  10,000
  10,498
  11,021
  11,570
  12,147
  12,752
Interest expense (income), $m
  375
  380
  411
  443
  476
  511
  548
  587
  627
  670
  715
  763
  813
  865
  920
  978
  1,039
  1,103
  1,170
  1,241
  1,315
  1,393
  1,475
  1,561
  1,651
  1,746
  1,846
  1,950
  2,060
  2,176
  2,297
Earnings before tax, $m
  1,822
  1,287
  1,365
  1,448
  1,534
  1,626
  1,722
  1,823
  1,929
  2,041
  2,159
  2,904
  3,034
  3,171
  3,314
  3,465
  3,624
  3,791
  3,966
  4,149
  4,343
  4,545
  4,759
  4,982
  5,217
  5,464
  5,724
  5,996
  6,282
  6,582
  6,898
Tax expense, $m
  642
  348
  369
  391
  414
  439
  465
  492
  521
  551
  583
  784
  819
  856
  895
  936
  978
  1,023
  1,071
  1,120
  1,172
  1,227
  1,285
  1,345
  1,409
  1,475
  1,545
  1,619
  1,696
  1,777
  1,862
Net income, $m
  1,182
  940
  996
  1,057
  1,120
  1,187
  1,257
  1,331
  1,409
  1,490
  1,576
  2,120
  2,215
  2,315
  2,420
  2,530
  2,645
  2,767
  2,895
  3,029
  3,170
  3,318
  3,474
  3,637
  3,809
  3,989
  4,178
  4,377
  4,586
  4,805
  5,035

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  32
  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
  20,859
  21,820
  22,852
  23,939
  25,084
  26,289
  27,557
  28,891
  30,294
  31,769
  33,321
  34,952
  36,667
  38,469
  40,363
  42,354
  44,445
  46,643
  48,951
  51,377
  53,925
  56,602
  59,413
  62,366
  65,468
  68,726
  72,147
  75,740
  79,514
  83,477
  87,640
Adjusted assets (=assets-cash), $m
  20,827
  21,820
  22,852
  23,939
  25,084
  26,289
  27,557
  28,891
  30,294
  31,769
  33,321
  34,952
  36,667
  38,469
  40,363
  42,354
  44,445
  46,643
  48,951
  51,377
  53,925
  56,602
  59,413
  62,366
  65,468
  68,726
  72,147
  75,740
  79,514
  83,477
  87,640
Revenue / Adjusted assets
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
Average production assets, $m
  11,342
  11,869
  12,431
  13,022
  13,644
  14,300
  14,989
  15,715
  16,478
  17,281
  18,125
  19,012
  19,945
  20,925
  21,955
  23,038
  24,176
  25,371
  26,627
  27,946
  29,332
  30,788
  32,318
  33,924
  35,611
  37,383
  39,244
  41,199
  43,252
  45,408
  47,671
Working capital, $m
  -418
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -41
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -78
  -81
  -86
  -90
  -94
  -99
  -104
  -109
  -114
Total debt, $m
  9,310
  10,026
  10,796
  11,607
  12,461
  13,360
  14,305
  15,300
  16,347
  17,448
  18,605
  19,822
  21,101
  22,446
  23,859
  25,344
  26,904
  28,543
  30,266
  32,075
  33,976
  35,973
  38,070
  40,273
  42,587
  45,017
  47,570
  50,250
  53,066
  56,022
  59,127
Total liabilities, $m
  15,562
  16,278
  17,048
  17,859
  18,713
  19,612
  20,557
  21,552
  22,599
  23,700
  24,857
  26,074
  27,353
  28,698
  30,111
  31,596
  33,156
  34,795
  36,518
  38,327
  40,228
  42,225
  44,322
  46,525
  48,839
  51,269
  53,822
  56,502
  59,318
  62,274
  65,379
Total equity, $m
  5,297
  5,542
  5,804
  6,081
  6,371
  6,677
  6,999
  7,338
  7,695
  8,069
  8,463
  8,878
  9,313
  9,771
  10,252
  10,758
  11,289
  11,847
  12,434
  13,050
  13,697
  14,377
  15,091
  15,841
  16,629
  17,456
  18,325
  19,238
  20,197
  21,203
  22,260
Total liabilities and equity, $m
  20,859
  21,820
  22,852
  23,940
  25,084
  26,289
  27,556
  28,890
  30,294
  31,769
  33,320
  34,952
  36,666
  38,469
  40,363
  42,354
  44,445
  46,642
  48,952
  51,377
  53,925
  56,602
  59,413
  62,366
  65,468
  68,725
  72,147
  75,740
  79,515
  83,477
  87,639
Debt-to-equity ratio
  1.758
  1.810
  1.860
  1.910
  1.960
  2.000
  2.040
  2.090
  2.120
  2.160
  2.200
  2.230
  2.270
  2.300
  2.330
  2.360
  2.380
  2.410
  2.430
  2.460
  2.480
  2.500
  2.520
  2.540
  2.560
  2.580
  2.600
  2.610
  2.630
  2.640
  2.660
Adjusted equity ratio
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,182
  940
  996
  1,057
  1,120
  1,187
  1,257
  1,331
  1,409
  1,490
  1,576
  2,120
  2,215
  2,315
  2,420
  2,530
  2,645
  2,767
  2,895
  3,029
  3,170
  3,318
  3,474
  3,637
  3,809
  3,989
  4,178
  4,377
  4,586
  4,805
  5,035
Depreciation, amort., depletion, $m
  1,301
  1,507
  1,549
  1,593
  1,640
  1,689
  1,740
  1,794
  1,851
  1,911
  1,974
  1,419
  1,488
  1,562
  1,638
  1,719
  1,804
  1,893
  1,987
  2,086
  2,189
  2,298
  2,412
  2,532
  2,658
  2,790
  2,929
  3,075
  3,228
  3,389
  3,558
Funds from operations, $m
  3,037
  2,447
  2,546
  2,650
  2,760
  2,875
  2,997
  3,125
  3,260
  3,401
  3,550
  3,539
  3,703
  3,876
  4,058
  4,249
  4,450
  4,660
  4,882
  5,115
  5,359
  5,616
  5,885
  6,169
  6,466
  6,779
  7,107
  7,452
  7,814
  8,194
  8,593
Change in working capital, $m
  77
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
Cash from operations, $m
  2,960
  2,448
  2,547
  2,651
  2,761
  2,877
  2,999
  3,127
  3,262
  3,403
  3,552
  3,541
  3,706
  3,879
  4,061
  4,252
  4,452
  4,663
  4,885
  5,118
  5,362
  5,619
  5,889
  6,173
  6,470
  6,783
  7,111
  7,456
  7,819
  8,199
  8,598
Maintenance CAPEX, $m
  0
  -846
  -886
  -928
  -972
  -1,018
  -1,067
  -1,119
  -1,173
  -1,230
  -1,290
  -1,353
  -1,419
  -1,488
  -1,562
  -1,638
  -1,719
  -1,804
  -1,893
  -1,987
  -2,086
  -2,189
  -2,298
  -2,412
  -2,532
  -2,658
  -2,790
  -2,929
  -3,075
  -3,228
  -3,389
New CAPEX, $m
  -1,339
  -528
  -561
  -591
  -623
  -655
  -690
  -726
  -763
  -803
  -844
  -887
  -933
  -980
  -1,030
  -1,083
  -1,138
  -1,195
  -1,256
  -1,319
  -1,386
  -1,456
  -1,529
  -1,606
  -1,687
  -1,772
  -1,861
  -1,955
  -2,053
  -2,156
  -2,264
Cash from investing activities, $m
  -1,932
  -1,374
  -1,447
  -1,519
  -1,595
  -1,673
  -1,757
  -1,845
  -1,936
  -2,033
  -2,134
  -2,240
  -2,352
  -2,468
  -2,592
  -2,721
  -2,857
  -2,999
  -3,149
  -3,306
  -3,472
  -3,645
  -3,827
  -4,018
  -4,219
  -4,430
  -4,651
  -4,884
  -5,128
  -5,384
  -5,653
Free cash flow, $m
  1,028
  1,074
  1,100
  1,132
  1,167
  1,203
  1,242
  1,283
  1,326
  1,371
  1,419
  1,301
  1,354
  1,410
  1,469
  1,530
  1,595
  1,664
  1,736
  1,811
  1,891
  1,974
  2,062
  2,155
  2,252
  2,353
  2,461
  2,573
  2,691
  2,815
  2,946
Issuance/(repayment) of debt, $m
  375
  748
  770
  811
  854
  899
  946
  995
  1,047
  1,101
  1,157
  1,217
  1,279
  1,344
  1,413
  1,485
  1,560
  1,639
  1,722
  1,809
  1,901
  1,997
  2,097
  2,203
  2,314
  2,430
  2,552
  2,681
  2,815
  2,957
  3,105
Issuance/(repurchase) of shares, $m
  -662
  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 from financing (excl. dividends), $m  
  -309
  748
  770
  811
  854
  899
  946
  995
  1,047
  1,101
  1,157
  1,217
  1,279
  1,344
  1,413
  1,485
  1,560
  1,639
  1,722
  1,809
  1,901
  1,997
  2,097
  2,203
  2,314
  2,430
  2,552
  2,681
  2,815
  2,957
  3,105
Total cash flow (excl. dividends), $m
  719
  1,822
  1,870
  1,943
  2,021
  2,102
  2,188
  2,278
  2,372
  2,472
  2,576
  2,518
  2,633
  2,754
  2,882
  3,015
  3,156
  3,303
  3,458
  3,621
  3,792
  3,971
  4,160
  4,358
  4,565
  4,784
  5,013
  5,254
  5,507
  5,772
  6,051
Retained Cash Flow (-), $m
  48
  -245
  -262
  -276
  -291
  -306
  -322
  -339
  -356
  -375
  -394
  -414
  -436
  -458
  -481
  -506
  -531
  -558
  -586
  -616
  -647
  -680
  -714
  -750
  -788
  -827
  -869
  -913
  -959
  -1,007
  -1,057
Prev. year cash balance distribution, $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 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
 
  1,577
  1,608
  1,667
  1,730
  1,796
  1,866
  1,939
  2,016
  2,097
  2,182
  2,104
  2,198
  2,297
  2,401
  2,510
  2,624
  2,745
  2,872
  3,005
  3,144
  3,291
  3,445
  3,607
  3,778
  3,956
  4,144
  4,341
  4,548
  4,765
  4,994
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  1,457
  1,363
  1,286
  1,204
  1,117
  1,027
  935
  842
  749
  659
  530
  455
  385
  321
  263
  211
  167
  129
  98
  73
  53
  37
  26
  17
  11
  7
  4
  3
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Waste Management, Inc. (WM) is a holding company. The Company, through its subsidiaries, is a provider of waste management environmental services. The Company's segments include Solid Waste and Other. The Company's Solid Waste segment includes its solid waste business. The Other segment includes its Strategic Business Solutions (WMSBS) organization; its landfill gas-to-energy operations and third-party subcontract and administration services managed by its Energy and Environmental Services and WM Renewable Energy organizations; its recycling brokerage services, and its service offerings and solutions, such as portable self-storage and long distance moving services, fluorescent lamp recycling and interests it holds in oil and gas producing properties. As of December 31, 2016, the Company owned or operated 243 solid waste landfills and five secure hazardous waste landfills. Its recycling brokerage services involve managing the marketing of recyclable materials for third parties.

FINANCIAL RATIOS  of  Waste Management (WM)

Valuation Ratios
P/E Ratio 32.7
Price to Sales 2.8
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 13.1
Price to Free Cash Flow 23.9
Growth Rates
Sales Growth Rate 5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.6%
Cap. Spend. - 3 Yr. Gr. Rate 1%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 167.9%
Total Debt to Equity 175.8%
Interest Coverage 6
Management Effectiveness
Return On Assets 6.9%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 8.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.2%
Return On Equity 22.2%
Return On Equity - 3 Yr. Avg. 19.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 45.6%
Gross Margin - 3 Yr. Avg. 44.7%
EBITDA Margin 25.7%
EBITDA Margin - 3 Yr. Avg. 23.8%
Operating Margin 16.8%
Oper. Margin - 3 Yr. Avg. 14.9%
Pre-Tax Margin 13.4%
Pre-Tax Margin - 3 Yr. Avg. 11.4%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 35.2%
Eff/ Tax Rate - 3 Yr. Avg. 29.3%
Payout Ratio 61.4%

WM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WM stock intrinsic value calculation we used $13609 million for the last fiscal year's total revenue generated by Waste Management. The default revenue input number comes from 2016 income statement of Waste Management. 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 WM stock valuation model: a) initial revenue growth rate of 4.7% 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 8.2%, whose default value for WM is calculated based on our internal credit rating of Waste Management, 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 Management.
    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 WM stock the variable cost ratio is equal to 88.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for WM 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 4.1% for Waste Management.

Corporate tax rate of 27% is the nominal tax rate for Waste Management. 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 WM 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 WM are equal to 83.3%.

Life of production assets of 13.4 years is the average useful life of capital assets used in Waste Management 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 WM is equal to -0.2%. 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 - $5297 million for Waste Management - 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 434.183 million for Waste Management 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 Management at the current share price and the inputted number of shares is $38.2 billion.

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COMPANY NEWS

▶ Waste Management halts service in Houston, elsewhere due to bad weather   [Jan-16-18 05:30PM  American City Business Journals]
▶ Waste Management to give employees bonus, citing tax reform   [Jan-11-18 04:15PM  American City Business Journals]
▶ 5 Top ROE Picks as Equity Markets Begin 2018 With a Bang   [Jan-08-18 11:25AM  InvestorPlace]
▶ Waste Management Publishes 2017 Sustainability Report   [Dec-13-17 09:32AM  Business Wire]
▶ Waste Management takes bigger space on Union Hills   [Dec-07-17 04:06PM  American City Business Journals]
▶ 3 Top Stocks for Risk-Averse Investors   [Dec-06-17 08:44AM  Motley Fool]
▶ Waste Management Earns Technical Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ 5 Things Waste Management Inc. Wants You to Know   [Nov-16-17 07:30PM  Motley Fool]
▶ Waste Management Announces Cash Dividend   [Nov-06-17 05:35PM  Business Wire]
▶ Heres how the hurricanes affected Waste Managements and Group 1s Q3 results   [Oct-29-17 11:00PM  American City Business Journals]
▶ Waste Management: Cramer's Top Takeaways   [Oct-28-17 06:32AM  TheStreet.com]
▶ Waste Management Sees RS Rating Climb To 74   [03:00AM  Investor's Business Daily]
▶ Waste Management tops Street 3Q forecasts   [07:43AM  Associated Press]
▶ 3 Stocks for the World of 2030   [06:37AM  Motley Fool]
▶ 5 Companies Reach 52-Week Highs   [Sep-26-17 12:19PM  GuruFocus.com]
▶ Waste Management Earns IBD Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ The Best Waste Management Stock to Buy in 2017   [Sep-20-17 09:30PM  Motley Fool]
▶ 3 Stocks You Can Safely Own Until 2030   [Sep-16-17 07:00AM  Motley Fool]
▶ 3 Dividend Stocks You Don't Have to Babysit   [Sep-05-17 08:18PM  Motley Fool]
▶ [$$] Most Houston Businesses Closed as Harvey's Rains Continue   [Aug-28-17 06:28PM  The Wall Street Journal]
▶ 3 Dividend Stocks That Are Minting Money   [Aug-27-17 11:20AM  Motley Fool]
▶ Waste Management Announces Cash Dividend   [Aug-24-17 10:21PM  Business Wire]
▶ 3 High-Yield Stocks With Virtual Monopolies   [Aug-16-17 04:30PM  Motley Fool]
▶ Waste Management: Don't Dump This Stock   [Aug-04-17 03:03PM  TheStreet.com]
▶ 3 Stocks to Hold for the Next 50 Years   [Aug-03-17 07:17PM  Motley Fool]
Financial statements of WM
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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