Clean Harbors, Inc.
Thesis
We recommend investors buy Clean Harbors, Inc. (CLH) stock with a 12-18-month target share price of $85-95, representing ~50-70% upside. The investment thesis is based on the fair valuation of the core hazardous waste management business, which more than covers the current share price, and the mispricing of shares due to transitory issues. Additionally, divesting non-core assets will generate cash for buybacks and refocus management on the core business.
Did it work?
The investment thesis for Clean Harbors, Inc. (CLH) has significantly played out, with a price performance of +459.0% since the pitch. The core hazardous waste management business was indeed undervalued, and the divestment of non-core assets likely contributed to the substantial upside. Given that the time elapsed far exceeds the stated 12-18 month target, the thesis can be confidently deemed successful.
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