Professional
Added to YB: 2025-07-24
Pitch date: 2025-07-16
SES.TO [neutral]
SECURE Waste Infrastructure Corp.
+8.48%
current return
Author Info
Laughing Water Capital is a boutique investment partnership. Our partners believe that careful analysis of a select group of businesses can lead to above average investment returns for equity investors. Our small size and patient approach give us an advantage that cannot be matched by traditional asset managers or hedge funds that are focused on the day to day gyrations of the stock market, rather than the fundamental value of businesses. Visit their website.
Company Info
SECURE Waste Infrastructure Corp. engages in the waste management and energy infrastructure businesses primarily in Canada and the United States.
Market Cap
CAD 3.6B
Pitch Price
CAD 15.92
Price Target
N/A
Dividend
2.46%
EV/EBITDA
10.43
P/E
19.33
EV/Sales
0.44
Sector
Oil, Gas and Consumable Fuels
Category
turnaround
Laughing Water Capital Portfolio Holding: SECURE Waste Infrastructure Corp.
SES.TO (holding update): Western Canada waste management co. transformed to 80% recurring vs 60% cyclical revenue. 30% adj. EBITDA margins, strong moats from geography/regulations. Leading industry in FCF conversion & margins. Stock trades at forced sale multiple of 7.5x EBITDA vs peers at 17x. 19% shares repurchased in 2024, targeting 20% IRR on growth capex. 22-40% equity CAGR potential.
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