Date: July 20, 2012
Source: Standard & Poor's
Investor ratings agency Standard & Poor's maintains a neutral outlook for the waste management industry based on the competitive pricing environment amid the uncertain, albeit slowly improving economy. Residential volumes are expected to remain weak while industrial volumes will slowly recover more so in some markets than in others. Recycling prices should improve modestly later this year. Companies' continued use of hedging programs and fuel surcharges to offset rising costs will ensure strong cash flow that should drive share repurchases, raised dividends, debt reduction and strategic acquisitions.
Haulers are also expected to continue to refine their operations by divesting underperforming assets and by acquiring accretive "tuck-in" operations, especially hauling operations that can drive volume to existing landfills, which tend to have higher margins. Smaller players discouraged by the soft environment may be more receptive to an acquirer who, in turn, is attracted by lower selling prices. However, the recent Veolia deal indicates that private equity firms are beginning to show more interest again.
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