Waste Services: Looking at Valuation Gaps After Recent Volatility

Research evidence excerpt

Waste Services: Looking at Valuation Gaps After Recent Volatility

Waste Services

26 June 2026 Citi Research

Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking

services from Clean Harbors Inc,GFL Environmental Inc,Waste Management, Inc in the past 12 months.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, securities-related: Clean Harbors Inc,GFL Environmental Inc.

services provided were non-investment-banking, non-securities-related: Waste Management, Inc.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Waste Management, Inc. (For

an explanation of the determination of significant financial interest, please refer to the policy for managing conflicts of interest

which can be found at www.citiVelocity.com.)

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and

principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events between

institutional clients and the management teams of covered companies. Typically, company management is more likely to

participate when the analyst has a positive view of the company.