WM – Market expectations are for record-high Uniform ROA, and management is excited about their acquisition, and confident about liquidity and shareholder returns

• Waste Management, Inc. (WM:USA) currently trades near historical highs relative to UAFRS-based (Uniform) earnings, with a 38.1x Uniform P/E. At these levels, the market has bullish expectations for the firm, and management is excited about Advanced Disposal acquisition, and confident about liquidity position and shareholder returns
  
  
• Specifically, management generated excitement markers when saying that they wanted their employees to focus on providing exceptional customer service, and when talking about the closing of their Advanced Disposal acquisition. They are also confident that both short-term and long-term financing options remain accessible, that their improved SG&A includes benefits from lower incentive compensation accruals, and that their cash position allows them to return cash to shareholders