Waste Management, Inc. is the largest waste services provider in North America with a strong competitive moat. Despite mature operations, WM saw 16% revenue growth driven by price increases and volume gains. The company’s renewable energy initiatives are expected to significantly increase free cash flow, with potential for $760-800 million in EBITDA by 2027. While concerns around the Stericycle acquisition persist, WM offers attractive long-term risk-reward potential. The stock trades at a premium multiple but offers utility-like characteristics and strong shareholder returns. Hedge fund interest in WM decreased in the third quarter, with 62 portfolios holding the stock.

Read more at Yahoo Finance: Waste Management, Inc. (WM): A Bull Case Theory