Quality Value Research
Equity Research Boutique
The takeover offer for Secure Waste Management significantly undervalues the company and is insufficient and frustrating for anyone who knows its real value. It is the ninth takeover bid in the Quality Value portfolio, and unlike excellent bids such as those for Majorel and Aluflexpack, this one falls short. x.com
Waste Management is arguably the most durable name on the list because trash has to be collected in all economic conditions and cannot be put off. It has pricing power, an immense moat and an insulated industry, with decent growth, and it is becoming stronger than ever while the market pays it little attention. x.com
Waste Management delivers market-beating returns with half the market's volatility. Its ROIC is 12.0% versus a 10.1% peer average, total return since 2016 is 399% versus 193% for the Dow, it has raised its dividend for 23 straight years, and its beta is 0.56. x.com
