Seeking Alpha Seeking Alpha Portfolio App for iPad  Republic
Services (RSG) is the second-largest provider of solid waste
management services in the United States. The acquisition of
Allied Waste Services in 2008 put them head-to-head with Waste
Management (WM). Waste services have traditionally been
recession-proof, and with the fiscal cliff looming in the
distance, this company seemed like it was worth analyzing.
click to enlarge images  With the exception of 2008 and the
acquisition, the metrics of Republic Services look good, but not
great. Net margins have been declining; however, gross margins
have been relatively steady with a modest increase over the past
ten years. Returns have been a bit spread out, but the company
has an average ROE of 11.2% and an average ROA of 4.2% (2008 was
included in both calculations). Overall, I would consider the
company moderately profitable.  Intrinsic Value  When
calculating the intrinsic value, I used a discounted cash-flow
model. The table below has the FCF in milli