Added to YB: 2026-04-16
Pitch date: 2026-04-14
GFL [neutral]
GFL Environmental Inc.
-11.22%
current return
Author Info
Company Info
GFL Environmental Inc. provides non-hazardous solid waste management services in Canada and the United States.
Market Cap
CAD 17.9B
Pitch Price
CAD 53.23
Price Target
N/A
Dividend
0.17%
EV/EBITDA
15.55
P/E
86.20
EV/Sales
3.96
Sector
Commercial Services and Supplies
Category
special_situation
First Takes on GFL's Acquisition of Secure
GFL (update): Acquiring Secure at 11x 2026E EBITDA (pre-synergies), deemed too low for quality asset. Deal accretive to EBITDA/FCF margins, ROIC, FCF/share while balance sheet neutral. $25M synergies conservative. Secure has superior margins/ROIC vs municipal waste (no truck fleet costs), stable revenue despite energy exposure, 80% recurring CF. Multiple growth levers: pricing, volume, M&A, $100M/yr growth capex at 20%+ IRRs. 25% of biz is EI (gathering/transportation), potential spin similar to ES UP-C structure. Validates produced water = waste thesis, bullish for WaterBridge & LandBridge.
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