Intrinsic value of Clean Harbors - CLH

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$57.91

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$57.91

 
Intrinsic value

$24.37

 
Up/down potential

-58%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CLH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -15.88
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
Revenue, $m
  2,755
  2,984
  3,221
  3,469
  3,726
  3,992
  4,270
  4,558
  4,858
  5,170
  5,495
  5,833
  6,185
  6,551
  6,934
  7,333
  7,750
  8,184
  8,639
  9,113
  9,610
  10,129
  10,672
  11,240
  11,835
  12,458
  13,110
  13,794
  14,510
  15,260
  16,047
Variable operating expenses, $m
 
  2,401
  2,589
  2,784
  2,986
  3,197
  3,416
  3,644
  3,880
  4,126
  4,382
  4,603
  4,880
  5,170
  5,472
  5,787
  6,115
  6,459
  6,817
  7,192
  7,583
  7,993
  8,421
  8,870
  9,339
  9,831
  10,346
  10,885
  11,450
  12,042
  12,663
Fixed operating expenses, $m
 
  472
  483
  495
  508
  520
  533
  547
  560
  574
  589
  604
  619
  634
  650
  666
  683
  700
  717
  735
  754
  773
  792
  812
  832
  853
  874
  896
  918
  941
  965
Total operating expenses, $m
  2,669
  2,873
  3,072
  3,279
  3,494
  3,717
  3,949
  4,191
  4,440
  4,700
  4,971
  5,207
  5,499
  5,804
  6,122
  6,453
  6,798
  7,159
  7,534
  7,927
  8,337
  8,766
  9,213
  9,682
  10,171
  10,684
  11,220
  11,781
  12,368
  12,983
  13,628
Operating income, $m
  86
  111
  150
  190
  231
  275
  320
  368
  418
  469
  523
  626
  686
  747
  812
  880
  951
  1,026
  1,104
  1,186
  1,273
  1,363
  1,459
  1,559
  1,664
  1,774
  1,891
  2,013
  2,141
  2,277
  2,419
EBITDA, $m
  373
  413
  472
  533
  597
  663
  732
  804
  880
  958
  1,040
  1,125
  1,215
  1,308
  1,406
  1,508
  1,614
  1,726
  1,843
  1,966
  2,095
  2,230
  2,372
  2,520
  2,676
  2,840
  3,012
  3,193
  3,383
  3,583
  3,792
Interest expense (income), $m
  89
  96
  109
  122
  136
  150
  165
  181
  197
  214
  231
  249
  268
  287
  308
  329
  351
  375
  399
  424
  450
  478
  507
  537
  569
  602
  637
  673
  711
  751
  793
Earnings before tax, $m
  9
  15
  40
  67
  95
  124
  155
  187
  221
  256
  292
  377
  418
  460
  504
  551
  600
  651
  706
  762
  822
  885
  952
  1,021
  1,095
  1,172
  1,254
  1,340
  1,430
  1,526
  1,626
Tax expense, $m
  49
  4
  11
  18
  26
  34
  42
  51
  60
  69
  79
  102
  113
  124
  136
  149
  162
  176
  190
  206
  222
  239
  257
  276
  296
  317
  339
  362
  386
  412
  439
Net income, $m
  -40
  11
  29
  49
  69
  91
  113
  137
  161
  187
  213
  276
  305
  336
  368
  402
  438
  476
  515
  557
  600
  646
  695
  746
  799
  856
  915
  978
  1,044
  1,114
  1,187

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  307
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,682
  3,656
  3,948
  4,251
  4,566
  4,893
  5,233
  5,586
  5,954
  6,336
  6,734
  7,148
  7,579
  8,029
  8,498
  8,987
  9,497
  10,030
  10,587
  11,168
  11,777
  12,413
  13,078
  13,775
  14,504
  15,267
  16,066
  16,904
  17,782
  18,701
  19,666
Adjusted assets (=assets-cash), $m
  3,375
  3,656
  3,948
  4,251
  4,566
  4,893
  5,233
  5,586
  5,954
  6,336
  6,734
  7,148
  7,579
  8,029
  8,498
  8,987
  9,497
  10,030
  10,587
  11,168
  11,777
  12,413
  13,078
  13,775
  14,504
  15,267
  16,066
  16,904
  17,782
  18,701
  19,666
Revenue / Adjusted assets
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
Average production assets, $m
  2,076
  2,247
  2,426
  2,612
  2,805
  3,006
  3,215
  3,432
  3,658
  3,893
  4,137
  4,392
  4,657
  4,933
  5,221
  5,522
  5,835
  6,163
  6,505
  6,862
  7,236
  7,627
  8,036
  8,464
  8,912
  9,381
  9,872
  10,387
  10,926
  11,491
  12,083
Working capital, $m
  588
  304
  329
  354
  380
  407
  436
  465
  496
  527
  560
  595
  631
  668
  707
  748
  790
  835
  881
  930
  980
  1,033
  1,089
  1,146
  1,207
  1,271
  1,337
  1,407
  1,480
  1,557
  1,637
Total debt, $m
  1,633
  1,850
  2,075
  2,308
  2,551
  2,802
  3,064
  3,336
  3,619
  3,914
  4,220
  4,539
  4,871
  5,217
  5,578
  5,955
  6,348
  6,758
  7,187
  7,635
  8,103
  8,593
  9,105
  9,641
  10,203
  10,791
  11,406
  12,051
  12,727
  13,435
  14,177
Total liabilities, $m
  2,598
  2,815
  3,040
  3,273
  3,516
  3,767
  4,029
  4,301
  4,584
  4,879
  5,185
  5,504
  5,836
  6,182
  6,543
  6,920
  7,313
  7,723
  8,152
  8,600
  9,068
  9,558
  10,070
  10,606
  11,168
  11,756
  12,371
  13,016
  13,692
  14,400
  15,142
Total equity, $m
  1,084
  841
  908
  978
  1,050
  1,125
  1,204
  1,285
  1,369
  1,457
  1,549
  1,644
  1,743
  1,847
  1,954
  2,067
  2,184
  2,307
  2,435
  2,569
  2,709
  2,855
  3,008
  3,168
  3,336
  3,511
  3,695
  3,888
  4,090
  4,301
  4,523
Total liabilities and equity, $m
  3,682
  3,656
  3,948
  4,251
  4,566
  4,892
  5,233
  5,586
  5,953
  6,336
  6,734
  7,148
  7,579
  8,029
  8,497
  8,987
  9,497
  10,030
  10,587
  11,169
  11,777
  12,413
  13,078
  13,774
  14,504
  15,267
  16,066
  16,904
  17,782
  18,701
  19,665
Debt-to-equity ratio
  1.506
  2.200
  2.290
  2.360
  2.430
  2.490
  2.550
  2.600
  2.640
  2.690
  2.720
  2.760
  2.790
  2.830
  2.850
  2.880
  2.910
  2.930
  2.950
  2.970
  2.990
  3.010
  3.030
  3.040
  3.060
  3.070
  3.090
  3.100
  3.110
  3.120
  3.130
Adjusted equity ratio
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -40
  11
  29
  49
  69
  91
  113
  137
  161
  187
  213
  276
  305
  336
  368
  402
  438
  476
  515
  557
  600
  646
  695
  746
  799
  856
  915
  978
  1,044
  1,114
  1,187
Depreciation, amort., depletion, $m
  287
  302
  322
  343
  365
  388
  412
  437
  462
  489
  517
  499
  529
  561
  593
  627
  663
  700
  739
  780
  822
  867
  913
  962
  1,013
  1,066
  1,122
  1,180
  1,242
  1,306
  1,373
Funds from operations, $m
  231
  313
  352
  392
  435
  479
  525
  573
  623
  676
  730
  775
  834
  896
  962
  1,030
  1,101
  1,176
  1,254
  1,336
  1,423
  1,513
  1,608
  1,707
  1,812
  1,922
  2,037
  2,158
  2,286
  2,420
  2,560
Change in working capital, $m
  -29
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  41
  42
  44
  46
  48
  51
  53
  55
  58
  61
  64
  67
  70
  73
  77
  80
Cash from operations, $m
  260
  325
  327
  367
  409
  452
  497
  544
  593
  644
  697
  740
  798
  859
  923
  989
  1,059
  1,132
  1,208
  1,288
  1,372
  1,460
  1,552
  1,649
  1,751
  1,858
  1,971
  2,089
  2,213
  2,343
  2,480
Maintenance CAPEX, $m
  0
  -236
  -255
  -276
  -297
  -319
  -342
  -365
  -390
  -416
  -442
  -470
  -499
  -529
  -561
  -593
  -627
  -663
  -700
  -739
  -780
  -822
  -867
  -913
  -962
  -1,013
  -1,066
  -1,122
  -1,180
  -1,242
  -1,306
New CAPEX, $m
  -222
  -171
  -179
  -186
  -193
  -201
  -209
  -217
  -226
  -235
  -244
  -254
  -265
  -276
  -288
  -300
  -314
  -327
  -342
  -357
  -374
  -391
  -409
  -428
  -448
  -469
  -491
  -515
  -539
  -565
  -592
Cash from investing activities, $m
  -362
  -407
  -434
  -462
  -490
  -520
  -551
  -582
  -616
  -651
  -686
  -724
  -764
  -805
  -849
  -893
  -941
  -990
  -1,042
  -1,096
  -1,154
  -1,213
  -1,276
  -1,341
  -1,410
  -1,482
  -1,557
  -1,637
  -1,719
  -1,807
  -1,898
Free cash flow, $m
  -102
  -82
  -107
  -95
  -82
  -68
  -54
  -39
  -23
  -7
  10
  15
  34
  54
  74
  95
  118
  141
  166
  191
  218
  247
  277
  308
  342
  377
  413
  452
  493
  536
  582
Issuance/(repayment) of debt, $m
  251
  217
  224
  233
  242
  252
  262
  272
  283
  294
  306
  319
  332
  346
  361
  377
  393
  410
  429
  448
  468
  490
  512
  536
  561
  588
  616
  645
  676
  708
  742
Issuance/(repurchase) of shares, $m
  -24
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  220
  217
  224
  233
  242
  252
  262
  272
  283
  294
  306
  319
  332
  346
  361
  377
  393
  410
  429
  448
  468
  490
  512
  536
  561
  588
  616
  645
  676
  708
  742
Total cash flow (excl. dividends), $m
  122
  135
  117
  139
  161
  184
  208
  233
  260
  288
  317
  334
  366
  400
  435
  472
  511
  551
  594
  639
  687
  737
  789
  845
  903
  964
  1,029
  1,097
  1,169
  1,245
  1,324
Retained Cash Flow (-), $m
  12
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -91
  -95
  -99
  -103
  -108
  -112
  -117
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -222
Prev. year cash balance distribution, $m
 
  307
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  378
  50
  69
  88
  109
  130
  152
  175
  200
  225
  239
  267
  296
  327
  359
  393
  429
  466
  505
  547
  590
  636
  684
  735
  789
  845
  904
  967
  1,033
  1,103
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  351
  43
  54
  63
  69
  74
  76
  77
  76
  73
  65
  61
  55
  49
  43
  37
  31
  25
  20
  16
  12
  9
  6
  5
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Clean Harbors, Inc. provides environmental, energy, and industrial services in North America and internationally. The company’s Technical Services segment provides a range of hazardous material management services, including the packaging, collection, transportation, treatment, and disposal of hazardous and non-hazardous waste at its incineration, landfill, wastewater, and other treatment facilities. Its Industrial and Field Services segment offers industrial and specialty services, such as high-pressure and chemical cleaning, daylighting, production servicing, decoking, pigging, and material processing services to refineries, chemical plants, oil sands facilities, pulp and paper mills, and other industrial facilities. This segment also provides tank cleaning, decontamination, remediation, and spill cleanup services. The company’s Safety-Kleen segment offers environmental services, such as parts cleaning, containerized waste services, used oil collection, vacuum services, allied products, and other environmental services. This segment also manufactures, formulates, packages, blends, distributes, and markets lubricants. The company’s Oil, Gas and Lodging Services segment provides fluid handling, surface rentals, seismic support services, and directional boring services to the energy sector serving oil and gas exploration, and power generation. This segment also offers lodges and remote workforce accommodation facilities, including client and open lodges, operator camps, and drill camps in Western Canada; and manufactures modular units and wastewater processing plants, operating services, and parts. The company operates through a network of approximately 475 service locations. Clean Harbors, Inc. was founded in 1980 and is based in Norwell, Massachusetts.

FINANCIAL RATIOS  of  Clean Harbors (CLH)

Valuation Ratios
P/E Ratio -83
Price to Sales 1.2
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow 87.3
Growth Rates
Sales Growth Rate -15.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.3%
Cap. Spend. - 3 Yr. Gr. Rate -5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 150.6%
Total Debt to Equity 150.6%
Interest Coverage 1
Management Effectiveness
Return On Assets -12.2%
Ret/ On Assets - 3 Yr. Avg. -4.1%
Return On Total Capital -1.5%
Ret/ On T. Cap. - 3 Yr. Avg. -0.3%
Return On Equity -3.7%
Return On Equity - 3 Yr. Avg. -0.7%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 29.8%
Gross Margin - 3 Yr. Avg. 28.7%
EBITDA Margin 14%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 3.1%
Oper. Margin - 3 Yr. Avg. 4%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin -1.5%
Net Profit Margin - 3 Yr. Avg. -0.3%
Effective Tax Rate 544.4%
Eff/ Tax Rate - 3 Yr. Avg. 258.7%
Payout Ratio 0%

CLH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLH stock intrinsic value calculation we used $2755 million for the last fiscal year's total revenue generated by Clean Harbors. The default revenue input number comes from 2016 income statement of Clean Harbors. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CLH stock valuation model: a) initial revenue growth rate of 8.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.7%, whose default value for CLH is calculated based on our internal credit rating of Clean Harbors, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Clean Harbors.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CLH stock the variable cost ratio is equal to 80.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $460 million in the base year in the intrinsic value calculation for CLH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.9% for Clean Harbors.

Corporate tax rate of 27% is the nominal tax rate for Clean Harbors. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CLH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CLH are equal to 75.3%.

Life of production assets of 8.8 years is the average useful life of capital assets used in Clean Harbors operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CLH is equal to 10.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1084 million for Clean Harbors - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 57.314 million for Clean Harbors is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Clean Harbors at the current share price and the inputted number of shares is $3.3 billion.


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COMPANY NEWS

▶ ETFs with exposure to Clean Harbors, Inc. : May 25, 2017   [May-25-17 12:36PM  Capital Cube]
▶ ETFs with exposure to Clean Harbors, Inc. : May 8, 2017   [May-08-17 04:18PM  Capital Cube]
▶ Clean Harbors reports 1Q loss   [May-03-17 07:56AM  Associated Press]
▶ Clean Harbors reports 4Q loss   [07:49AM  Associated Press]
▶ Here is What Hedge Funds Think About Clean Harbors Inc (CLH)   [Dec-09-16 01:26AM  at Insider Monkey]
▶ Share Repurchases Help Stericycle Inc Clean Up Q3   [Oct-28-16 12:45PM  at Motley Fool]
▶ Clean Harbors Launches User Focused Website   [Oct-26-16 08:30AM  Business Wire]
▶ Smart Money is Betting on These Environmental Services Stocks   [Sep-26-16 09:01AM  at Insider Monkey]
▶ Five Environmental Solutions Stocks Hedge Funds Are Bullish on   [Jun-06-16 11:30AM  at Insider Monkey]
Stock chart of CLH Financial statements of CLH Annual reports of CLH
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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