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Stericycle Inc SRCL

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Morningstar’s Analysis

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Stericycle Reports Solid Regulated Waste Growth; ERP Start-Up Challenges Don't Overly Concern Us

Analyst Note

| Brian Bernard, CFA, CPA |

We've maintained our $59 per share fair value estimate following Stericycle's third-quarter earnings release. While Stericycle may encounter some bumps along its transformation journey, we continue to believe management's strategy will unlock stronger revenue growth and profit margins.

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Company Profile

Business Description

Stericycle is the largest provider of medical waste disposal and data destruction ( primarily paper shredding) services in the United States. Its next closest national competitor in the medical waste disposal space is Sharps Compliance, which generated $51 million of sales in 2020 (about 3% of Stericycle's global regulated waste and compliance revenue). Stericycle's data destruction business (Shred-It) is about twice the size of its closest competitor (Iron Mountain's information destruction segment). Stericycle has a global presence, with about 20% of its revenue earned outside North America. Globally, the company has 188 transfer sites, 232 processing facilities, and 7,800 trucks.

2355 Waukegan Road
Bannockburn, IL, 60015
T +1 847 367-5910
Sector Industrials
Industry Waste Management
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 7,000