Stericycle

SRCLDelisted

CIK 861878 · Core Solid Waste & Recycling

N/A

Market data as of N/A

Financials: LTM / latest available company filings

Sources: FMP, SRCL filings, SEC EDGAR

$5,754

Market cap ($MM)

$7,501

Enterprise value ($MM)

$2,627

Revenue · LTM ($MM)

$367

EBITDA · LTM ($MM)

14%

EBITDA margin

2.8x

EV / revenue

25.5x

EV / EBITDA

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01SRCL is a scaled public consolidator in Solid Waste, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is WM, RSG, WCN, CLH, GFL, CWST.

Balance sheet & capacity

Indicative capacity read: public-market scale of $7.5B enterprise value against $2.6B revenue.

N/A

Cash & equiv. ($MM)

N/A

Total debt ($MM)

N/A

Net debt ($MM)

Net debt / EBITDA

Valuation

Where it trades against its peer set

SRCL versus the scaled public Core Solid Waste & Recycling comparables.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Stericycle, Inc.	SRCL	$2,627	$367	14%	$5,754	$7,501	2.8x	25.5x	NM

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

SRCL's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

419

Active years

Named deals

Avg / active year

27.9

Acq. cash outflow · FY14–23 ($MM)

$2,966

Annual acquisition count

named acquisition

SRCL cadence shown by annual acquisition count because verified spend is N/A.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Oct 1, 2015	Shred-it International ULC, Shredit JV LP, Boost GP Corp., Boost Holdings LP	Core solid waste, recycling, and environmental services	$2,304	Included in the acquisitions discussed above, is the acquisition of Shred-it International ULC, an Alberta unlimited liability corporation ("SII"), Shredit JV LP, an Ontario lim...	10-K^†
Apr 22, 2014	PSC Environmental Services, LLC	Core solid waste, recycling, and environmental services	$284	Included in the acquisitions discussed above for the quarter ended June 30, 2014 is the acquisition of 100% of the stock of PSC Environmental Services, LLC ("PSC Environmental")...	10-K^†
Sep 24, 2010	Healthcare Waste Solutions, Inc.	Core solid waste, recycling, and environmental services	$245	On September 24, 2010, we entered into a merger agreement for the acquisition of Healthcare Waste Solutions, Inc., a Delaware corporation (“HWS”). HWS provides a resource manage...	10-K^†
Dec 31, 2005	NNC Group, LLC and Universal Solution International, Inc.	Core solid waste, recycling, and environmental services	$189	During the year ended December 31, 2005 we completed 22 acquisitions, of which 13 were domestic and nine were international. We completed seven acquisitions in Mexico and two in...	10-K^†
Dec 31, 2006	The Sterile Technologies Group Limited	Core solid waste, recycling, and environmental services	$131	The largest of our acquisitions during the year was The Sterile Technologies Group Limited in Ireland (“STG”). We acquired all of the stock of STG for approximately $131.0 milli...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 10 SEC-backed facts across 5 cited filings.

Strategy

In management's own words

The acquisition thesis as management frames it in its filings and why each line matters.

Theme	Excerpt	Why it matters	Source
Management language	N/A	N/A until a source excerpt is available.	N/A

Excerpts drawn from SEC filings; the right-hand read turns each into a coverage talking point.

Evidence

Source ledger

Every figure above traces to a dated SEC filing.

Claim	Excerpt	Source type	Filing date	Evidence	Source
Shred-it	Included in the acquisitions discussed above, is the acquisition of Shred-it International ULC, an Alberta unlimited liability corporation ("SII"), Shredit JV LP, an Ontario limited partnership ("S...	10-K	Mar 15, 2016	Medium	SEC source
PSC Environmental Services, LLC	Included in the acquisitions discussed above for the quarter ended June 30, 2014 is the acquisition of 100% of the stock of PSC Environmental Services, LLC ("PSC Environmental"), which was consumma...	10-K	Mar 2, 2015	Medium	SEC source
Healthcare Waste Solutions, Inc.	On September 24, 2010, we entered into a merger agreement for the acquisition of Healthcare Waste Solutions, Inc., a Delaware corporation (“HWS”). HWS provides a resource management assessment and ...	10-K	Feb 28, 2011	Medium	SEC source
NNC Group, LLC and Universal Solution International, Inc.	During the year ended December 31, 2005 we completed 22 acquisitions, of which 13 were domestic and nine were international. We completed seven acquisitions in Mexico and two in the United Kingdom....	10-K	Mar 1, 2007	Medium	SEC source
The Sterile Technologies Group Limited	The largest of our acquisitions during the year was The Sterile Technologies Group Limited in Ireland (“STG”). We acquired all of the stock of STG for approximately $131.0 million, of which $114.0 ...	10-K	Feb 29, 2008	Medium	SEC source

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Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

In management's own words

Source ledger