Company Overview - Cellebrite DI Ltd. is a global provider of digital intelligence solutions, enabling legally sanctioned investigations across law enforcement and enterprise sectors [5] - The company utilizes proprietary technology to assist clients in collecting, analyzing, and managing digital evidence from a wide range of devices and sources [5] - Cellebrite's market position is supported by a comprehensive product suite and a broad international presence, serving critical investigative needs in both public and private sectors [6] Financial Performance - As of December 9, 2025, Cellebrite's share price was $18.34, with a market capitalization of $4.48 billion [4] - The company reported revenue of $455.9 million and net income of $76.3 million for the trailing twelve months (TTM) [4] - Cellebrite experienced an 18% revenue growth in its latest quarter, with most sales being sticky and recurring [11] Market Position and Competitive Advantage - Cellebrite is the leading end-to-end digital forensics platform, utilized by public safety departments across all 50 states, all 15 U.S. Cabinet-level executive departments, and 72 Fortune 100 companies [10] - The platform addresses a significant need, as 68% of investigative teams admit they cannot review and analyze all their data on time, offering significant time-saving benefits through its emerging AI capabilities [10] Investment Activity - Norwood Investment Partners initiated a new equity position in Cellebrite, acquiring 230,671 shares valued at $4.27 million as of September 30, 2025 [2] - This new position accounts for 3.7% of Norwood's reportable assets under management, which total $116.27 million across 15 positions [2][3]

Core Insights - A few mega-cap stocks dominate investor focus and influence the S&P 500's performance, yet there are still opportunities in less noticed market segments. Investors should look for stocks with attractive valuations and strong Wall Street support to identify potential winners [3] Company Analysis - GFL Environmental Inc. (NYSE: GFL) is highlighted for its strong value metrics and positive analyst ratings, with a projected earnings growth of nearly 83% in the coming year and a potential upside of about 28%. The company has a low price-to-earnings (P/E) ratio of around 7, indicating it is undervalued compared to peers [4][7] - GFL has shown resilience in its business model by serving a diverse client base across residential, commercial, and industrial sectors, which has helped maintain steady operations despite market fluctuations [4] - The company recently reported a record adjusted EBITDA margin of 31.6% and a 6.3% increase in pricing due to improved volumes, contributing to its stock recovery after a decline earlier in the year [6][8] Market Conditions - GFL's stock experienced a downward trend from July to November due to external pressures such as commodity prices and economic factors affecting construction volumes. However, recent performance indicates a turnaround, with the stock now up marginally year-to-date [5][8] - The company is also expanding through mergers and acquisitions, with executives projecting annual revenue of up to $6.6 billion for 2025 following an increase in full-year guidance [6]

Core Insights - Pentair plc (PNR) reported quarterly earnings of $1.24 per share, exceeding the Zacks Consensus Estimate of $1.18 per share, and showing an increase from $1.09 per share a year ago, resulting in an earnings surprise of +5.08% [1] - The company achieved revenues of $1.02 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.72% and up from $993.4 million year-over-year [2] - Pentair has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] Financial Performance - The earnings surprise for the previous quarter was +4.51%, with actual earnings of $1.39 per share compared to an expected $1.33 [1] - The current consensus EPS estimate for the upcoming quarter is $1.17, with projected revenues of $1.01 billion, while the estimate for the current fiscal year is $4.85 on $4.15 billion in revenues [7] Market Position - Pentair shares have increased by approximately 8.6% since the beginning of the year, while the S&P 500 has gained 14.5%, indicating underperformance relative to the broader market [3] - The Zacks Industry Rank places Waste Removal Services in the top 39% of over 250 Zacks industries, suggesting a favorable industry outlook [8] Future Outlook - The sustainability of Pentair's stock price movement will depend on management's commentary during the earnings call and future earnings expectations [3][4] - The estimate revisions trend for Pentair was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy), indicating expected outperformance in the near future [6]

Core Insights - Conestoga Capital Advisors reported that equity markets reached new all-time highs in Q3 2025, but their Small Cap Composite underperformed the Russell 2000 Growth Index [1] - The performance of the Russell 2000 Growth Index was driven by low-quality stocks, particularly unprofitable, high-beta names [1] Company Overview: Casella Waste Systems, Inc. (NASDAQ:CWST) - Casella Waste Systems, Inc. is a leading regional solid waste, recycling, and resource management company in the northeastern U.S. [3] - The stock experienced a one-month return of -4.04% and a 52-week decline of 18.03%, closing at $85.76 with a market capitalization of $5.445 billion on October 17, 2025 [2] - The company reported revenues of $465.3 million in Q2 2025, reflecting a year-over-year increase of $88.2 million or 23.4% [4] Performance and Challenges - Casella Waste Systems underperformed due to disappointing profit margins reported in its Q2 earnings [3] - Investor frustration is linked to the company's struggle to improve margins from assets acquired from GFL Environmental two years ago [3] - Despite current challenges, management is believed to be addressing the issues, with expectations for gains by the end of the year [3] Market Sentiment - Casella Waste Systems is not among the 30 most popular stocks among hedge funds, although the number of hedge fund portfolios holding the stock increased from 21 to 24 in Q2 2025 [4] - The company is viewed as having potential, but certain AI stocks are considered to offer greater upside potential with less downside risk [4]

Core Insights - Monroe Capital LLC has successfully exited its strategic investment in Superior Waste Industries, which was sold to GFL Environmental Inc. [1] - Superior Waste Industries, founded in 2022 and based in Shawnee, OK, achieved rapid growth through strategic acquisitions [1]. Company Overview - Superior Waste Industries was established in 2022 and is headquartered in Shawnee, Oklahoma [1]. - The company expanded its operations by acquiring several firms, including Central Disposal, Harley Hollan, Sue's Recycling and Sanitation, and SDS Roll-off Dumpsters [1]. Transaction Details - The exit from the investment was executed through the sale of Superior Waste Industries to GFL Environmental Inc. [1].

Core Insights - NB Private Equity Partners (NBPE) reported a monthly NAV estimate as of 31 August 2025, with a total NAV of $1.3 billion [2][3] - The NAV total return (TR) for the year-to-date is 4.5%, while the one-year return is 11.1% [4] - The company has realized $86 million year-to-date and has $269 million in available liquidity as of 31 August 2025 [5][8] NAV Performance - NAV per share was $27.79 (£20.57), reflecting a total return of 0.9% for the month [6] - Private company valuations increased by 2.3% during Q2 2025 and 1.9% year-to-date on a constant currency basis [6] - The NAV experienced a 0.6% increase ($7 million) from changes in quoted holdings and a similar increase from FX rate changes [7] Share Buybacks - Approximately 52,000 shares were repurchased in August 2025 at a weighted average discount of 28%, contributing ~$0.01 per share to NAV [10] - Year-to-date, around 921,000 shares have been repurchased at a weighted average discount of 29%, adding ~$0.17 per share to NAV [10] Portfolio Composition - As of 31 August 2025, 7% of the portfolio was valued based on public securities, while 93% was based on private direct investments [10] - The portfolio is primarily concentrated in North America (76%) and Europe (23%), with only 1% in Asia and the rest of the world [12] - The top 30 investments account for 78.2% of the total portfolio value, with significant holdings in sectors such as Technology, Consumer, and Industrials [11][12] Investment Strategy - NBPE focuses on direct private equity investments alongside leading private equity firms globally, aiming for capital appreciation and bi-annual dividends [13] - The investment manager, Neuberger Berman, emphasizes fee efficiency by avoiding management fees and carried interest payable to third-party GPs [13]

Acquisition Details - GFL Environmental acquired Superior Waste Industries from Red Dog Equity in an all-cash transaction, with the deal amount undisclosed [1] - GFL plans to spend approximately $900 million on acquisitions in 2023, indicating a ramp-up in M&A activities following a slow start due to the spinoff of its environmental services business [2] Superior Waste Industries Background - Superior Waste Industries was founded by industry veteran Billy Dietrich, who partnered with Red Dog Equity and other financial sponsors to acquire Central Disposal in March 2022, which included a landfill and hauling network [3] - Dietrich aimed to grow Superior into the leading independent waste company in Oklahoma [4] Recent Developments - Superior expanded its operations by acquiring Harley Hollan Cos. in 2022, which enhanced its hauling network and included a transfer station for construction waste [5] - In 2024, Superior acquired Sue's Recycling and Sanitation, adding two transfer stations in Oklahoma, and expressed intentions to seek further acquisitions and development opportunities [6] Statements and Future Outlook - Red Dog Equity expressed satisfaction with its partnership with Superior and confidence in GFL's ability to manage Superior's team and customers effectively [7] - Prior to the acquisition of Superior, GFL made three tuck-in acquisitions in Q2, totaling $105 million in annualized revenue, and acquired Wisconsin hauling assets from LRS in March [7]

Core Viewpoint - GFL Environmental Inc. announced that Green Infrastructure Partners (GIP) has entered into a definitive agreement with Energy Capital Partners (ECP) to recapitalize its business at an enterprise value of $4.25 billion, highlighting the growth and value creation potential of GIP since its establishment in 2022 [1][3]. Financial Summary - GIP will receive gross proceeds of $775 million, with approximately $585 million intended for shareholder distribution and $175 million allocated to its balance sheet for future growth [2]. - GFL will receive about $200 million from the shareholder distribution, resulting in GFL owning a 30.1% interest in GIP valued at approximately $895 million post-transaction [2]. - Pro forma for the transaction, GIP's total equity value will be around $3 billion [2]. Management Insights - Patrick Dovigi, CEO of GFL, emphasized that the recapitalization reflects the quality of GIP's management and business, and the proceeds will be used for corporate purposes, including de-leveraging and pursuing growth strategies [3]. - Dovigi expressed confidence in creating $1 billion of value for GFL shareholders through the investment in GIP, noting that the original investment of $250 million has grown to approximately $1.1 billion in just over three years [3]. Strategic Partnerships - ECP was selected as a partner for this transaction due to its expertise in critical infrastructure and a strong track record of value creation [3]. - ECP's involvement is expected to provide GIP with significant capital to execute on a compelling M&A pipeline, enhancing growth and margins [3]. Company Overview - GFL is the fourth largest diversified environmental services company in North America, providing solid waste management services across Canada and 18 U.S. states, with a workforce of over 15,000 employees [4].

Deal Overview - Energy Capital Partners is in advanced negotiations to acquire a minority stake in GFL Environmental's infrastructure affiliate [1] - The deal is expected to value GFL Environmental's infrastructure affiliate at approximately $3.1 billion [1] Companies Involved - GFL Environmental is the target company, specifically its infrastructure affiliate [1] - Energy Capital Partners is the potential acquirer of a minority stake [1]

Core Insights - Veralto (VLTO) reported quarterly earnings of $0.93 per share, exceeding the Zacks Consensus Estimate of $0.89 per share, and showing an increase from $0.85 per share a year ago, resulting in an earnings surprise of +4.49% [1] - The company achieved revenues of $1.37 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.06% and up from $1.29 billion year-over-year [2] - Veralto has consistently surpassed consensus EPS and revenue estimates over the last four quarters [2] Earnings Outlook - The future performance of Veralto's stock will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.92 on revenues of $1.37 billion, and for the current fiscal year, it is $3.71 on revenues of $5.43 billion [7] Industry Context - The Waste Removal Services industry, to which Veralto belongs, is currently ranked in the top 39% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]