Clean Harbors' overexposure to the volatile energy sector continues to weigh on shareholder returns.
Narrow-moat Clean Harbors reported fourth-quarter results in line with our expectations, and we are maintaining our $54 fair value estimate. Fourth-quarter revenue increased 8% to $747 million thanks to a robust 92% incinerator utilization rate and hurricane-related emergency response work. All four operating segments delivered top-line growth, and we believe the improving energy markets partnered with price increases will continue that trend in 2018. Adjusted EBITDA, which excludes the benefits...
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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