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VAUGHAN, ON - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL), a North American leader in diversified environmental services with a market capitalization of $17.4 billion, has received approval from the Toronto Stock Exchange to restart its share repurchase initiative, known as the normal course issuer bid (NCIB), the company announced today. The stock, currently trading near its 52-week high of $49.45, has delivered an impressive 46% return over the past year. According to InvestingPro analysis, the company shows promising growth prospects, with net income expected to improve this year.
Under the NCIB, GFL is authorized to buy back up to 28,046,256 subordinate voting shares over the 12-month period ending March 2, 2026. The company clarified that shares previously acquired from BC Partners on March 25, 2025, and any shares bought back in a secondary offering under the exemptive relief order from the Ontario Securities Commission on March 13, 2025, will not count towards this limit.
To date, GFL has repurchased 7,618,758 subordinate voting shares for cancellation under the NCIB. This leaves a balance of 20,427,498 shares that can still be repurchased. The company plans to continue the buyback of shares, depending on market conditions, through the facilities of the TSX and the New York Stock Exchange, as well as through alternative Canadian and U.S. trading systems, if they are eligible.
GFL, headquartered in Vaughan, Ontario, operates as the fourth largest diversified environmental services company in North America. It boasts a comprehensive lineup of solid waste management services and maintains a network of facilities across Canada and 18 U.S. states. With annual revenue exceeding $5.4 billion and an EBITDA of $1.4 billion, GFL employs over 15,000 personnel across its organization. InvestingPro subscribers can access detailed financial analysis and 10 additional exclusive ProTips about GFL’s performance and outlook in their comprehensive Pro Research Report.
The company’s statement includes forward-looking information, which involves certain risks and uncertainties that could cause actual results to differ from those projected. These forward-looking statements reflect management’s current views and are based on certain assumptions that may change over time. GFL emphasizes that these statements are not guarantees of future performance and advises not to place undue reliance on them.
The execution of the NCIB will depend on several factors, including GFL’s capital and liquidity positions, debt covenant restrictions, accounting and regulatory considerations, financial and operational performance, alternative capital uses, the trading price of GFL’s subordinate voting shares, and overall market conditions. The company reserves the right to modify, extend, or discontinue the NCIB at its discretion.
This news is based on a press release statement from GFL Environmental Inc.
In other recent news, GFL Environmental has announced a 10% increase in its quarterly dividend, raising it from US$0.014 per share to US$0.0154 per share. This decision reflects the company’s ongoing commitment to returning value to shareholders. Additionally, GFL Environmental has received regulatory approval from the Ontario Securities Commission to repurchase up to 50% of its shares in any secondary offering, with plans to use proceeds from a recent sale to buy back shares. Analyst firms have also weighed in on GFL Environmental’s prospects. Jefferies has raised its price target for the company to $55.00, maintaining a Buy rating, while BMO Capital Markets increased its target slightly to $48.00, holding a Market Perform rating. Stifel has upgraded GFL Environmental’s stock rating to Buy, with a consistent price target of C$85.00, citing strong performance in the company’s fiscal year 2024 results. The company’s projections for fiscal year 2025 include a revenue increase of 7.2% to C$8.425 billion and an adjusted EBITDA reaching C$2.5 billion. These developments indicate continued strategic growth and financial discipline for GFL Environmental.
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