Waste Connections, Inc. (WCN)

Refuse Systems

Latest Price

$153.93

TTM P/E

37.09

Normalized P/E

47.45

Div Yield

0.89%

Book Value

31.18

P/B Ratio

4.94

Valuation metrics

EPS: $4.17

Book value / share: $32.26

Formula: √(22.5 × EPS × BVPS)

Graham Number

$55.01

64% downside

Base FCF: $1.2B (median of recent 5yr)

Growth: 6%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$52.37

66% downside

EPS: $4.17

Target P/E: 47×

Formula: EPS × P/E

P/E Fair Value

$195.99

+27% upside

90.2% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
XXEC, Inc.	26.38M	$164.0M	10.46%	--	2026-06-30
Vanguard Capital Management LLC	15.80M	$2.63B	6.26%	-57.9K	2026-06-30
Vanguard Portfolio Management LLC	11.23M	$1.87B	4.45%	+97.7K	2026-06-30
Bank of Montreal	8.68M	$1.45B	3.44%	+540.8K	2026-06-30
1832 Asset Management L.P.	7.46M	$1.24B	2.96%	+343.1K	2026-06-30
BlackRock, Inc.	6.37M	$1.06B	2.53%	+179.2K	2026-06-30
FMR LLC	5.34M	$890.0M	2.12%	-3.62M	2026-06-30
Mackenzie Financial Corp	4.70M	$21.0M	1.86%	-280.6K	2026-06-30
Capital International Investors	4.58M	$763.0M	1.82%	-645.4K	2026-06-30
AQR Capital Management LLC	4.11M	$683.0M	1.63%	+3.00M	2026-06-30