Republic Services Inc

RSG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$275.00	Jdw	Fqlbrkcl

Wide-Moat Republic Services Posts Strong Q3 Results Amid Pricing Tailwinds

Brian Bernard , Noah Rohr

Oct 31, 2022

Wide-moat Republic Services posted strong third-quarter results driven by robust pricing and resilient collection volumes. Revenue growth of 23% year over year (10% organic) and adjusted EPS of $1.34 per share modestly outpaced our expectations for the quarter. Management reaffirmed its full-year guidance for adjusted free cash flow (roughly $1.7 billion) and EPS ($4.77-$4.80). We expect RSG to modestly outpace its EPS target and be in line with its free cash flow target. We expect to raise our $106 per-share fair value estimate by a low-single-digit percentage, primarily due to the time value of money.

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