$SES

If this deal goes through as written, it's an incredibly disappointing outcome for $SES.TO shareholders. Our base case was C$34/share using conservative assumptions. Instead, shareholders are being asked to sell a scarce, high-quality waste infrastructure asset for C$24.75/share, mostly in GFL stock. The call this morning made it worse. All $GFL did was talk about the high quality waste asset with predictable cash flows, durable growth, best in class assets, significant reinvestment runway etc. They basically spent the entire call explaining why Secure is a great business with a long runway…while buying it for 11x this year's EBITDA.