GFL Environmental (GFL) fell 7% after concluding its review with no deal, giving back some of the post-rumour run in shares…

… but not all of it, as investors refocus on what’s a strong solid waste platform…

… with a straightforward path to scale through a combination of organic growth and tuck-in M&A, which add density to its existing network and improve margins.

Management expects its go-forward strategy will double FCF per share over the next five years to support that growth, leverage reduction plans, and an active buyback program…

… which the company has never had room for in the past.

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