Clean Harbors' overexposure to the volatile energy sector continues to weigh on shareholder returns.
Narrow-moat Clean Harbors reaped the benefits of recent investments in the first quarter, while challenges in its commodity-driven businesses appear to be easing. Our fair value estimate won’t change based on the quarter’s results; however, we anticipate an increase as we incorporate Morningstar’s firmwide stance that U.S. corporate tax reform is more likely than not to occur by 2018. With much of Clean Harbors’ pretax profit generated in the United States, we expect that lowering the U.S. feder...Clean Harbors is a provider of environmental, energy and industrial services throughout North America. The company collects, transports, treats and disposes of hazardous and non-hazardous waste, including resource recovery, physical treatment, fuel blending, incineration, landfill disposal, wastewater treatment, lab chemical disposal, explosives management and CleanPack? services. The company's Safety-Kleen business provides an array of environmental services and complementary products to a range of customers including automobile repair shops, car and truck dealers, metal fabricators, machine manufacturers, fleet maintenance shops and other automotive, industrial and retail customers.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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