How does SES compare to WM risk/return?

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Asked on July 16, 2025 4:15 pm
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SES higher risk/higher upside. Its business model is more structured around commodities, while something like Waste Management has a lot stickier model. Some commodity exposure yes but residential/commercial garbage disposal will be sustained regardless of economic conditions.

Why I say it has higher upside is the fact that valuations are discounted relative to companies like WM/WCN. It is a lower margin, more cyclical business.

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Posted by Dan Kent
Answered on July 21, 2025 12:45 pm