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  5. GFL: Hi Team, Can you please compare the valuation to it's peers and comment on its long term outlook? [GFL Environmental Inc. Subordinate no par value]
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Q: Hi Team,

Can you please compare the valuation to it's peers and comment on its long term outlook?

Thank you
Asked by Keith on May 14, 2025
5i Research Answer:

GFL trades at a 74.4X forward earnings, WM trades at 28X, WCN trades at 35X, and RSG trades at 33X. 

GFL trades at 15.6X forward EV/EBITDA, while RSG trades at 16.1X, WM at 14.7X, and WCN at 17.6X. 

GFL is just becoming profitable, which helps to explain its relatively high forward earnings multiple, yet comparable EV/EBITDA multiple. 

Forward earnings growth is expected to be high, as it scales up its profitability, but it anticipates sales growth in the range of 7% to 10% for FY2026 and FY2027. We think if it can continue to execute on scaling its profit margins, that it can grow earnings at a fast rate, helping to support and grow its share price.