WCN WCN

Key Assumptions: Revenue grew at ~11.5% CAGR over 5 years driven by acquisitions; base case assumes organic growth moderates to 7% as acquisition pace normalizes. Operating margins averaged ~16% historically with recent improvement to 18.1%; bear assumes margin pressure from integration costs while bull assumes continued margin expansion toward 20%. WACC calculated using CAPM with 0.59 beta and 5.5% ERP, yielding cost of equity ~7.6%, blended with after-tax cost of debt ~4.2% at roughly 53% equity / 47% debt capital structure. Capex intensity anchored at ~12.8% of revenue consistent with recent history. Shares outstanding reflect significant recent buyback activity reducing count from ~3,693M to ~256M (likely post-consolidation or split-adjusted).