← ISS A/S overview

ISS A/S vs Waste Connections: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

ISS A/S (0QRS.LSE)

Q3 2026
▲3▼1

ISS lifts buyback and H1 outlook, offsetting one lost contract

  • Buyback grows to DKK 3.1bn ISS finished the first DKK 1.25bn buyback tranche and started a second DKK 1.85bn tranche, lifting the total programme by DKK 600m. Buying its own shares shrinks the number of shares in issue, which tends to lift the value of those that remain.

    The enlarged buyback is the clearest new force pushing the shares up this period.

  • H1 results beat and outlook kept upgraded First-half organic growth was 8.2% and operating margin improved to 4.6%, with free cash flow turning positive at DKK 0.6bn. Management kept its raised full-year guidance, which gives investors more confidence in future profits and supports the share price.

    Better results and a maintained upgraded outlook are the fundamental driver behind the stock.

  • Deutsche Telekom deal extended to 2035 ISS settled with Deutsche Telekom and extended their partnership to the end of 2035, adding a one-off revenue adjustment and a small yearly contract improvement. A long contract extension makes future revenue more predictable, which investors value.

    A major long-term contract extension is new and reduces uncertainty about future revenue.

  • One customer drops a DKK 100m contract A customer will stop using an outside facility services provider, ending a contract worth about DKK 100m a year in the fourth quarter of 2026. That removes some future revenue, though it is small next to group revenue of DKK 84.7bn and is partly offset by a new expanded energy-sector deal.

    This is the main counterweight to the positive news and keeps the picture fair.

July 2026
▲3▼1

ISS lifts buyback and H1 outlook, offsetting one lost contract

  • Buyback grows to DKK 3.1bn ISS finished the first DKK 1.25bn buyback tranche and started a second DKK 1.85bn tranche, lifting the total programme by DKK 600m. Buying its own shares shrinks the number of shares in issue, which tends to lift the value of those that remain.

    The enlarged buyback is the clearest new force pushing the shares up this period.

  • H1 results beat and outlook kept upgraded First-half organic growth was 8.2% and operating margin improved to 4.6%, with free cash flow turning positive at DKK 0.6bn. Management kept its raised full-year guidance, which gives investors more confidence in future profits and supports the share price.

    Better results and a maintained upgraded outlook are the fundamental driver behind the stock.

  • Deutsche Telekom deal extended to 2035 ISS settled with Deutsche Telekom and extended their partnership to the end of 2035, adding a one-off revenue adjustment and a small yearly contract improvement. A long contract extension makes future revenue more predictable, which investors value.

    A major long-term contract extension is new and reduces uncertainty about future revenue.

  • One customer drops a DKK 100m contract A customer will stop using an outside facility services provider, ending a contract worth about DKK 100m a year in the fourth quarter of 2026. That removes some future revenue, though it is small next to group revenue of DKK 84.7bn and is partly offset by a new expanded energy-sector deal.

    This is the main counterweight to the positive news and keeps the picture fair.

Latest
▲3▼1

ISS lifts buyback and H1 outlook, offsetting one lost contract

  • Buyback grows to DKK 3.1bn ISS finished the first DKK 1.25bn buyback tranche and started a second DKK 1.85bn tranche, lifting the total programme by DKK 600m. Buying its own shares shrinks the number of shares in issue, which tends to lift the value of those that remain.

    The enlarged buyback is the clearest new force pushing the shares up this period.

  • H1 results beat and outlook kept upgraded First-half organic growth was 8.2% and operating margin improved to 4.6%, with free cash flow turning positive at DKK 0.6bn. Management kept its raised full-year guidance, which gives investors more confidence in future profits and supports the share price.

    Better results and a maintained upgraded outlook are the fundamental driver behind the stock.

  • Deutsche Telekom deal extended to 2035 ISS settled with Deutsche Telekom and extended their partnership to the end of 2035, adding a one-off revenue adjustment and a small yearly contract improvement. A long contract extension makes future revenue more predictable, which investors value.

    A major long-term contract extension is new and reduces uncertainty about future revenue.

  • One customer drops a DKK 100m contract A customer will stop using an outside facility services provider, ending a contract worth about DKK 100m a year in the fourth quarter of 2026. That removes some future revenue, though it is small next to group revenue of DKK 84.7bn and is partly offset by a new expanded energy-sector deal.

    This is the main counterweight to the positive news and keeps the picture fair.

Waste Connections Inc (WCN)

Q3 2026
▲3

WCN beats, raises outlook, buys back stock, but shares stay cheap

  • Q2 beat and raised 2026 outlook Waste Connections beat second-quarter estimates with revenue up 6.4% to $2.56 billion and adjusted EBITDA of $840.1 million, then raised full-year 2026 revenue and EBITDA guidance. A 5.6% core price increase drove solid waste growth, showing the core business still has pricing power.

    This is the period's main fundamental event and the reason the outlook improved.

  • AI pricing tool turns into real savings The AI commercial pricing tool is already delivering about $20 million a year in EBITDA benefit, and management sees up to $100 million from seven AI projects by 2029. Routing and customer-service tools are still being tested, so the payoff builds over years, not overnight.

    It explains a concrete, measurable profit driver behind the improved outlook.

  • Buyback renewed and debt refinanced WCN renewed its buyback for up to 12.6 million shares, about 5% of shares outstanding, and moved to refinance Canadian dollar borrowings with new notes due 2033 and 2036. Both return cash to shareholders and keep financing costs manageable, supporting the stock.

    These capital actions are new this period and directly support per-share value.

  • Cheap-looking stock, but costs and valuation weigh The stock trades near $150, about 25% below a $202 fair-value estimate, and is technically oversold ahead of Q3 earnings. But fuel costs, lower commodity prices, Chiquita Canyon outflows and a rich 35.8x earnings multiple versus peers are real counterweights.

    It gives the fair counterweight: the pullback may be opportunity, but cost and valuation risks are real.

August 2026
▲3

WCN beats, raises outlook, buys back stock, but shares stay cheap

  • Q2 beat and raised 2026 outlook Waste Connections beat second-quarter estimates with revenue up 6.4% to $2.56 billion and adjusted EBITDA of $840.1 million, then raised full-year 2026 revenue and EBITDA guidance. A 5.6% core price increase drove solid waste growth, showing the core business still has pricing power.

    This is the period's main fundamental event and the reason the outlook improved.

  • AI pricing tool turns into real savings The AI commercial pricing tool is already delivering about $20 million a year in EBITDA benefit, and management sees up to $100 million from seven AI projects by 2029. Routing and customer-service tools are still being tested, so the payoff builds over years, not overnight.

    It explains a concrete, measurable profit driver behind the improved outlook.

  • Buyback renewed and debt refinanced WCN renewed its buyback for up to 12.6 million shares, about 5% of shares outstanding, and moved to refinance Canadian dollar borrowings with new notes due 2033 and 2036. Both return cash to shareholders and keep financing costs manageable, supporting the stock.

    These capital actions are new this period and directly support per-share value.

  • Cheap-looking stock, but costs and valuation weigh The stock trades near $150, about 25% below a $202 fair-value estimate, and is technically oversold ahead of Q3 earnings. But fuel costs, lower commodity prices, Chiquita Canyon outflows and a rich 35.8x earnings multiple versus peers are real counterweights.

    It gives the fair counterweight: the pullback may be opportunity, but cost and valuation risks are real.

Latest
▲3

WCN beats, raises outlook, buys back stock, but shares stay cheap

  • Q2 beat and raised 2026 outlook Waste Connections beat second-quarter estimates with revenue up 6.4% to $2.56 billion and adjusted EBITDA of $840.1 million, then raised full-year 2026 revenue and EBITDA guidance. A 5.6% core price increase drove solid waste growth, showing the core business still has pricing power.

    This is the period's main fundamental event and the reason the outlook improved.

  • AI pricing tool turns into real savings The AI commercial pricing tool is already delivering about $20 million a year in EBITDA benefit, and management sees up to $100 million from seven AI projects by 2029. Routing and customer-service tools are still being tested, so the payoff builds over years, not overnight.

    It explains a concrete, measurable profit driver behind the improved outlook.

  • Buyback renewed and debt refinanced WCN renewed its buyback for up to 12.6 million shares, about 5% of shares outstanding, and moved to refinance Canadian dollar borrowings with new notes due 2033 and 2036. Both return cash to shareholders and keep financing costs manageable, supporting the stock.

    These capital actions are new this period and directly support per-share value.

  • Cheap-looking stock, but costs and valuation weigh The stock trades near $150, about 25% below a $202 fair-value estimate, and is technically oversold ahead of Q3 earnings. But fuel costs, lower commodity prices, Chiquita Canyon outflows and a rich 35.8x earnings multiple versus peers are real counterweights.

    It gives the fair counterweight: the pullback may be opportunity, but cost and valuation risks are real.