SECURE Waste Infrastructure Corp. (SES.TO)

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.

Last quarter was quite strong with stronger margins. Higher oil prices help. Raised expectations to higher end of guidance. Not sure why price is down except perhaps that final details not solidified yet. Keep holding, upside of ~15%.

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%.