CLEANAWAY WASTE MANAGEMENT LIMITED (CWY)
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CWY - CLEANAWAY WASTE MANAGEMENT LIMITED

FNArena Sector : Industrial Sector Contractors & Engineers
Year End: June
GICS Industry Group : Commercial & Professional Services
Debt/EBITDA: 2.96
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Cleanaway Waste Management is an Australian waste management company providing collection, disposal and recycling services to businesses ranging from small to multinational organisations. It listed in 2005 and the current name was adopted in 2015.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.73

25 Jul
2024

-0.010

OPEN

$2.74

-0.36%

HIGH

$2.75

2,853,056

LOW

$2.72

TARGET
$2.903 6.3% upside
Franking for last dividend paid out: 0%
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FNARENA'S MARKET CONSENSUS FORECASTS
CWY: 1
Title FY22
Actual		 FY23
Actual		 FY24
Forecast		 FY25
Forecast
EPS (cps) xxx 1.0 7.4 xxx
DPS (cps) xxx 4.9 5.1 xxx
EPS Growth xxx - 75.4% 100.0% xxx
DPS Growth xxx 0.0% 3.7% xxx
PE Ratio xxx N/A 37.1 xxx
Dividend Yield xxx N/A 1.9% xxx
Div Pay Ratio(%) xxx 500.0% 68.8% xxx

Dividend yield today if purchased 3 years ago: 1.91%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.79

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 01/03 - ex-div 2.45c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx1.0
DPS All xxxxxxxxxxxxxxx4.9
Sales/Revenue xxxxxxxxxxxxxxx3,507.1 M
Book Value Per Share xxxxxxxxxxxxxxx132.1
Net Operating Cash Flow xxxxxxxxxxxxxxx482.6 M
Net Profit Margin xxxxxxxxxxxxxxx0.62 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx0.78 %
Return on Invested Capital xxxxxxxxxxxxxxx0.50 %
Return on Assets xxxxxxxxxxxxxxx0.36 %
Return on Equity xxxxxxxxxxxxxxx0.78 %
Return on Total Capital xxxxxxxxxxxxxxx3.50 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx10.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx98 M
Long Term Debt xxxxxxxxxxxxxxx1,491 M
Total Debt xxxxxxxxxxxxxxx1,589 M
Goodwill - Gross xxxxxxxxxxxxxxx2,412 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx102 M
Price To Book Value xxxxxxxxxxxxxxx1.96

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx385.9 M
Capex % of Sales xxxxxxxxxxxxxxx11.00 %
Cost of Goods Sold xxxxxxxxxxxxxxx3,142 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx210 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx71 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.6

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

24/05/2024

1

Upgrade to Add from Hold

$3.02

10.62%

Cleanaway Waste Management recently reconfirmed FY24 EBIT guidance at approximately $350m and its FY26 EBIT target of over $450m at a conference.

Morgans assesses the update positively with the announced reduction in the maintenance capex budget starting FY25 by $50m p.a., which is expected to enhance cashflows for the company, given the existing capex equivalent stands at around -$280m-$300m in FY24, according to the analyst.

Adjusting for the changes boosts the brokers discounted cashflow valuation markedly. Upgraded rating to Add from Neutral. Target price raised to $3.02 from $2.54.

FORECAST
Morgans forecasts a full year FY24 dividend of 5.00 cents and EPS of 7.00 cents.
Morgans forecasts a full year FY25 dividend of 6.20 cents and EPS of 9.00 cents.

Ord Minnett

xx/xx/xxxx

4

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Goldman Sachs

15/05/2024

3

Neutral

$2.70

-1.10%

Cleanaway Waste Management updated the market, maintaining its FY24 EBIT guidance around $350m against the Goldman Sachs estimate and consensus of $354m.

The company also revised its FY24 depreciation and amortization (D&A) range down to $360-370m from $370-390m, attributed to landfill optimisation efforts.

Interest expense guidance for FY24 increased to -$117m, exceeding both Goldman Sachs and consensus estimates,  and infers a -2% decrease in consensus NPAT.

A -$50m annual reduction in maintenance capital expenditure would lower FY25 guidance to $227m, representing approximately 56% of expected D&A.

 Regulatory changes are expected to increase landfill gate fees, enhancing the economics of Energy from Waste (EfW) projects, suggests the broker.

There are no changes to forecasts. The broker's $2.70 target is unchanged. Neutral.

FORECAST
Goldman Sachs forecasts a full year FY24 EPS of 8.00 cents.
Goldman Sachs forecasts a full year FY25 EPS of 9.00 cents.
Access Stockbroker Research History >

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