Intrinsic value of Covanta Holding - CVA

Previous Close

$15.90

  Intrinsic Value

$3.75

stock screener

  Rating & Target

str. sell

-76%

Previous close

$15.90

 
Intrinsic value

$3.75

 
Up/down potential

-76%

 
Rating

str. sell

We calculate the intrinsic value of CVA 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 0001), $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 2.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
Revenue, $m
  1,876
  2,006
  2,140
  2,280
  2,425
  2,577
  2,734
  2,898
  3,069
  3,248
  3,434
  3,628
  3,831
  4,043
  4,265
  4,497
  4,739
  4,993
  5,258
  5,536
  5,827
  6,131
  6,451
  6,785
  7,136
  7,503
  7,889
  8,293
  8,716
  9,161
Variable operating expenses, $m
  1,752
  1,869
  1,990
  2,116
  2,247
  2,383
  2,526
  2,674
  2,828
  2,989
  3,097
  3,272
  3,455
  3,646
  3,846
  4,055
  4,273
  4,502
  4,741
  4,992
  5,254
  5,529
  5,817
  6,119
  6,435
  6,766
  7,114
  7,478
  7,860
  8,261
Fixed operating expenses, $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
Total operating expenses, $m
  1,752
  1,869
  1,990
  2,116
  2,247
  2,383
  2,526
  2,674
  2,828
  2,989
  3,097
  3,272
  3,455
  3,646
  3,846
  4,055
  4,273
  4,502
  4,741
  4,992
  5,254
  5,529
  5,817
  6,119
  6,435
  6,766
  7,114
  7,478
  7,860
  8,261
Operating income, $m
  124
  137
  150
  164
  178
  193
  209
  225
  242
  259
  337
  356
  376
  397
  419
  442
  466
  490
  517
  544
  572
  602
  634
  667
  701
  737
  775
  815
  856
  900
EBITDA, $m
  394
  421
  450
  479
  509
  541
  574
  609
  645
  682
  721
  762
  805
  849
  896
  945
  996
  1,049
  1,105
  1,163
  1,224
  1,288
  1,355
  1,425
  1,499
  1,576
  1,657
  1,742
  1,831
  1,924
Interest expense (income), $m
  150
  144
  159
  175
  193
  211
  230
  250
  270
  291
  314
  337
  361
  386
  413
  440
  469
  499
  530
  563
  598
  634
  672
  711
  753
  796
  842
  889
  940
  992
  1,047
Earnings before tax, $m
  -19
  -22
  -25
  -29
  -33
  -37
  -41
  -45
  -50
  -55
  1
  -5
  -10
  -15
  -21
  -27
  -33
  -40
  -47
  -54
  -62
  -69
  -78
  -86
  -95
  -105
  -114
  -125
  -136
  -147
Tax expense, $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
Net income, $m
  -19
  -22
  -25
  -29
  -33
  -37
  -41
  -45
  -50
  -55
  0
  -5
  -10
  -15
  -21
  -27
  -33
  -40
  -47
  -54
  -62
  -69
  -78
  -86
  -95
  -105
  -114
  -125
  -136
  -147

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  4,750
  5,078
  5,418
  5,772
  6,140
  6,523
  6,922
  7,338
  7,771
  8,223
  8,694
  9,186
  9,700
  10,236
  10,797
  11,384
  11,997
  12,639
  13,311
  14,014
  14,751
  15,522
  16,331
  17,178
  18,065
  18,996
  19,971
  20,994
  22,067
  23,192
Adjusted assets (=assets-cash), $m
  4,750
  5,078
  5,418
  5,772
  6,140
  6,523
  6,922
  7,338
  7,771
  8,223
  8,694
  9,186
  9,700
  10,236
  10,797
  11,384
  11,997
  12,639
  13,311
  14,014
  14,751
  15,522
  16,331
  17,178
  18,065
  18,996
  19,971
  20,994
  22,067
  23,192
Revenue / Adjusted assets
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
Average production assets, $m
  3,336
  3,566
  3,805
  4,054
  4,312
  4,581
  4,861
  5,153
  5,457
  5,775
  6,106
  6,451
  6,812
  7,189
  7,583
  7,995
  8,426
  8,877
  9,349
  9,842
  10,360
  10,902
  11,469
  12,064
  12,687
  13,341
  14,026
  14,744
  15,498
  16,288
Working capital, $m
  114
  122
  131
  139
  148
  157
  167
  177
  187
  198
  209
  221
  234
  247
  260
  274
  289
  305
  321
  338
  355
  374
  393
  414
  435
  458
  481
  506
  532
  559
Total debt, $m
  2,784
  3,079
  3,385
  3,704
  4,035
  4,380
  4,739
  5,113
  5,503
  5,909
  6,333
  6,776
  7,239
  7,722
  8,227
  8,755
  9,307
  9,884
  10,489
  11,122
  11,785
  12,479
  13,207
  13,969
  14,768
  15,605
  16,483
  17,404
  18,369
  19,382
Total liabilities, $m
  4,275
  4,570
  4,876
  5,195
  5,526
  5,871
  6,230
  6,604
  6,994
  7,400
  7,824
  8,267
  8,730
  9,213
  9,718
  10,246
  10,798
  11,375
  11,980
  12,613
  13,276
  13,970
  14,698
  15,460
  16,259
  17,096
  17,974
  18,895
  19,860
  20,873
Total equity, $m
  475
  508
  542
  577
  614
  652
  692
  734
  777
  822
  869
  919
  970
  1,024
  1,080
  1,138
  1,200
  1,264
  1,331
  1,401
  1,475
  1,552
  1,633
  1,718
  1,807
  1,900
  1,997
  2,099
  2,207
  2,319
Total liabilities and equity, $m
  4,750
  5,078
  5,418
  5,772
  6,140
  6,523
  6,922
  7,338
  7,771
  8,222
  8,693
  9,186
  9,700
  10,237
  10,798
  11,384
  11,998
  12,639
  13,311
  14,014
  14,751
  15,522
  16,331
  17,178
  18,066
  18,996
  19,971
  20,994
  22,067
  23,192
Debt-to-equity ratio
  5.860
  6.060
  6.250
  6.420
  6.570
  6.710
  6.850
  6.970
  7.080
  7.190
  7.280
  7.380
  7.460
  7.540
  7.620
  7.690
  7.760
  7.820
  7.880
  7.940
  7.990
  8.040
  8.090
  8.130
  8.170
  8.220
  8.250
  8.290
  8.320
  8.360
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -19
  -22
  -25
  -29
  -33
  -37
  -41
  -45
  -50
  -55
  0
  -5
  -10
  -15
  -21
  -27
  -33
  -40
  -47
  -54
  -62
  -69
  -78
  -86
  -95
  -105
  -114
  -125
  -136
  -147
Depreciation, amort., depletion, $m
  270
  284
  299
  315
  331
  348
  366
  384
  403
  423
  384
  406
  428
  452
  477
  503
  530
  558
  588
  619
  652
  686
  721
  759
  798
  839
  882
  927
  975
  1,024
Funds from operations, $m
  250
  263
  274
  286
  298
  311
  325
  339
  353
  369
  384
  401
  419
  437
  456
  476
  497
  518
  541
  565
  590
  616
  644
  673
  703
  734
  768
  803
  839
  877
Change in working capital, $m
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
  22
  24
  25
  26
  27
Cash from operations, $m
  243
  255
  266
  277
  289
  302
  315
  329
  343
  358
  373
  389
  406
  424
  442
  462
  482
  503
  525
  548
  572
  598
  624
  652
  681
  712
  744
  778
  813
  850
Maintenance CAPEX, $m
  -196
  -210
  -224
  -239
  -255
  -271
  -288
  -306
  -324
  -343
  -363
  -384
  -406
  -428
  -452
  -477
  -503
  -530
  -558
  -588
  -619
  -652
  -686
  -721
  -759
  -798
  -839
  -882
  -927
  -975
New CAPEX, $m
  -221
  -230
  -239
  -249
  -259
  -269
  -280
  -292
  -304
  -317
  -331
  -346
  -361
  -377
  -394
  -412
  -431
  -451
  -472
  -494
  -517
  -542
  -568
  -595
  -623
  -653
  -685
  -718
  -753
  -790
Cash from investing activities, $m
  -417
  -440
  -463
  -488
  -514
  -540
  -568
  -598
  -628
  -660
  -694
  -730
  -767
  -805
  -846
  -889
  -934
  -981
  -1,030
  -1,082
  -1,136
  -1,194
  -1,254
  -1,316
  -1,382
  -1,451
  -1,524
  -1,600
  -1,680
  -1,765
Free cash flow, $m
  -175
  -185
  -197
  -210
  -224
  -238
  -253
  -269
  -285
  -303
  -321
  -340
  -360
  -382
  -404
  -427
  -452
  -478
  -505
  -534
  -564
  -596
  -629
  -664
  -701
  -739
  -780
  -823
  -868
  -915
Issuance/(repayment) of debt, $m
  261
  295
  306
  318
  331
  345
  359
  374
  390
  407
  424
  443
  462
  483
  505
  528
  552
  578
  605
  633
  663
  694
  727
  762
  799
  837
  878
  921
  966
  1,013
Issuance/(repurchase) of shares, $m
  67
  54
  59
  64
  70
  75
  81
  87
  93
  100
  47
  54
  61
  69
  77
  86
  95
  104
  114
  124
  135
  146
  158
  171
  184
  198
  212
  227
  243
  260
Cash from financing (excl. dividends), $m  
  328
  349
  365
  382
  401
  420
  440
  461
  483
  507
  471
  497
  523
  552
  582
  614
  647
  682
  719
  757
  798
  840
  885
  933
  983
  1,035
  1,090
  1,148
  1,209
  1,273
Total cash flow (excl. dividends), $m
  154
  164
  168
  172
  177
  182
  187
  192
  198
  204
  150
  156
  163
  171
  178
  186
  195
  204
  213
  223
  234
  245
  257
  269
  282
  296
  310
  325
  341
  358
Retained Cash Flow (-), $m
  -67
  -54
  -59
  -64
  -70
  -75
  -81
  -87
  -93
  -100
  -47
  -54
  -61
  -69
  -77
  -86
  -95
  -104
  -114
  -124
  -135
  -146
  -158
  -171
  -184
  -198
  -212
  -227
  -243
  -260
Prev. year cash balance distribution, $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 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
  87
  110
  109
  108
  107
  107
  106
  105
  104
  104
  103
  103
  102
  102
  101
  101
  100
  100
  99
  99
  99
  99
  98
  98
  98
  98
  98
  98
  98
  98
Discount rate, %
  12.30
  12.92
  13.56
  14.24
  14.95
  15.70
  16.48
  17.31
  18.17
  19.08
  20.04
  21.04
  22.09
  23.19
  24.35
  25.57
  26.85
  28.19
  29.60
  31.08
  32.64
  34.27
  35.98
  37.78
  39.67
  41.65
  43.73
  45.92
  48.22
  50.63
PV of cash for distribution, $m
  77
  86
  74
  63
  53
  44
  36
  29
  23
  18
  14
  10
  8
  5
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  96.9
  94.6
  92.4
  90.2
  88.0
  85.9
  83.7
  81.6
  79.6
  77.5
  76.6
  75.7
  74.7
  73.6
  72.5
  71.3
  70.1
  68.9
  67.6
  66.3
  65.1
  63.8
  62.4
  61.1
  59.8
  58.5
  57.2
  55.9
  54.6
  53.3

Covanta Holding Corporation is a holding company. The Company, through its subsidiaries, owns and operates infrastructure for the conversion of waste to energy, as well as other waste disposal and renewable energy production businesses. The Company operates through North America segment, which consists of waste and energy services operations located primarily in the United States and Canada. Outside of North America, the Company is constructing an energy-from-waste (EfW) facility in Dublin, Ireland. The Company holds interests in an EfW facility in Italy and an infrastructure business in China, which is engaged in EfW operations. These EfW projects generate revenue from three main sources: fees charged for operating projects or processing waste received; the sale of electricity and/or steam, and the sale of ferrous and non-ferrous metals that are recovered from the waste stream as part of the EfW process.

FINANCIAL RATIOS  of  Covanta Holding (CVA)

Valuation Ratios
P/E Ratio -516.8
Price to Sales 1.2
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 7.3
Price to Free Cash Flow -26.8
Growth Rates
Sales Growth Rate 3.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.5%
Cap. Spend. - 3 Yr. Gr. Rate 13.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 555.2%
Total Debt to Equity 561.8%
Interest Coverage 1
Management Effectiveness
Return On Assets -2.1%
Ret/ On Assets - 3 Yr. Avg. -5%
Return On Total Capital -0.1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.7%
Return On Equity -0.7%
Return On Equity - 3 Yr. Avg. 2.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 30.7%
Gross Margin - 3 Yr. Avg. 33.1%
EBITDA Margin 21.8%
EBITDA Margin - 3 Yr. Avg. 20.2%
Operating Margin 6.4%
Oper. Margin - 3 Yr. Avg. 7.3%
Pre-Tax Margin 0.8%
Pre-Tax Margin - 3 Yr. Avg. -0.2%
Net Profit Margin -0.2%
Net Profit Margin - 3 Yr. Avg. 1.3%
Effective Tax Rate 157.1%
Eff/ Tax Rate - 3 Yr. Avg. 277.4%
Payout Ratio -3275%

CVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CVA stock intrinsic value calculation we used $1752 million for the last fiscal year's total revenue generated by Covanta Holding. The default revenue input number comes from 0001 income statement of Covanta Holding. 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 CVA stock valuation model: a) initial revenue growth rate of 7.1% 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 12.3%, whose default value for CVA is calculated based on our internal credit rating of Covanta Holding, 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 Covanta Holding.
    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 CVA stock the variable cost ratio is equal to 93.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CVA 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 5.7% for Covanta Holding.

Corporate tax rate of 27% is the nominal tax rate for Covanta Holding. 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 CVA 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 CVA are equal to 177.8%.

Life of production assets of 15.9 years is the average useful life of capital assets used in Covanta Holding 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 CVA is equal to 6.1%. 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 - $427 million for Covanta Holding - 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 130.82 million for Covanta Holding 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 Covanta Holding at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ Covanta: 3Q Earnings Snapshot   [06:59PM  Associated Press]
▶ Covanta Declares Regular Quarterly Cash Dividend   [Sep-13-18 04:15PM  PR Newswire]
▶ Top 4 Alternative Energy Stocks as of September 2018   [Sep-06-18 06:57PM  Investopedia]
▶ 9 Great Income Investments Youve Never Heard Of   [Aug-08-18 02:36PM  InvestorPlace]
▶ 4 Toxic Stocks to Get Rid of or Sell Short for Solid Gains   [Jul-17-18 02:23PM  InvestorPlace]
▶ Video: Jim Cramer's Outlook on Covanta   [May-30-18 01:34PM  TheStreet.com]
▶ 5 Toxic Stocks to Abandon or Sell Short for Profits   [May-08-18 01:00PM  InvestorPlace]
▶ Covanta Declares Regular Quarterly Cash Dividend   [May-03-18 04:15PM  PR Newswire]
▶ Covantas green tech is a hit in Europe is the U.S. next?   [Apr-29-18 11:52AM  MarketWatch]
▶ Covanta: 1Q Earnings Snapshot   [Apr-26-18 07:29PM  Associated Press]
▶ Edited Transcript of CVA presentation 8-Mar-17 2:50pm GMT   [Apr-10-18 11:01AM  Thomson Reuters StreetEvents]
▶ Red Bulls Name Covanta Official Energy Partner   [Mar-28-18 10:00AM  PR Newswire]
▶ 3 Dividend Stocks That Are Too Unsafe   [Mar-19-18 04:31PM  Motley Fool]
▶ 3 'Strong Buy' Dividend Stocks for 2018 and Beyond   [Mar-12-18 12:06PM  TheStreet.com]
▶ Covanta Declares Regular Quarterly Cash Dividend   [Mar-01-18 04:15PM  PR Newswire]
▶ Covanta Holding Corporation to Host Earnings Call   [Feb-23-18 06:30AM  ACCESSWIRE]
▶ Investors Could Clean Up With Covanta   [Jan-26-18 07:00AM  Morningstar]
▶ Covanta and LCSWMA Extend Partnership   [Jan-08-18 09:00AM  PR Newswire]
▶ 3 Renewable Energy Stocks I'd Buy Right Now   [Dec-31-17 11:12AM  Motley Fool]

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