TSE:SES
SECURE Waste Infrastructure Corp. (SES.TO)
Financials 
Technical Analysis 
Jun 7, 2026, 12:00 amThis summary was created by AI, based on 17 opinions in the last 12 months.
The reviews on SECURE Waste Infrastructure Corp. (SES) present a mixed outlook, reflecting on its recent merger with GFL International and the fluctuations in its stock price. Some experts advocate for selling before the deal closes due to GFL's higher risk profile, while others suggest holding onto the shares as there is potential for upside given the company's strong earnings and healthy margins. The company is recognized for its stability in a non-cyclical industry, primarily driven by recurring revenues from its waste management business. Concerns regarding the drop in GFL's stock post-announcement add another layer of complexity, with discussions about possible sweeter offers for SES. Despite varied opinions, the consensus points to a generally optimistic view of SES's future performance amidst market volatility.
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.
Richard FoglerHe 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.
Tim ReganLikes 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.
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.
Jerome HassThe 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.
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Premium content
Premium contentOne 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%.
Richard FoglerPremium content
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SECURE Waste Infrastructure Corp. (SES.TO) Frequently Asked Questions
What is SECURE Waste Infrastructure Corp. stock symbol?
SECURE Waste Infrastructure Corp. is a Canadian stock, trading under the symbol SES.TO (previously SES-T on Stockchase) on the Toronto Stock Exchange (SES-CT). It is usually referred to as TSX:SES or SES.TO
Is SECURE Waste Infrastructure Corp. a buy or a sell?
In the last year, 17 stock analysts published opinions about SES.TO (previously SES-T on Stockchase). 12 analysts recommended to BUY the stock. 2 analysts recommended to SELL the stock. The latest stock analyst recommendation is BUY. Read the latest stock experts' ratings for SECURE Waste Infrastructure Corp..
Is SECURE Waste Infrastructure Corp. a good investment or a top pick?
SECURE Waste Infrastructure Corp. was recommended as a Top Pick by Bruce Campbell (2) on 2025-07-09. Read the latest stock experts ratings for SECURE Waste Infrastructure Corp..
Why is SECURE Waste Infrastructure Corp. stock dropping?
Earnings reports or recent company news can cause the stock price to drop. Read stock experts' recommendations for help on deciding if you should buy, sell or hold the stock.
Is SECURE Waste Infrastructure Corp. worth watching?
17 stock analysts on Stockchase covered SECURE Waste Infrastructure Corp. in the last year. It is a trending stock that is worth watching.
What is SECURE Waste Infrastructure Corp. stock price?
On 2026-06-05, SECURE Waste Infrastructure Corp. (SES.TO) stock closed at a price of $21.33.
GFL is riskier and lower-quality in the space. Broadly speaking, waste is a need and not a want. Non-discretionary, non-cyclical. SES is a good business, but more cyclical -- regional, plus narrow focus on oilfields. Safer bet is to sell your shares before the deal closes.
He prefers, and owns, WM. Higher credit rating, more conservatively run, better mix of businesses.