SECURE Waste Infrastructure Corp. (SES.TO)

There is an offer to buy it from GFL International. Secure should have got a higher price but you get 80% in GFL stock so it's OK.

He owns both. With the takeover, GFL stock dropped ~$10 initially. A number of investors thought GFL was off strategy, going from solid to liquid waste. SES won't be a large component, picked it up at fairly decent price.

One of the SES investors has said they won't tender shares and would like a bit more $$. You might see a sweeter offer -- no guarantee, of course. Doesn't hurt to hold on.

Likes GFL, trades at a discount to US peers. Great deal for SES. As usual, the acquirer’s stock is taking a hit. He’d be comfortable converting to GFL shares.GFL has tailwinds, and you’ll get buybacks and dividends. Nice, steady performer.

A great management team, buying back stock. He sold this last month to raise cash, not because the company did anything negative. He should have held on a little longer.

They released good Q4 results last week. It's been lumped in as an energy service name, but it really a waste management one. Trades at 8x EV to EBITDA vs. 17x by its peers. More upside to come. Has 80% recurring revenues and is a stable business.

Still likes it. Insiders own a decent chunk. Buying back massive amounts of stock. Very recession-resistant. About 80% of business is recurring revenue.

The energy sector has of course been volatile with recent events. We continue to see it as a decent sector play. 
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(Note the short timeframe.)  Took a bit off the table around $20, but still likes this name. Trades at 9x EV/EBITDA, whereas peers are ~17x.

One business is transmission -- stable, secure, predictable, about 20% of total. Waste business is the other 80% -- cleaning up in oil & gas segment, stable and recurring. 

Trades at 12x PE, in line with the energy services business (except it's a waste management business, which trades at twice the multiple). The outlook on it is slowly transitioning. In the meantime earns 21% on capital, which is higher than typical energy services or waste management. Great management. Yield is 2.43%.