Financials Cleanaway Waste Management Limited

Equities

CWY

AU000000CWY3

Environmental Services & Equipment

Market Closed - Australian S.E. Other stock markets 02:10:46 2024-05-10 am EDT			5-day change	1st Jan Change
2.7 ^AUD	+0.37%		-0.37%	+0.37%

Apr. 24	Cleanaway Waste Management Denies Seven Group Takeover Speculation	MT
Mar. 27	Zeotech Methane Control Program Advancing to Controlled Trials; Shares Up 4%	MT

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,764	4,519	5,437	5,198	5,766	5,997	-	-
Enterprise Value (EV) ¹	5,422	5,474	6,472	6,854	7,299	7,513	7,454	7,406
P/E ratio	38.8 x	40 x	37.7 x	66.3 x	259 x	36.4 x	29.3 x	23.8 x
Yield	1.52%	1.86%	1.74%	1.94%	1.89%	1.92%	2.28%	2.79%
Capitalization / Revenue	2.09 x	1.94 x	2.26 x	1.73 x	1.62 x	1.63 x	1.55 x	1.48 x
EV / Revenue	2.37 x	2.35 x	2.69 x	2.28 x	2.05 x	2.04 x	1.92 x	1.82 x
EV / EBITDA	11.7 x	11.6 x	12.1 x	11.8 x	10.9 x	10.4 x	9.32 x	8.44 x
EV / FCF	34.4 x	28.6 x	36.3 x	33.7 x	65.1 x	52.1 x	35 x	30 x
FCF Yield	2.91%	3.5%	2.75%	2.97%	1.54%	1.92%	2.86%	3.33%
Price to Book	1.84 x	1.76 x	2.06 x	1.98 x	1.96 x	2.02 x	1.96 x	1.9 x
Nbr of stocks (in thousands)	2,044,507	2,053,945	2,059,435	2,062,588	2,226,243	2,229,378	-	-
Reference price ²	2.330	2.200	2.640	2.520	2.590	2.700	2.700	2.700
Announcement Date	8/14/19	8/25/20	8/19/21	8/18/22	8/23/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Giugno	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,283	2,332	2,406	3,006	3,559	3,690	3,874	4,059
EBITDA ¹	461.6	473	535.1	581.6	668.1	723.6	799.9	877.6
EBIT ¹	240.8	251.9	258.7	257.1	302.2	353.8	406.6	467.7
Operating Margin	10.55%	10.8%	10.75%	8.55%	8.49%	9.59%	10.5%	11.52%
Earnings before Tax (EBT) ¹	168.2	155.2	206.8	116.3	33.3	241.6	300.3	357.3
Net income ¹	123.1	112.9	145.3	78.9	21.6	161.4	205.9	254.7
Net margin	5.39%	4.84%	6.04%	2.62%	0.61%	4.37%	5.32%	6.27%
EPS ²	0.0600	0.0550	0.0700	0.0380	0.0100	0.0743	0.0923	0.1136
Free Cash Flow ¹	157.8	191.7	178.2	203.3	112.1	144.2	212.8	247
FCF margin	6.91%	8.22%	7.41%	6.76%	3.15%	3.91%	5.49%	6.08%
FCF Conversion (EBITDA)	34.19%	40.53%	33.3%	34.96%	16.78%	19.93%	26.61%	28.14%
FCF Conversion (Net income)	128.19%	169.8%	122.64%	257.67%	518.98%	89.38%	103.36%	96.98%
Dividend per Share ²	0.0355	0.0410	0.0460	0.0490	0.0490	0.0517	0.0616	0.0754
Announcement Date	8/14/19	8/25/20	8/19/21	8/18/22	8/23/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1
Net sales ¹	1,197	1,135	1,170	1,236	1,365	1,642	1,778	1,781	1,872	1,840	-
EBITDA ¹	256.4	216.6	263.8	271.3	273.7	307.9	322.2	345.9	356.5	368.1	-
EBIT ¹	127.2	124.7	132.2	126.5	129.9	127.2	138.3	163.9	173.9	177.5	-
Operating Margin	10.62%	10.99%	11.3%	10.23%	9.52%	7.75%	7.78%	9.2%	9.29%	9.65%	-
Earnings before Tax (EBT) ¹	63.2	-	111.4	95.4	75.3	41	69.2	-35.9	105	116.8	-
Net income ¹	46.2	66.7	78.3	67	51.5	27.4	47.9	-26.3	73.2	83.25	-
Net margin	3.86%	5.88%	6.69%	5.42%	3.77%	1.67%	2.69%	-1.48%	3.91%	4.52%	-
EPS ²	0.0220	0.0330	0.0380	0.0320	0.0250	0.0130	0.0220	-	0.0330	0.0394	0.0400
Dividend per Share ²	0.0200	0.0210	0.0225	0.0235	0.0245	0.0245	0.0245	0.0245	-	0.0258	-
Announcement Date	2/18/20	8/25/20	2/18/21	8/19/21	2/16/22	8/18/22	2/22/23	8/23/23	2/15/24	-	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	659	956	1,035	1,657	1,533	1,516	1,457	1,409
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.427 x	2.02 x	1.935 x	2.848 x	2.295 x	2.096 x	1.822 x	1.605 x
Free Cash Flow ¹	158	192	178	203	112	144	213	247
ROE (net income / shareholders' equity)	5.52%	6%	5.8%	5.45%	5.27%	5.79%	6.98%	8.29%
ROA (Net income/ Total Assets)	3.4%	3.56%	3.29%	2.73%	2.46%	3.42%	3.84%	4.43%
Assets ¹	3,625	3,171	4,419	2,895	877.7	4,714	5,361	5,751
Book Value Per Share ²	1.260	1.250	1.280	1.270	1.320	1.340	1.380	1.420
Cash Flow per Share ²	0.1700	0.1900	0.2100	0.2300	0.2200	0.2400	0.2600	0.2800
Capex ¹	193	210	246	263	370	393	404	398
Capex / Sales	8.45%	9%	10.23%	8.75%	10.39%	10.66%	10.43%	9.8%
Announcement Date	8/14/19	8/25/20	8/19/21	8/18/22	8/23/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Cleanaway Waste Management Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2.7 AUD

Average target price

2.842 AUD

Spread / Average Target

+5.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Waste Management, Disposal & Recycling Services

	1st Jan change	Capi.
CLEANAWAY WASTE MANAGEMENT LIMITED	+0.37%	3.96B
WASTE CONNECTIONS, INC.	+11.30%	42.87B
GFL ENVIRONMENTAL INC.	-3.78%	12.1B
CASELLA WASTE SYSTEMS, INC.	+13.25%	5.62B
STERICYCLE, INC.	-5.35%	4.35B
ZHEFU HOLDING GROUP CO., LTD.	0.00%	2.44B
GRANDBLUE ENVIRONMENT CO., LTD.	+7.10%	2.1B
CHINA TIANYING INC.	-2.63%	1.59B
SHANGHAI ENVIRONMENT GROUP CO., LTD	+3.67%	1.45B
CHINA CONCH VENTURE HOLDINGS LIMITED	-4.01%	1.38B

Waste Management, Disposal & Recycling Services