William Blair analyst Trevor Romeo has maintained their bullish stance on GFL stock, giving a Buy rating on April 6.
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Trevor Romeo has given his Buy rating due to a combination of factors tied to GFL’s core business strength and the financial merits of the Secure Waste Infrastructure acquisition. The deal is being struck at a valuation below GFL’s own multiple, involves higher-margin operations with strong free cash flow conversion, and is expected to materially boost adjusted free cash flow per share while keeping leverage roughly unchanged and expanding capital deployment capacity through 2028.
At the same time, Romeo acknowledges that the transaction introduces added complexity to GFL’s story and heightens exposure to more cyclical end markets such as energy and industrial activity. Even so, he believes the quality of Secure’s permitted assets, the accretive economics, and the preserved balance sheet flexibility outweigh these risks, supporting a positive view on the combined company’s long-term growth and value creation potential.
In another report released on April 6, CIBC also assigned a Buy rating to the stock with a C$77.00 price target.