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Clean Harbors: Takeaways from CLH management call
研报英文原文证据摘录
Clean Harbors: Takeaways from CLH management call
Equity Research
North America Environmental Services
22 June 2026
Clean Harbors
Takeaways from CLH management
call
Our call with CLH management underscored the strategic CLH EQUAL WEIGHT
POSITIVEimportance of regional infrastructure and permitting scarcity, NorthEnvironmentalAmerica Services
with Terra Nova enhancing CLH’s ability to internalize Price Target USD 304.00
volumes and capture growth in the Southeast Price (17-Jun-26) USD 287.25 Potential Upside/Downside +5.8%
Source: Bloomberg, Barclays Research
Last week we hosted a call with CLH management, including Michael Battles, Co-Chief Executive
Officer; Eric Dugas, EVP and Chief Financial Officer; and Mike Foley, SVP of Facility Operations. North America Environmental Services
On the call we discussed CLH’s recent acquisition of Terra Nova, the business opportunity, and William Grippin, CFA
the outlook for wastewater and water treatment as well as the set up for 2Q26 earnings. In our +1 617 330 5804
view, Terra Nova provides CLH with incremental organic and inorganic growth opportunities william.grippin@barclays.com
while enhancing exposure in previously under-penetrated Southeast markets. BCI, US
Alec Scheibelhoffer
Key takeaways +1 212 526 1021
•• Terra Nova enhances CLH’s Southeast footprint and internalization capabilities: Terra alec.scheibelhoffer@barclays.com
Nova is a ~$50mn revenue business (~$19mn EBITDA post-synergies) with 5 facilities primarily BCI, US
in SC, strengthening CLH’s presence in a previously underpenetrated region. Proximity
remains important given wastewater transport constraints (~250-300 mile radius), with the
platform supporting greater internalization of customer waste volumes and reduced reliance
on third parties.
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