Added to YB: 2026-05-04
Pitch date: 2026-04-29
GFL [neutral]
GFL Environmental Inc.
-8.94%
current return
Author Info
Company Info
GFL Environmental Inc. provides non-hazardous solid waste management services in Canada and the United States.
Market Cap
CAD 19.8B
Pitch Price
CAD 57.50
Price Target
N/A
Dividend
0.15%
EV/EBITDA
16.60
P/E
98.00
EV/Sales
4.21
Sector
Commercial Services and Supplies
Category
N/A
GFL Environmental: Who really makes money?
GFL (pass): Multi-class structure puts common shareholders last. Preferred shares (Series A/B) have priority in liquidation & mandatory redemption (Oct 2025, Dec 2026). CEO Dovigi's $67M comp (97% variable) tied to adjusted EBITDA that excludes M&A costs despite acquisitive strategy. Adjusted FCF adds back transaction costs that are already spent. Leverage target 3.0-3.5x by end 2026 for investment grade, but calculated using adjusted EBITDA. TSR incentive risks short-term stock price focus vs long-term value. Pass.
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