Last $20.54 USD
Change Today +0.04 / 0.20%
Volume 1.3M
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As of 8:04 PM 07/11/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

445 South Street

Morristown, NJ 07960

United States

Phone: 862-345-5000

Fax:

Covanta Holding Corporation, through its subsidiaries, engages in the ownership and operation of infrastructure for the conversion of waste to energy (known as ‘energy-from-waste’ or ‘EfW’), as well as other waste disposal and renewable energy production businesses in the United States and Canada. The company holds equity interests in EfW facilities in China and Italy. It is pursuing additional growth opportunities in parts of Europe, primarily in the United Kingdom. It also has investments in subsidiaries that engage in insurance operations in California, primarily in property and casualty insurance. Strategy The company’s business strategies are to preserve and grow the value of its existing portfolio; expand through acquisitions and/or development in selected attractive markets; develop and commercialize new technology; advocate for public policy favorable to EfW and other sustainable waste solutions; and maintain a focus on sustainability. EfW Business The company operates and/or has ownership positions in 46 EfW facilities, which are primarily located in North America; and 11 additional energy generation facilities, including other renewable energy production facilities in North America (wood biomass and hydroelectric) and 18 transfer stations. It also operates a waste management infrastructure that is complementary to its core EfW business. Other Sustainable Service Offerings In addition to its core EfW business, the company offers various sustainable service offerings. The company offers tailored recycling and recovery solutions. It offers services, such as zero-landfill and greenhouse gas emissions reduction programs; waste transfer and subcontracted hauling; recycling programs, including secure e-waste processing and subcontracted single stream and material recycling capabilities; strategic consulting for waste streams from source to final disposal; and assured destruction services for confidential documents, pharmaceuticals, non-hazardous bulk liquid waste, recalled, counterfeit or off-spec materials, and consumer products. North America Segment EfW Projects The company operates EfW projects in 16 states and 1 Canadian province. It is constructing an EfW project in a second Canadian province. These projects are capable of providing waste services and generating electricity or steam. The company provides these waste services and sells the electricity and steam generated under contracts, which expire on various dates between 2014 and 2038. The company’s customers for waste services or facility operations are principally municipal entities, though it also markets disposal capacity at certain facilities to commercial and sustainable waste solutions customers. The company also operates, and in some cases has ownership interests in, transfer stations and landfills (primarily used for ash disposal rather than municipal solid waste) that are ancillary and complementary to its EfW projects and generate additional revenue from disposal fees or operating fees. The company’s waste service and energy contracts expire at various times between 2014 and 2038. In conjunction with its EfW business, the company also owns and/or operates 18 transfer stations and 4 ash landfills in the northeast United States. Biomass Projects The company owns and operates seven wood-fired generation facilities. Five of these facilities are located in California, and two are located in Maine. The combined gross energy output from these facilities is 165 megawatts. In November 2013, the company sold its 55% interest in a partnership, which owns a wood-fired generation facility in California. Hydroelectric The company owns a 50% equity interest in two small run-of-river hydroelectric facilities located in the state of Washington which sell energy and capacity to Puget Sound Energy under long-term energy contracts. Other Projects Outside the Americas segment, the company has interests in international power projects in China and Italy, which are EfW projects. It intends to develop or participate in additional international projects, primarily EfW projects. EfW Projects The company and Chongqin

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Industry Analysis

CVA

Industry Average

Valuation CVA Industry Range
Price/Earnings 45.1x
Price/Sales 1.6x
Price/Book 3.0x
Price/Cash Flow 12.3x
TEV/Sales NM Not Meaningful
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