$2.2 B

CVA Mkt cap, 14-Jun-2018

$458 M

Covanta Revenue Q1, 2018
Covanta Net income (Q1, 2018)201 M
Covanta EBIT (Q1, 2018)20 M
Covanta Cash, 31-Mar-201851 M
Covanta EV4.4 B

Covanta Financials

Covanta Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

1.6 b1.7 b1.6 b1.7 b

Revenue growth, %

3%(2%)3%

General and administrative expense

100 m

Operating expense total

100 m

EBIT

221 m144 m100 m109 m

EBIT margin, %

14%9%6%6%

Interest expense

125 m139 m

Income tax expense

84 m(22 m)

Net Income

(8 m)(1 m)69 m(4 m)

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Revenue

427 m401 m432 m414 m383 m408 m422 m403 m418 m421 m404 m424 m429 m458 m

General and administrative expense

22 m21 m26 m26 m28 m23 m20 m23 m25 m23 m28 m30 m31 m

Operating expense total

347 m386 m385 m396 m378 m428 m351 m417 m413 m361 m427 m30 m383 m438 m

EBIT

80 m15 m47 m18 m5 m(20 m)71 m(14 m)5 m60 m(23 m)20 m46 m20 m

EBIT margin, %

19%4%11%4%1%(5%)17%(3%)1%14%(6%)5%11%4%

Interest expense

30 m29 m33 m30 m33 m28 m31 m34 m34 m35 m36 m35 m35 m38 m

Income tax expense

(19 m)14 m(10 m)16 m(10 m)40 m(11 m)10 m(3 m)(12 m)11 m(8 m)2 m9 m

Net Income

28 m(9 m)1 m6 m15 m201 m

Covanta Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Cash

198 m91 m94 m84 m

Accounts Receivable

15.7 m

Inventories

110 m96 m122 m72 m

Current Assets

740 m631 m702 m544 m

PP&E

2.6 b2.7 b2.7 b3 b

Goodwill

249 m274 m301 m302 m

Total Assets

4.4 b4.2 b4.3 b4.3 b

Accounts Payable

24 m34 m90 m98 m

Short-term debt

528 m5 m8 m9 m

Current Liabilities

859 m389 m371 m418 m

Long-term debt

1.6 b2 b2.3 b2.2 b

Total Debt

2.1 b2 b2.3 b2.3 b

Total Liabilities

3.8 b

Common Stock

14 m14 m14 m14 m

Additional Paid-in Capital

790 m805 m801 m807 m

Retained Earnings

(289 m)

Total Equity

911 m784 m640 m469 m

Debt to Equity Ratio

2.3 x2.5 x3.6 x4.8 x

Debt to Assets Ratio

0.5 x0.5 x0.5 x0.5 x

Financial Leverage

4.8 x5.4 x6.7 x9.1 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Cash

252 m389 m172 m87 m67 m66 m69 m106 m108 m113 m444 m48 m37 m51 m

Accounts Receivable

318 m

Current Assets

910 m937 m660 m639 m630 m746 m728 m634 m608 m547 m853 m477 m511 m475 m

PP&E

2.6 b2.7 b2.7 b2.6 b2.6 b2.6 b2.6 b2.7 b3 b3 b3.1 b3.1 b3.2 b2.6 b

Goodwill

249 m249 m296 m302 m274 m293 m301 m302 m303 m303 m312 m312 m313 m313 m

Total Assets

4.6 b4.6 b4.3 b4.3 b4.1 b4.3 b4.3 b4.2 b4.3 b4.3 b4.6 b4.3 b4.4 b3.9 b

Accounts Payable

34 m64 m49 m43 m79 m63 m55 m90 m59 m52 m56 m54 m64 m75 m

Short-term debt

618 m535 m2 m4 m6 m5 m5 m9 m9 m9 m406 m10 m10 m10 m

Current Liabilities

1 b920 m341 m395 m403 m377 m367 m358 m358 m318 m797 m378 m421 m370 m

Long-term debt

1.6 b1.8 b2 b2 b2 b2.2 b2.2 b2.3 b2.4 b2.3 b2.3 b2.4 b2.4 b2.3 b

Total Debt

2.2 b2.3 b2 b2 b2 b2.2 b2.2 b2.3 b2.4 b2.3 b2.7 b2.4 b2.4 b2.3 b

Total Liabilities

3.7 b3.7 b3.5 b3.5 b3.5 b3.6 b3.7 b3.6 b3.8 b3.8 b4.2 b4 b4 b3.3 b

Common Stock

14 m14 m14 m14 m14 m14 m14 m14 m14 m14 m14 m14 m14 m14 m

Preferred Stock

Additional Paid-in Capital

788 m791 m799 m789 m808 m808 m811 m795 m800 m804 m810 m816 m821 m828 m

Retained Earnings

(130 m)(169 m)(169 m)(223 m)(285 m)(264 m)(366 m)(436 m)(455 m)(185 m)

Total Equity

907 m873 m851 m808 m652 m630 m628 m553 m480 m500 m645 m

Financial Leverage

5 x5.2 x5.1 x5.3 x6.3 x6.8 x6.9 x7.6 x9 x8.6 x6.1 x

Covanta Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

(8 m)(1 m)69 m(4 m)

Depreciation and Amortization

210 m211 m198 m207 m

Accounts Payable

(12 m)57 m(8 m)45 m

Cash From Operating Activities

316 m341 m249 m282 m

Purchases of PP&E

(16 m)(8 m)

Cash From Investing Activities

(258 m)(232 m)(448 m)(254 m)

Long-term Borrowings

(3 m)(557 m)(196 m)(4 m)

Cash From Financing Activities

(103 m)(213 m)208 m(40 m)

Interest Paid

123 m121 m141 m150 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Net Income

28 m(9 m)1 m6 m(43 m)(9 m)(37 m)(66 m)(12 m)(52 m)(89 m)(74 m)201 m

Depreciation and Amortization

52 m53 m53 m52 m48 m98 m148 m52 m103 m155 m52 m104 m155 m54 m

Accounts Payable

63 m55 m90 m59 m52 m56 m

Cash From Operating Activities

31 m154 m31 m58 m146 m10 m26 m114 m3 m

Cash From Investing Activities

(254 m)(401 m)(95 m)(191 m)(178 m)(77 m)(166 m)(235 m)26 m

Long-term Borrowings

(163 m)(196 m)1 m(2 m)(1 m)(412 m)(413 m)(1 m)

Cash From Financing Activities

206 m231 m72 m143 m48 m426 m101 m70 m(110 m)

Covanta Ratios

USDY, 2018

EV/EBIT

220.1 x

EV/CFO

1.5 k x

Financial Leverage

6.1 x
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