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Cleanaway Waste Management Ltd - Stock Quote CWY

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Morningstar's Cleanaway Waste Management Ltd Stock Analysis

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Economic Moat


Capital Allocation


Cleanaway’s Cost Headwinds Only Transitory, but Shares Still Overvalued

Brian Han Director

Analyst Note

| Brian Han |

We lower our full-year EBITDA forecast for no-moat Cleanaway by 3% to AUD 575 million. This is in response to Cleanaway's revised fiscal 2022 guidance that implies a decrease in expected full-year EBITDA by around AUD 15 million-AUD 20 million on the previously disclosed outlook. The revision largely relates to a range of cost headwinds, which we have incorporated within our forecast.

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Cleanaway Waste Management Ltd's Company Profile

Business Description

Cleanaway Waste Management is Australia’s largest waste management business with a national footprint spanning collection, midstream waste processing, treatment and valorisation, and downstream waste disposal. Cleanaway is active in municipal and commercial and industrial, or C&I, waste stream segments and in nonhazardous and hazardous liquid waste and medical waste streams following the acquisition of Toxfree in fiscal 2018. While Cleanaway is allocating greater capital to midstream waste processing and treatment, earnings remain skewed toward waste collection. Cleanaway is particularly strong in C&I and municipal waste collection with strong market share in all large Australian metro waste collection markets.

441 St Kilda Road, Level 4
Melbourne, VIC, 3004, Australia
T +61 383975100
Sector Industrials
Industry Waste Management
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type
Employees 5,900