Waste Connections Inc. Stock Analysis – Too Expensive For Me (Part 1 Of 3)

Summary

  • This Waste Connections Inc. stock analysis is the 1st of a 3 part series on the largest non-hazardous solid waste collection companies.
  • The non-hazardous solid waste collection industry is highly fragmented due to its low entry barriers.
  • Growing to a meaningful size is not easy and requires readily accessible sources of capital.
  • Growth by acquisition presents challenges as WCN has learned after closing the Progressive acquisition.
  • WCN’s management has indicated that above average acquisition activity could utilize existing/projected excess cash flow over the next few quarters.
  • In my opinion WCN is expensive at current levels.

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