Clean Harbors, Inc.
Thesis
Clean Harbors is poised for significant earnings growth due to the introduction of a new incinerator and $200 million in growth capital expenditures expected to generate a 20% return on invested capital. This growth, combined with the elimination of valuation discounts from re-refining operations, suggests a substantial upside in share price, with a target price of $93.05, representing a 68% upside from current levels.
Did it work?
No price performance data and no elapsed-time information are provided, so the 68% upside to the $93.05 target cannot be assessed against actual returns. The thesis's key drivers — the new incinerator ramping up, the $200M growth capex earning a ~20% ROIC, and the elimination of the re-refining valuation discount — cannot be verified as having occurred or failed. Without either a return figure or confirmation of these catalysts, the outcome is indeterminate.