Financials Republic Services, Inc.

Equities

RSG

US7607591002

Environmental Services & Equipment

Market Closed - Nyse Other stock markets 04:00:01 2024-04-26 pm EDT			5-day change	1st Jan Change
191.9 ^USD	-0.85%		+1.14%	+16.38%

Apr. 23	Raymond James Adjusts Republic Services' Price Target to $200 From $197, Keeps Outperform Rating	MT
Apr. 23	Baird Adjusts Republic Services' Price Target to $203 From $200, Keeps Neutral Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	28,605	30,693	44,219	40,761	51,887	60,450	-	-
Enterprise Value (EV) ¹	37,246	39,589	53,744	52,403	64,566	72,367	71,443	71,435
P/E ratio	26.9 x	31.9 x	34.5 x	27.5 x	30.1 x	32.6 x	28.7 x	25.4 x
Yield	1.74%	1.72%	1.27%	1.48%	1.25%	1.14%	1.2%	1.26%
Capitalization / Revenue	2.78 x	3.02 x	3.91 x	3.02 x	3.47 x	3.74 x	3.53 x	3.32 x
EV / Revenue	3.62 x	3.9 x	4.76 x	3.88 x	4.31 x	4.47 x	4.17 x	3.93 x
EV / EBITDA	12.8 x	13.2 x	15.9 x	13.3 x	14.5 x	14.9 x	13.8 x	12.8 x
EV / FCF	32.5 x	31 x	36.6 x	23.1 x	32.5 x	34.1 x	30.9 x	28.3 x
FCF Yield	3.07%	3.23%	2.74%	4.32%	3.08%	2.93%	3.24%	3.54%
Price to Book	3.52 x	3.62 x	4.96 x	4.21 x	4.95 x	5.39 x	4.99 x	4.8 x
Nbr of stocks (in thousands)	319,145	318,725	317,095	316,001	314,637	314,975	-	-
Reference price ²	89.63	96.30	139.4	129.0	164.9	191.9	191.9	191.9
Announcement Date	2/13/20	2/22/21	2/10/22	2/15/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,299	10,154	11,295	13,511	14,964	16,182	17,115	18,195
EBITDA ¹	2,910	2,989	3,384	3,929	4,447	4,858	5,193	5,560
EBIT ¹	1,869	1,830	2,115	2,488	2,848	3,091	3,344	3,624
Operating Margin	18.15%	18.03%	18.73%	18.41%	19.03%	19.1%	19.54%	19.92%
Earnings before Tax (EBT) ¹	1,296	1,143	1,575	1,832	2,192	2,393	2,657	2,938
Net income ¹	1,073	967.2	1,290	1,488	1,731	1,851	2,071	2,323
Net margin	10.42%	9.53%	11.42%	11.01%	11.57%	11.44%	12.1%	12.77%
EPS ²	3.330	3.020	4.040	4.690	5.470	5.888	6.684	7.555
Free Cash Flow ¹	1,145	1,277	1,470	2,265	1,987	2,120	2,314	2,527
FCF margin	11.12%	12.58%	13.02%	16.77%	13.28%	13.1%	13.52%	13.89%
FCF Conversion (EBITDA)	39.35%	42.72%	43.46%	57.65%	44.67%	43.64%	44.56%	45.45%
FCF Conversion (Net income)	106.68%	132.03%	113.95%	152.27%	114.77%	114.52%	111.73%	108.79%
Dividend per Share ²	1.560	1.660	1.770	1.910	2.060	2.180	2.307	2.416
Announcement Date	2/13/20	2/22/21	2/10/22	2/15/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	2,934	2,953	2,969	3,414	3,598	3,530	3,581	3,726	3,826	3,832	3,889	4,045	4,138	4,106	4,154
EBITDA ¹	890.9	830.1	903.5	1,010	1,051	965	1,040	1,116	1,146	1,145	1,144	1,225	1,261	1,240	1,249
EBIT ¹	568.8	510.3	571.4	649.6	674.6	592.5	657.2	733.3	738.8	718.5	710.7	775.7	804.9	783	781.3
Operating Margin	19.39%	17.28%	19.25%	19.03%	18.75%	16.79%	18.35%	19.68%	19.31%	18.75%	18.27%	19.18%	19.45%	19.07%	18.81%
Earnings before Tax (EBT) ¹	470.7	276.9	472.2	478.1	507.8	373.4	522.1	580.2	606.3	482.9	560.8	630.8	661.4	540	639
Net income ¹	350.3	313.1	352	371.9	416.9	346.8	383.9	427.4	480.2	439.6	417.7	475.4	511.7	450.2	458.6
Net margin	11.94%	10.6%	11.86%	10.89%	11.59%	9.83%	10.72%	11.47%	12.55%	11.47%	10.74%	11.75%	12.37%	10.96%	11.04%
EPS ²	1.100	0.9800	1.110	1.170	1.320	1.090	1.210	1.350	1.520	1.390	1.340	1.520	1.660	1.390	1.475
Dividend per Share ²	0.4600	0.4600	0.4600	0.4600	0.4950	0.4950	0.4950	0.4950	0.5350	0.5350	0.5380	0.5380	0.5600	0.5600	0.5775
Announcement Date	10/28/21	2/10/22	5/5/22	8/4/22	10/27/22	2/15/23	4/27/23	7/31/23	10/26/23	2/27/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,641	8,896	9,525	11,642	12,679	11,917	10,993	10,985
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.97 x	2.976 x	2.815 x	2.963 x	2.851 x	2.453 x	2.117 x	1.976 x
Free Cash Flow ¹	1,145	1,277	1,470	2,265	1,987	2,120	2,314	2,527
ROE (net income / shareholders' equity)	13.4%	11.7%	14.8%	15.9%	17.1%	17%	17.9%	19%
ROA (Net income/ Total Assets)	4.85%	4.19%	5.33%	5.79%	5.73%	5.76%	6.16%	6.2%
Assets ¹	22,150	23,084	24,195	25,705	30,232	32,155	33,621	37,465
Book Value Per Share ²	25.50	26.60	28.10	30.60	33.30	35.60	38.50	40.00
Cash Flow per Share ²	7.300	7.730	8.720	10.10	11.40	12.50	13.10	-
Capex ¹	1,207	1,195	1,316	1,454	1,631	1,797	1,872	1,969
Capex / Sales	11.72%	11.77%	11.65%	10.76%	10.9%	11.11%	10.94%	10.82%
Announcement Date	2/13/20	2/22/21	2/10/22	2/15/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Republic Services, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

191.9 USD

Average target price

200.5 USD

Spread / Average Target

+4.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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GEM CO., LTD.	+14.10%	4.42B
CECEP ENVIRONMENTAL PROTECTION CO., LTD.	-8.55%	2.9B
BEIJING ORIGINWATER TECHNOLOGY CO., LTD.	-2.61%	2.43B

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