Added to YB: 2026-04-16
Pitch date: 2026-04-13
SES.TO [bearish]
SECURE Waste Infrastructure Corp.
-0.4%
current return
Author Info
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 4.9B
Pitch Price
CAD 22.36
Price Target
N/A
Dividend
1.78%
EV/EBITDA
12.40
P/E
41.56
EV/Sales
4.00
Sector
Oil, Gas and Consumable Fuels
Category
special_situation
Secure Waste Management: We're losing a gem
SES.TO (exited position): Infrastructure monopoly w/ regulated waste processing facilities transforming industrial waste into recurring cash flows. 80% EBITDA from continuous production vs drilling cycles. GFL buying at C$24.75/share ($6.4B EV, 11x EBITDA), 16-23% premium. 20% cash, 80% stock. Author views as 'losing a gem'—asset quality being diluted into lower-margin platform. Transaction validates thesis on scarce, permit-protected wells/landfills/pipelines in Western Canada & North Dakota.
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