Chadd Garcia, Portfolio Manager and Senior Research Analyst at Schwartz Investment Counsel Inc. - Ave Maria Focused Fund, joins the podcast for his third appearance to share his thesis on SECURE Energy Services Inc. (TSX: SES), a leading waste management and energy infrastructure company.
Chapters:
[0:00] Introduction + Episode sponsor: Daloopa
[1:48] What is Secure Energy Services $SES.TO and why is it interesting to Chadd
[4:56] What is Chadd seeing with $SES.TO that the market is missing
[6:46] $SES.TO's recent run-up, catalysts, acquisitions
[15:53] Risk that Western Canada is drilling a lot less oil in the future
[19:15] Capital allocation / changing the corporate name
[24:58] Continue aggressive buy-backs or focus on tuck-in acquisitions
[29:30] Customer insourcing potential
[31:40] Waste processing facilities, waste businesses; why haven't people picked up on this aspect of the story thus far
[36:00] Bought a lot of assets in distress; what has happened that drives those assets in distress that's not a risk here?
[37:46] Separation of businesses argument
[40:55] Scenarios for why $SES.TO thesis doesn't work out / final thoughts
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