Group 1: Company Performance - Waste Management, Inc. (WM) shares have gained 16% year to date, outperforming the industry's 8% growth [1] - WM has demonstrated consistent revenue growth with a compound annual growth rate (CAGR) of 7.7% in revenues and operating income from 2020 to 2024 [3] - The company's disciplined pricing strategy and cost control measures help maintain strong profit margins [4] Group 2: Sustainability and Growth Initiatives - WM is a leader in sustainability, investing in initiatives such as converting landfill gas into renewable energy, attracting ESG-focused investors [3] - The acquisition of Stericycle strengthens WM's position in the medical waste industry, expected to generate more than $125 million in annual run-rate synergies [6] Group 3: Dividend and Shareholder Value - WM has consistently rewarded shareholders with dividends since 1998, with payments increasing from $1.1 billion in 2022 and 2023 to $1.2 billion in 2024 [5] - The company remains committed to returning value to investors despite fluctuations in cash flow [5] Group 4: Valuation and Investment Outlook - WM's stock appears overvalued, trading at a trailing 12-month Enterprise Value/EBITDA ratio of 17.69X, exceeding the industry average of 13.77X [7] - Given its current valuation, WM is best held for long-term stability and dividends, with investors awaiting better entry points for further accumulation [8]

Company Overview - 374Water Inc. is a global leader in waste destruction technology, focusing on municipal, federal, and industrial markets [1][7] - The company provides innovative solutions for wastewater treatment and waste management, utilizing its AirSCWO technology to efficiently destroy and mineralize organic wastes [7] Upcoming Event - 374Water will participate in the Gabelli Funds' 11th Annual Waste, Recycling & Environmental Services Symposium on April 3, 2025, at The Harvard Club, New York City [1] - The event will feature presentations by senior management, emphasizing industry dynamics, new technologies, and company fundamentals [1] Management Engagement - Management is scheduled for a Fireside Chat and will host one-on-one meetings with institutional investors during the event [2] - In-person meetings will also be available on April 2 and April 5, 2025, in New York [4] Technology and Market Position - 374Water's AirSCWO technology helps customers meet discharge requirements, reduce disposal costs, and mitigate litigation risks [7] - The company is dedicated to creating a greener future by eradicating harmful pollutants [7]

Core Insights - Gabelli Funds, LLC is hosting the 11th Annual Waste & Sustainability Symposium on April 3, 2025, at the Harvard Club in New York City, focusing on industry dynamics, new technologies, and company fundamentals [1]. Agenda Highlights - The symposium will feature presentations from senior management of various companies, including Toppoint Holdings, Republic Services, Ranpak Holdings, Waste Connections, Secure Waste Infrastructure, Casella Waste Systems, CECO Environmental, Greif, Waste Management, Aduro Clean Technologies, Perma-Fix Environmental Services, Dotz Nano, Loop Industries, 374Water, BioLargo, and AE Carbon Capital [2]. - The event will start with opening remarks at 7:50 AM, followed by presentations from different companies at scheduled times throughout the day, concluding with the last presentation at 3:45 PM [2].

Core Viewpoint - GFL Environmental Inc. has received exemptive relief from the Ontario Securities Commission, allowing the company to repurchase subordinate voting shares from underwriters in Ontario as part of a secondary offering [1][3]. Group 1: Share Repurchase Details - GFL plans to use approximately $2.25 billion from the sale of its Environmental Services business to repurchase shares, depending on market conditions [2]. - The Order allows GFL to purchase up to 50% of the shares initially offered for resale in any secondary offering over the next 12 months, with a maximum of 38,157,045 shares, which is 10% of its current issued and outstanding shares [3]. - A special committee of independent directors will oversee the share repurchases to ensure they are in the best interests of the company, and all purchases will occur at a discount to the closing price on the date of the offering announcement [3]. Group 2: Company Overview - GFL Environmental Inc. is headquartered in Vaughan, Ontario, and is the fourth largest diversified environmental services company in North America, providing solid waste management services across Canada and in 18 U.S. states [5]. - The company employs over 15,000 individuals across its operations [5].

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $14.7 million, a decrease of 35.2% from $22.7 million in Q4 2023 [17] - For the full year 2024, revenue was $59.1 million, down 34.1% from $89.7 million in 2023 [18] - Net loss for Q4 2024 was $3.5 million compared to a net income of $81,000 in Q4 2023 [20] - For the year ended 2024, net loss was $20 million compared to a net income of $485,000 in 2023 [20] - EBITDA loss for Q4 2024 was $3 million compared to income of $434,000 in Q4 2023 [21] Business Segment Data and Key Metrics Changes - Treatment segment revenue decreased by $1.4 million, while Services segment revenue dropped by $6.6 million in Q4 2024 [17] - For the year, Treatment segment revenue was down $8.5 million and Services revenue decreased by $22.1 million [18] - Gross profit for Q4 2024 was $594,000, down from $4.3 million in Q4 2023 [19] - Gross profit for the year was down $16.4 million, impacted by lower revenue and higher costs [19] Market Data and Key Metrics Changes - Treatment backlog as of December 2024 was $7.9 million, down from $10.7 million at the end of 2023 [23] - Cash on the balance sheet increased to $29 million from $7.5 million at year-end 2023, primarily due to equity raises [22] Company Strategy and Development Direction - The company aims for a return to growth and profitability in 2025, driven by a solid backlog and improving project execution [16] - Key initiatives include the Direct Feed Low Activity Waste Program at Hanford, expected to begin operations in summer 2025 [8] - Expansion in the industrial waste market and pursuit of government contracts are part of the growth strategy [10][11] - The company is diversifying revenue by expanding into international markets, particularly in Canada, Mexico, and Europe [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2024 due to delays in project starts and federal budget resolutions but remains optimistic about long-term growth [7] - The company expects limited impact from potential government shutdowns due to a strong backlog [28] - Management is confident in the commitment from the DOE to maintain milestones for the DFLAW program, which is crucial for future operations [32] Other Important Information - The company has strengthened its executive leadership team with the appointment of a new COO [15] - Significant investments have been made in PFAS destruction technology, which is seen as a promising growth area [13] Q&A Session Summary Question: Impact of federal budget delays on near-term operations - Management indicated that a government shutdown of less than two weeks would have limited impact due to a strong backlog, while longer shutdowns could affect procurement [27][29] Question: Update on DFLAW program and operational readiness - The DFL facility is undergoing an operational readiness review, and management expects to start operations on track for August [35][36] Question: Costs associated with PFAS initiatives - In 2024, the company spent approximately $3 million on PFAS initiatives, with projections for 2025 to be around $5 million [42] Question: Economics of Gen 2 PFAS unit - The goal for Gen 2 is to achieve $5 million in revenue per quarter with a target operating margin of 70% [53] Question: Cash flow breakeven from DFLAW operations - Management expects to be close to cash positive once DFLAW operations ramp up, with additional waste streams contributing to revenue [64] Question: Core business performance and future outlook - Management is focused on returning the core business to breakeven or better, with optimism for improved revenue in the second half of 2025 [71]

Economic Sentiment - Investors and consumers are feeling anxious about a potential recession due to an inverted yield curve and a downward revision of GDP growth to -2.8% for Q1 2025 from +4.0% [1][2] Republic Services - Republic Services Inc. (NYSE: RSG) provides essential waste management services, insulating it from declines in consumer spending [4] - The company has shown strong financial performance with a 5.6% year-over-year revenue growth and a 16.4% improvement in net income in the latest quarter [6] - Republic Services has a moderate buy rating with a projected earnings growth of 9.48% and a healthy adjusted free cash flow of nearly $2.2 billion in 2024 [5][6] - The stock has increased nearly 26% in the year ending March 4, and 10 out of 16 analysts have rated it a buy [7] McKesson Corporation - McKesson Corp. (NYSE: MCK) is a major player in the healthcare sector, distributing pharmaceuticals and health supplies, and has seen an 18% year-over-year revenue improvement [9][10] - The company achieved an all-time high stock price in early March after growing more than 20% in the last year, with a projected earnings growth of 11.81% [9][10][12] - McKesson's strategic acquisitions and solid financial footing position it well against potential recession impacts, with 13 out of 15 analysts rating it a buy [11][12] PG&E Corporation - PG&E Corp. (NYSE: PCG) is a key player in the utilities sector, exceeding its goal of 9,000 new-service customer connections for 2024 by over 50% [13][14] - The company reported operating cash flow of $8 billion in 2024, nearly double that of the previous year, and has a projected earnings growth of 9.40% [15] - PG&E's financial position is strong, with its equity needs fully satisfied for a $63 billion capital plan through 2028, despite risks associated with climate change [15]

Core Insights - GFL Environmental Inc. has sold its Environmental Services business to Apollo Funds and BC Partners for an enterprise value of $8 billion, allowing GFL to pursue organic growth and solid waste M&A opportunities [1][3][4] Company Overview - GFL is the fourth-largest diversified environmental services company in North America, providing solid waste management services across Canada and more than half of the U.S. states, with a workforce of over 15,000 employees [5] Financial Implications - GFL plans to use the proceeds from the sale to repay debt, with up to $2.25 billion allocated for share repurchases, subject to market conditions, and the remainder for transaction fees and general corporate purposes [6] - The transaction enables GFL to accelerate its balance sheet deleveraging towards investment grade levels and return capital to shareholders through share repurchases and future dividend increases [6] Equity Interests - Following the transaction, GFL will retain a 44% equity interest in the Environmental Services business, while Apollo Funds and BC Partners will each hold a 28% equity interest [7] Industry Position - BGL's Environmental Services & Infrastructure investment banking team has been ranked 1 in Environmental Services transaction volume in North America since 2016, focusing on essential services in waste processing, water treatment, and waste-to-energy markets [8]

Core Insights - The Middleby Corporation (MIDD) reported fourth-quarter 2024 adjusted earnings of $2.88 per share, exceeding the Zacks Consensus Estimate of $2.50, with an 8.7% year-over-year increase despite lower sales [1] - Net sales reached $1.01 billion, surpassing the consensus estimate of $995 million, marking a 0.5% year-over-year increase, although organic sales decreased by 1.3% [1] Segmental Results - The Commercial Foodservice Equipment Group, accounting for 60.1% of net sales, generated $609.4 million, down 2.9% year over year, with organic sales decreasing by 2.8% [3] - The Residential Kitchen Equipment Group, representing 18.3% of sales, totaled $185 million, a decline of 2.1% year over year, with organic sales plunging by 2.4% [4] - The Food Processing Equipment Group, making up 21.6% of sales, reported $219.4 million, an increase of 14.4% year over year, with organic sales rising by 4.7% [5] Margin Profile - Cost of sales increased by 0.5% year over year to $624.9 million, while gross profit rose by 0.6% to $388.9 million, maintaining a gross margin of 38.4% [6] - Selling, general and administrative expenses decreased by 6.9% year over year to $178.4 million, leading to an operating income increase of 8.2% to $208.5 million, with an operating margin of 20.6% [6] Cash Flow and Balance Sheet - At the end of the first quarter, cash and cash equivalents stood at $689.5 million, up from $247.5 million at the end of December 2023, while long-term debt decreased to $2.35 billion [8] - In 2024, net cash generated from operating activities was $686.8 million, compared to $628.8 million in the previous year, with free cash flow reaching $640 million [9] Strategic Developments - Middleby announced plans to spin off its food processing business into a standalone public company, expected to be completed by early 2026, aiming to enhance strategic focus and capital optimization for both entities [10][11] - The food processing business reported revenues of $731 million with a 25% adjusted EBITDA margin, while the commercial foodservice segment achieved $2.4 billion in revenues with a 27% adjusted EBITDA margin [12]

Financial Data and Key Metrics Changes - The company reported consolidated EBITDA growth of 10% for the year, with full-year revenue growth of 11% and adjusted EBITDA margins exceeding 25% [6][8][26] - Total company revenues increased by over $90 million or 7% in Q4 and by over $480 million or 9% for the year [26] - Adjusted EBITDA for Q4 was $257 million, reflecting a decline in SKFS and higher corporate costs, with an adjusted EBITDA margin of 18% in Q4, down year over year but up 30 basis points for the full year [26][27] Business Line Data and Key Metrics Changes - The Environmental Services (ES) segment achieved a record year with a 15% adjusted EBITDA growth for the year, and Q4 marked the eleventh consecutive quarter of year-over-year improvement in adjusted EBITDA margin [10][26] - Field services revenue grew by 47%, primarily driven by HEPCO and organic growth, while technical services saw an 8% revenue increase [10] - The SKSS segment faced challenges with revenue and EBITDA decreasing year over year in Q4 due to soft demand and lower pricing [17][26] Market Data and Key Metrics Changes - The company reported strong waste collection volumes, particularly in containerized waste, and a healthy flow of project work [7][8] - The Kimbell incinerator, which launched commercial operations in December, is expected to increase overall North American capacity by 12% [13][14] - The company anticipates continued demand for its services driven by infrastructure investments and regulatory changes regarding PFOS [23][35] Company Strategy and Development Direction - The company is focused on executing strategic priorities, including the ramp-up of the Kimbell incinerator and expansion projects in Baltimore and Phoenix [21][22][23] - The management highlighted the importance of addressing PFOS remediation, which is expected to create a multi-billion dollar marketplace [15][35] - The company remains active in M&A opportunities to support growth plans and capture synergies [22][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the prospects for 2025, citing strong demand for services and multiple tailwinds supporting growth [23][35] - The company expects adjusted EBITDA for 2025 to be in the range of $1.15 billion to $1.21 billion, with a midpoint of $1.18 billion [34] - Management acknowledged challenges in the SKSS segment but remains committed to cost-cutting initiatives and strategic pricing [17][34] Other Important Information - The company achieved a total recordable incident rate that surpassed its 2024 safety goal, emphasizing a commitment to safety [7] - Cash and short-term marketable securities at year-end were $790 million, up $195 million from the end of Q3 [29] - The company plans to invest $15 million in a growth project in Phoenix in 2025, excluding this from adjusted free cash flow calculations [34] Q&A Session Summary Question: Opportunities from California wildfires cleanup - Management confirmed participation in cleanup efforts but noted that the impact on Q1 guidance would be net neutral due to regional disruptions [39][41] Question: Bird flu response efforts - Management indicated potential for involvement but stated no significant opportunities have materialized yet [42] Question: Captive incinerator capacity and customer inquiries - Management reported ongoing discussions with captive customers regarding their next steps and potential closures [43][44] Question: M&A activity and market conditions - Management remains active in the M&A market, seeking financially and strategically sound deals despite rising multiples [46][47] Question: Q1 guidance specifics - Management provided insights into expected growth rates and factors affecting the ES segment, including HEPCO contributions and weather impacts [52][54] Question: Kimbell incinerator ramp-up expectations - Management outlined expected tonnage throughput and EBITDA contributions from the Kimbell incinerator throughout the year [58][59] Question: Update on MAC standards and regulatory impacts - Management discussed ongoing EPA reviews and potential future opportunities related to regulatory changes [61][62] Question: Customer retention metrics in industrial and field services - Management reported strong customer retention despite aggressive pricing strategies, with minimal attrition noted [111][112]

As filed with the Securities and Exchange Commission on May 28, 2024 Registration No. 333-278644 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact Name of Registrant as Specified in Its Charter) (State or Other jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT Cayman Islands 4954 Not applicable (I.R.S. Employer Identification Number) UNDER THE SECURITIES ACT OF 1933 ESGL HOLD ...