1、7T2se3r0Ot6kwoPa7T2se3r0Ot6kwoPaDistributed on:10/07/2025 09:02:05 GMTDistributed on:10/07/2025 09:02:05 GMT10 July 2025Deutsche BankResearch North America Canada United States Industrials Business&Industrial Services Industry Waste Services Date Industry Update What were watching for in 2Q25 result

2、s and company updatesValuation back to normal creates attractive entry point for long-term compoundersAfter outperforming significantly through April,waste stocks have lagged,not participating in the significant market rally since as the posture became less defensive.In aggregate,on a YTD basis,stoc

3、ks have outperformed the S&P 500 and are in-line with XLI index.As relative valuations have normalized,the waste space is attractive at current levels demonstrating pricing power,moat,and additional growth vectors in adjacent areas.Figure 1:Stock performance versus S&P 500 and XLI-15%-10%-5%0%5%10%1

4、5%20%25%30%35%8-Jul-2415-Jul-2422-Jul-2429-Jul-245-Aug-2412-Aug-2419-Aug-2426-Aug-242-Sep-249-Sep-2416-Sep-2423-Sep-2430-Sep-247-Oct-2414-Oct-2421-Oct-2428-Oct-244-Nov-2411-Nov-2418-Nov-2425-Nov-242-Dec-249-Dec-2416-Dec-2423-Dec-2430-Dec-246-Jan-2513-Jan-2520-Jan-2527-Jan-253-Feb-2510-Feb-2517-Feb-2

5、524-Feb-253-Mar-2510-Mar-2517-Mar-2524-Mar-2531-Mar-257-Apr-2514-Apr-2521-Apr-2528-Apr-255-May-2512-May-2519-May-2526-May-252-Jun-259-Jun-2516-Jun-2523-Jun-2530-Jun-257-Jul-25WM US EquityWCN US EquityRSG US EquitySPX IndexXLI US EquitySource:Bloomberg Finance LPFaiza AlwyResearch Analyst+1-212-250-7

6、611Avi SharmaResearch Associate+1-212-250-7226Sophie ShengResearch AssociateCompanies featuredWaste Connections(WCN.N),USD182.07BuyRepublic Services(RSG.N),USD240.51BuyWaste Management(WM.N),USD225.75BuySource:Deutsche BankDeutsche Bank Securities Inc.IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTI