Intrinsic value of Waste Management - WM

Previous Close

$90.89

  Intrinsic Value

$46.81

stock screener

  Rating & Target

sell

-49%

Previous close

$90.89

 
Intrinsic value

$46.81

 
Up/down potential

-49%

 
Rating

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

Revenue (in 0001), $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 39.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  14,775
  15,115
  15,503
  15,939
  16,422
  16,952
  17,530
  18,155
  18,828
  19,551
  20,324
  21,149
  22,027
  22,960
  23,951
  25,000
  26,111
  27,286
  28,528
  29,838
  31,221
  32,680
  34,217
  35,837
  37,543
  39,340
  41,230
  43,220
  45,313
  47,515
Variable operating expenses, $m
  9,029
  9,221
  9,440
  9,687
  9,960
  10,259
  10,585
  10,939
  11,319
  11,727
  11,485
  11,951
  12,447
  12,975
  13,534
  14,127
  14,755
  15,419
  16,121
  16,862
  17,643
  18,467
  19,336
  20,252
  21,216
  22,231
  23,299
  24,424
  25,606
  26,850
Fixed operating expenses, $m
  3,119
  3,188
  3,258
  3,330
  3,403
  3,478
  3,554
  3,632
  3,712
  3,794
  3,877
  3,963
  4,050
  4,139
  4,230
  4,323
  4,418
  4,515
  4,615
  4,716
  4,820
  4,926
  5,034
  5,145
  5,258
  5,374
  5,492
  5,613
  5,737
  5,863
Total operating expenses, $m
  12,148
  12,409
  12,698
  13,017
  13,363
  13,737
  14,139
  14,571
  15,031
  15,521
  15,362
  15,914
  16,497
  17,114
  17,764
  18,450
  19,173
  19,934
  20,736
  21,578
  22,463
  23,393
  24,370
  25,397
  26,474
  27,605
  28,791
  30,037
  31,343
  32,713
Operating income, $m
  2,627
  2,706
  2,805
  2,923
  3,060
  3,216
  3,390
  3,584
  3,797
  4,029
  4,961
  5,235
  5,530
  5,846
  6,186
  6,550
  6,938
  7,351
  7,792
  8,260
  8,758
  9,287
  9,847
  10,441
  11,069
  11,735
  12,439
  13,183
  13,970
  14,802
EBITDA, $m
  4,448
  4,553
  4,682
  4,834
  5,008
  5,205
  5,424
  5,666
  5,931
  6,219
  6,531
  6,869
  7,231
  7,620
  8,036
  8,481
  8,955
  9,459
  9,996
  10,566
  11,170
  11,811
  12,490
  13,209
  13,970
  14,774
  15,624
  16,522
  17,471
  18,472
Interest expense (income), $m
  375
  513
  529
  549
  572
  597
  626
  657
  691
  728
  767
  810
  855
  904
  956
  1,011
  1,069
  1,131
  1,196
  1,265
  1,338
  1,416
  1,497
  1,583
  1,673
  1,769
  1,869
  1,975
  2,086
  2,204
  2,327
Earnings before tax, $m
  2,115
  2,177
  2,256
  2,351
  2,463
  2,590
  2,733
  2,893
  3,069
  3,262
  4,151
  4,379
  4,626
  4,891
  5,175
  5,481
  5,807
  6,155
  6,527
  6,922
  7,343
  7,789
  8,264
  8,767
  9,300
  9,866
  10,464
  11,097
  11,767
  12,475
Tax expense, $m
  571
  588
  609
  635
  665
  699
  738
  781
  829
  881
  1,121
  1,182
  1,249
  1,320
  1,397
  1,480
  1,568
  1,662
  1,762
  1,869
  1,982
  2,103
  2,231
  2,367
  2,511
  2,664
  2,825
  2,996
  3,177
  3,368
Net income, $m
  1,544
  1,590
  1,647
  1,717
  1,798
  1,891
  1,995
  2,112
  2,240
  2,381
  3,031
  3,197
  3,377
  3,570
  3,778
  4,001
  4,239
  4,493
  4,764
  5,053
  5,360
  5,686
  6,033
  6,400
  6,789
  7,202
  7,639
  8,101
  8,590
  9,107

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  22,251
  22,763
  23,348
  24,005
  24,732
  25,531
  26,400
  27,342
  28,356
  29,444
  30,608
  31,850
  33,173
  34,579
  36,070
  37,651
  39,324
  41,094
  42,963
  44,937
  47,020
  49,217
  51,532
  53,972
  56,541
  59,247
  62,094
  65,090
  68,243
  71,559
Adjusted assets (=assets-cash), $m
  22,251
  22,763
  23,348
  24,005
  24,732
  25,531
  26,400
  27,342
  28,356
  29,444
  30,608
  31,850
  33,173
  34,579
  36,070
  37,651
  39,324
  41,094
  42,963
  44,937
  47,020
  49,217
  51,532
  53,972
  56,541
  59,247
  62,094
  65,090
  68,243
  71,559
Revenue / Adjusted assets
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
Average production assets, $m
  14,952
  15,296
  15,689
  16,130
  16,619
  17,156
  17,740
  18,373
  19,054
  19,785
  20,568
  21,402
  22,291
  23,236
  24,238
  25,300
  26,425
  27,614
  28,870
  30,196
  31,596
  33,072
  34,628
  36,267
  37,994
  39,812
  41,725
  43,739
  45,857
  48,085
Working capital, $m
  -251
  -257
  -264
  -271
  -279
  -288
  -298
  -309
  -320
  -332
  -346
  -360
  -374
  -390
  -407
  -425
  -444
  -464
  -485
  -507
  -531
  -556
  -582
  -609
  -638
  -669
  -701
  -735
  -770
  -808
Total debt, $m
  9,791
  10,161
  10,585
  11,060
  11,587
  12,165
  12,795
  13,476
  14,210
  14,998
  15,841
  16,741
  17,698
  18,716
  19,796
  20,940
  22,152
  23,433
  24,786
  26,216
  27,724
  29,314
  30,990
  32,757
  34,617
  36,576
  38,637
  40,807
  43,089
  45,489
Total liabilities, $m
  16,110
  16,480
  16,904
  17,379
  17,906
  18,484
  19,114
  19,795
  20,529
  21,317
  22,160
  23,060
  24,017
  25,035
  26,115
  27,259
  28,471
  29,752
  31,105
  32,535
  34,043
  35,633
  37,309
  39,076
  40,936
  42,895
  44,956
  47,126
  49,408
  51,808
Total equity, $m
  6,141
  6,283
  6,444
  6,625
  6,826
  7,047
  7,286
  7,546
  7,826
  8,126
  8,448
  8,791
  9,156
  9,544
  9,955
  10,392
  10,853
  11,342
  11,858
  12,403
  12,978
  13,584
  14,223
  14,896
  15,605
  16,352
  17,138
  17,965
  18,835
  19,750
Total liabilities and equity, $m
  22,251
  22,763
  23,348
  24,004
  24,732
  25,531
  26,400
  27,341
  28,355
  29,443
  30,608
  31,851
  33,173
  34,579
  36,070
  37,651
  39,324
  41,094
  42,963
  44,938
  47,021
  49,217
  51,532
  53,972
  56,541
  59,247
  62,094
  65,091
  68,243
  71,558
Debt-to-equity ratio
  1.590
  1.620
  1.640
  1.670
  1.700
  1.730
  1.760
  1.790
  1.820
  1.850
  1.880
  1.900
  1.930
  1.960
  1.990
  2.020
  2.040
  2.070
  2.090
  2.110
  2.140
  2.160
  2.180
  2.200
  2.220
  2.240
  2.250
  2.270
  2.290
  2.300
Adjusted equity ratio
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,544
  1,590
  1,647
  1,717
  1,798
  1,891
  1,995
  2,112
  2,240
  2,381
  3,031
  3,197
  3,377
  3,570
  3,778
  4,001
  4,239
  4,493
  4,764
  5,053
  5,360
  5,686
  6,033
  6,400
  6,789
  7,202
  7,639
  8,101
  8,590
  9,107
Depreciation, amort., depletion, $m
  1,821
  1,847
  1,877
  1,911
  1,948
  1,989
  2,034
  2,082
  2,134
  2,190
  1,570
  1,634
  1,702
  1,774
  1,850
  1,931
  2,017
  2,108
  2,204
  2,305
  2,412
  2,525
  2,643
  2,769
  2,900
  3,039
  3,185
  3,339
  3,501
  3,671
Funds from operations, $m
  3,364
  3,437
  3,524
  3,627
  3,746
  3,880
  4,029
  4,194
  4,374
  4,571
  4,601
  4,831
  5,078
  5,344
  5,628
  5,932
  6,256
  6,601
  6,968
  7,358
  7,772
  8,211
  8,676
  9,168
  9,690
  10,241
  10,824
  11,440
  12,090
  12,777
Change in working capital, $m
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -37
Cash from operations, $m
  3,369
  3,442
  3,531
  3,635
  3,754
  3,889
  4,039
  4,204
  4,386
  4,583
  4,614
  4,845
  5,093
  5,360
  5,645
  5,950
  6,275
  6,621
  6,989
  7,380
  7,796
  8,236
  8,702
  9,196
  9,719
  10,271
  10,856
  11,473
  12,126
  12,815
Maintenance CAPEX, $m
  -1,119
  -1,141
  -1,168
  -1,198
  -1,231
  -1,269
  -1,310
  -1,354
  -1,402
  -1,455
  -1,510
  -1,570
  -1,634
  -1,702
  -1,774
  -1,850
  -1,931
  -2,017
  -2,108
  -2,204
  -2,305
  -2,412
  -2,525
  -2,643
  -2,769
  -2,900
  -3,039
  -3,185
  -3,339
  -3,501
New CAPEX, $m
  -297
  -344
  -393
  -441
  -489
  -537
  -584
  -632
  -681
  -731
  -782
  -835
  -889
  -945
  -1,002
  -1,062
  -1,124
  -1,189
  -1,256
  -1,326
  -1,400
  -1,476
  -1,556
  -1,639
  -1,727
  -1,818
  -1,913
  -2,013
  -2,118
  -2,228
Cash from investing activities, $m
  -1,416
  -1,485
  -1,561
  -1,639
  -1,720
  -1,806
  -1,894
  -1,986
  -2,083
  -2,186
  -2,292
  -2,405
  -2,523
  -2,647
  -2,776
  -2,912
  -3,055
  -3,206
  -3,364
  -3,530
  -3,705
  -3,888
  -4,081
  -4,282
  -4,496
  -4,718
  -4,952
  -5,198
  -5,457
  -5,729
Free cash flow, $m
  1,953
  1,957
  1,970
  1,996
  2,034
  2,083
  2,145
  2,218
  2,302
  2,397
  2,321
  2,440
  2,571
  2,714
  2,869
  3,038
  3,219
  3,415
  3,625
  3,850
  4,091
  4,348
  4,622
  4,913
  5,224
  5,553
  5,903
  6,275
  6,669
  7,086
Issuance/(repayment) of debt, $m
  300
  371
  424
  476
  527
  578
  630
  681
  734
  788
  843
  899
  958
  1,018
  1,080
  1,144
  1,211
  1,281
  1,354
  1,429
  1,508
  1,590
  1,676
  1,766
  1,860
  1,959
  2,062
  2,169
  2,282
  2,401
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  300
  371
  424
  476
  527
  578
  630
  681
  734
  788
  843
  899
  958
  1,018
  1,080
  1,144
  1,211
  1,281
  1,354
  1,429
  1,508
  1,590
  1,676
  1,766
  1,860
  1,959
  2,062
  2,169
  2,282
  2,401
Total cash flow (excl. dividends), $m
  2,253
  2,328
  2,394
  2,471
  2,561
  2,662
  2,774
  2,899
  3,036
  3,185
  3,164
  3,339
  3,528
  3,731
  3,949
  4,182
  4,431
  4,696
  4,979
  5,279
  5,599
  5,938
  6,298
  6,680
  7,084
  7,512
  7,965
  8,444
  8,951
  9,487
Retained Cash Flow (-), $m
  -122
  -141
  -161
  -181
  -201
  -220
  -240
  -260
  -280
  -300
  -321
  -343
  -365
  -388
  -412
  -436
  -462
  -488
  -516
  -545
  -575
  -606
  -639
  -673
  -709
  -747
  -786
  -827
  -870
  -915
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
  2,131
  2,186
  2,232
  2,290
  2,360
  2,441
  2,534
  2,639
  2,756
  2,885
  2,843
  2,996
  3,163
  3,343
  3,537
  3,746
  3,969
  4,208
  4,463
  4,734
  5,024
  5,332
  5,659
  6,006
  6,375
  6,765
  7,179
  7,617
  8,081
  8,571
Discount rate, %
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
  1,988
  1,890
  1,775
  1,662
  1,551
  1,441
  1,330
  1,220
  1,110
  1,001
  839
  744
  651
  563
  479
  402
  332
  269
  214
  167
  128
  96
  70
  50
  34
  23
  15
  10
  6
  4
Current shareholders' claim on cash, %
  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 33.8
Price to Sales 2.9
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 13.5
Price to Free Cash Flow 24.6
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 $14485 million for the last fiscal year's total revenue generated by Waste Management. The default revenue input number comes from 0001 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 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 7.2%, 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 61.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3052 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 5.4% 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 101.2%.

Life of production assets of 13.1 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 -1.7%. 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 - $6019 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 428.717 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 $39.0 billion.

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COMPANY NEWS

▶ Hedge Funds Are Dumping Waste Management, Inc. (WM)   [Dec-10-18 11:47AM  Insider Monkey]
▶ Garbage is this week's champ, Les Moonves is the chump   [Dec-09-18 07:14PM  Yahoo Finance]
▶ Champs & Chumps: garbage vs. Les Moonves   [Dec-07-18 03:08PM  Yahoo Finance Video]
▶ Waste Management- A "Steady Eddie"   [Dec-06-18 05:00AM  MoneyShow]
▶ 3 Stocks Built to Thrive in a Bear Market   [Nov-30-18 05:11PM  Motley Fool]
▶ 4 'Tariff-Proof' Stock Picks From A Pro   [Nov-29-18 11:16AM  Benzinga]
▶ An Examination Of Waste Management Inc (NYSE:WM)   [Nov-14-18 02:59PM  Simply Wall St.]
▶ Here's why Capitol Tower appealed to Waste Management, Bank of America   [Nov-13-18 01:17PM  American City Business Journals]
▶ Waste Management Announces Cash Dividend   [Nov-12-18 05:29PM  Business Wire]
▶ Major Houston public company to relocate downtown HQ to Capitol Tower   [01:38PM  American City Business Journals]
▶ 3 Stocks to Hold for the Next 20 Years   [06:40AM  Motley Fool]
▶ Waste Management CEO on earnings and the economy   [Oct-26-18 06:51AM  CNBC Videos]
▶ Waste Management: 3Q Earnings Snapshot   [08:32AM  Associated Press]
▶ 3 Top U.S. Stocks to Watch in October   [Oct-06-18 08:24AM  Motley Fool]
▶ 3 Stocks to Hold for the Next 20 Years   [08:53AM  Motley Fool]
▶ Waste Management to pay $5.5M for hiring undocumented workers in Houston, DOJ says   [Aug-30-18 09:12AM  American City Business Journals]
▶ Waste Management to pay $5.5 million over immigrant labor   [Aug-29-18 08:03PM  Associated Press]
▶ 3 Stocks You Can Safely Hold for a Decade or More   [Aug-28-18 06:33AM  Motley Fool]
▶ Waste Management Announces Cash Dividend   [Aug-20-18 06:00PM  Business Wire]
▶ Futures surge on hopes of possible US, China talks   [Aug-16-18 08:51AM  Yahoo Finance]
▶ 4 Key Takeaways From Waste Management's Earnings Call   [Aug-15-18 07:19AM  Motley Fool]
▶ Why Waste Management, Inc.'s Shares Popped 7% Today   [Jul-25-18 03:59PM  Motley Fool]
▶ Waste Management: 2Q Earnings Snapshot   [07:23AM  Associated Press]
▶ 7 S&P 500 Companies Whose Debt Scares Me   [Jul-06-18 01:30PM  InvestorPlace]
▶ Waste Management makes a power play with $30M Louisville project   [12:49PM  American City Business Journals]
▶ 3 Dividend Stocks for In-the-Know Investors   [Jun-04-18 08:46PM  Motley Fool]
▶ 4 Great Stocks You Can Buy and Hold Forever   [May-30-18 09:20AM  Motley Fool]
▶ Waste Management Is Looking Vulnerable to Further Declines   [May-23-18 10:18AM  TheStreet.com]
▶ Waste Management names new board chairman   [May-18-18 12:40PM  American City Business Journals]
▶ Waste Management Announces Cash Dividend   [May-14-18 05:48PM  Business Wire]
▶ Why Waste Management Inc (NYSE:WM) Is A Top Dividend Stocks   [May-09-18 04:35PM  Simply Wall St.]

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