Equity Analysis /

AU : Cleanaway Waste Management - Factoring in Suez Sydney

    Nathan Lead
    Nathan Lead

    Senior Analyst - Infrastructure & Utilities

    10 December 2021
    Published byCGS-CIMB

    Forecasts and valuation adjusted in advance of CWY’s acquisition of Suez Sydney. Forecast earnings lift materially as a result of the acquisition, but the valuation impact is not material due to size and the limited life nature of key assets acquired. HOLD retained. $2.75/sh target price (+22 cps, mostly from valuation roll-forward).