– RSG’s traditional EPS is materially distorted by the age of their assets and the resultant depreciation charges

– After making the appropriate UAFRS adjustments, EPS’ was significantly lower than as-reported EPS last year, and will continue to be lower going forward

– At current valuations, RSG is not undervalued with a 0.87x PEG that as-reported metrics suggest, but instead a 3x PEG, a very premium valuation that may not be justified


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