Chadd Garcia, Portfolio Manager and Senior Research Analyst at Schwartz Investment Counsel Inc. - Ave Maria Focused Fund, joins the podcast for his third appearance to share his thesis on SECURE Energy Services Inc. (TSX: SES), a leading waste management and energy infrastructure company.

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:48] What is Secure Energy Services $SES.TO and why is it interesting to Chadd

[4:56] What is Chadd seeing with $SES.TO that the market is missing

[6:46] $SES.TO's recent run-up, catalysts, acquisitions

[15:53] Risk that Western Canada is drilling a lot less oil in the future

[19:15] Capital allocation / changing the corporate name

[24:58] Continue aggressive buy-backs or focus on tuck-in acquisitions

[29:30] Customer insourcing potential

[31:40] Waste processing facilities, waste businesses; why haven't people picked up on this aspect of the story thus far

[36:00] Bought a lot of assets in distress; what has happened that drives those assets in distress that's not a risk here?

[37:46] Separation of businesses argument

[40:55] Scenarios for why $SES.TO thesis doesn't work out / final thoughts

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Todd Wenning, CFA, President and CIO at KNA Capital Management, joins the podcast to discuss his thesis on Ecolab Inc. (NYSE: ECL), a global sustainability leader offering water, hygiene and infection prevention solutions and services.

For more information about KNA Capital Management, please visit: https://www.kna-capital.com/

To subscribe to Todd's newsletter, Flyover Stocks, on Substack, please visit: https://www.flyoverstocks.com/

You can Follow Todd Wenning on Twitter/X @ToddWenning: https://x.com/ToddWenning

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:24] What is Ecolab $ECL and why is it interesting to Todd

[3:38] What is Todd seeing that the market is missing with $ECL

[6:30] $ECL achilles heel and how they are addressing that / understanding the upside

[12:33] $ECL business and major drivers for growth

[20:11] Water vertical / why Ecolab's products and services are critical to data centers, hospitals

[26:29] Does it make sense for $ECL to have all these businesses under one roof?

[29:22] Cintas comparison: market penetration / has $ECL ever lost a QSR?

[36:18] Insider ownership and incentives / Bill Gates investment, starting to sell through Cascade

[45:47] Debate on AI and automation with Ecolab

[51:37] Difference between Ecolab and Cintas or Costco

[57:16] What would cause $ECL to regress to the mean

[1:00:57] $ECL Final thoughts

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Welcome to the October 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: being in the room with good investors, geopolitical risks, oil & energy shortages and follow up to September 2024 ramblings on probabilities.

Chapters:

[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Tegus

[2:29] Being in the room with good investors

[6:35] Geopolitical risks

[11:16] Oil/energy shortage

[15:06] Follow up to September 2024 ramblings on probabilities

Episode sponsor: Tegus

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