We’re More Confident in Waste Management’s Renewable Energy and Recycling Targets; FVE Raised 5%

Waste Management held a sustainability investor day on April 5 where the wide-moat-rated solid waste collection and disposal leader provided more details behind its renewable energy and recycling investments, which are expected to total a cumulative $2.2 billion in capital expenditures between 2022 and 2025. By 2026, management continues to expect its landfill gas-to-renewable natural gas and recycling projects to deliver EBITDA of $500 million and $240 million, respectively. Management now also sees an additional $100 million EBITDA opportunity from e-renewable identification numbers, or e-RINs, and royalties from partnering with third-party RNG developers. The former opportunity would stem from electricity generated from WM’s landfill gas-to-electricity assets that is used to power electric vehicles.