Cleanaway Waste Management Ltd

CWY: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$2.30	Llxqn	Xvskswml

Cleanaway Earnings: All Cylinders Firing; Fair Value Maintained on Coverage Transfer to New Analyst

Esther Holloway

Aug 22, 2024

We transfer coverage of no-moat Cleanaway and maintain our fair value estimate of AUD 2.30 per share. We have lifted revenue growth expectations for the group, but temper our margin expectations for the industrial, and liquid and health waste businesses. We still expect margin growth in these businesses, but at a slower pace, driven by operating efficiency initiatives and positive margin mix from higher-margin waste disposal earnings at landfill assets. We maintain our previous Standard Morningstar Capital Allocation Rating, Medium Morningstar Uncertainty Rating, and no-moat rating.

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