GFL Environmental: After The Rejected Offer, The Stock Is Attractive

GFL Environmental is rated Buy with a $50 fair value, reflecting peer-average multiples and a 18% upside from current levels. Recent private equity bids up to $52/share were rejected; the board implicitly values GFL at $58/share, well above current market pricing. GFL raised FY26 guidance for the third time, with strong Q3 results driven by acquisitions and price increases, despite flat volumes.