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IntroductionThe concept of valuationRevenue and revenue growthVariable costsFixed costsProduction assets

Intrinsic value of Waste Management, Inc. (WM)

Previous Close$154.50
Intrinsic Value$56.41
Upside potential  -63%
Previous Close
$154.50
Intrinsic Value
$56.41
Potential        
-63%

VALUATION INPUT DATA

Revenue, mln $
Initial revenue growth rate (norm.), %
Variable cost ratio, %
Fixed operating expenses, mln $
Production assets / Revenue, %
Working capital / Revenue, %
Interest rate on debt, %
Initial discount rate, %
Shares outstanding, mln
Adjusted equity ratio
Adjusted assets / Revenue
Cash & ST Investments
Total debt
Market cap, m$
64,287

Based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %17.8NaN
Revenue, $17931NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m14966NaN
Operating income, $m2965NaN
EBITDA, $m5075NaN
Interest expense (income), $mNaN
Earnings before tax, $m2348NaN
Tax expense, $m532NaN
Net income, $m1816NaN

BALANCE SHEET

Cash and short-term investments, $m125NaN
Total assets, $m29614NaN
Adjusted assets (=assets-cash), $m29489NaN
Average production assets, $m24714NaN
Working capital, $m-1013NaN
Total debt, $m13928NaN
Total liabilities, $m22490NaN
Total equity, $m7124NaN
Debt-to-equity ratio1.955NaN
Adjusted equity ratio0.264NaN

CASH FLOW

Net income, $m1816NaN
Depreciation, amort., depletion, $m2110NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m4338NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-1904NaN
Free cash flow, $m6242NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m-1013
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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