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Figure 1. Solid Waste Industry - Conversion of AEBITDA into Adjusted FCF, 2009-2020E
Ticker 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E
ADSW na na na (29.3%) 22.4% 25.4% 25.5% 22.9% 31.5% 34.1% 32.4% 31.9%
CWST 0.7% (6.2%) (0.2%) (16.6%) 1.4% (10.3%) 19.1% 22.5% 30.1% 34.1% 34.2% 36.9%
CVA 76.1% 67.3% 56.9% 53.4% 46.4% 50.4% 34.3% 42.0% 32.4% 21.9% 29.5% 32.4%
RSG 29.7% 31.3% 36.3% 33.6% 29.3% 28.5% 31.7% 33.3% 33.7% 41.9% 38.6% 39.2%
WCN 52.6% 47.6% 51.4% 52.2% 45.9% 44.8% 48.3% 51.4% 52.3% 56.1% 54.6% 56.3%
WM 38.0% 36.3% 36.5% 25.1% 38.8% 96.9% 41.0% 44.9% 44.2% 49.4% 46.4% 42.5%
W Average 37.7% 36.7% 38.4% 30.8% 35.7% 62.4% 37.1% 40.5% 41.0% 46.1% 44.0% 42.9%
Average 39.4% 35.3% 36.2% 19.7% 30.7% 39.3% 33.3% 36.2% 37.3% 39.6% 39.3% 39.9%