Progressive Waste Solutions

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Thesis

Progressive Waste Solutions is expected to generate $1 billion in free cash flow over the next three years, which is significant compared to its current market cap of $3.4 billion. The company has opportunities for accretive tuck-in acquisitions and is projected to improve its EBITDA margins closer to its peers, justifying a target price of $46 based on a 13.8x forward multiple of EBITDA-CapEx.

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