GFL: Above-Peer Growth, Improving Financial Metrics, and Multi-Year Upside Support Outperform Rating

Brad Hewitt, an analyst from Wolfe Research, has initiated a new Buy rating on GFL Environmental (GFL).

Brad Hewitt has given his Buy rating due to a combination of factors, including GFL’s above-peer growth profile and rapid improvement in key financial metrics such as margins, free cash flow, and leverage. He views GFL’s ability to compound revenue and EBITDA at attractive rates, with additional upside from continued acquisitions, as a core element of the long-term investment case.

He also highlights management’s multi-year roadmap, which points to EBITDA and free cash flow conversion metrics converging with, or matching, leading peers by 2028, while the shares still trade at a modest discount to the sector on an EV/EBITDA basis. Applying a target multiple to forward EBITDA and assigning value to GFL’s retained equity interests in related businesses supports his C$74 year-end 2026 price objective and underpins the Outperform recommendation.