3:10 Value

Independent Thought, Creative Insights, Relentless Discovery. Not investment advice. [email protected]

[3:10 Value @310Value]

Friends, my recent article on produced water players $wbi and $ses.to is in the link below. Also covers, $lb, $wcn, and $gfl.

[3:10 Value @310Value]

@VeeEyeEll You’re in an HOA?

[3:10 Value @310Value]

@PythiaR @JerryCap Tweet of the week….so far.

[3:10 Value @310Value]

You can’t write off student loan payments, but can write off tuition in some instances. Ironically, it works if the degree is not required and only expands upon existing skills. Such as an MBA for someone who has a business degree and came out and is going back into the same industry.

[3:10 Value @310Value]

@BillyTheKid_59 @educated_rube Seems like they are both in but we don’t know how serious the lagger is. Also seems like price is still up on the air, so the process is giving time for BC to get its situation papered and buyers can make a final bid knowing the debt is portable.

[3:10 Value @310Value]

So, the $GFL buyout drama continues....Setting that aside, results look good. I had standalone $GFL and Secure guides adding up to $668M of EBITDA and Q3 came in at $679M. Standalone guides implied FY26 EBITDA at $2479M and the new guidance is $2490M to $2495, so either legacy GFL or SES or both are outperforming.

[Diane Alter @diane_alter]

$GFL on take private process: The Special Committee has provided interested parties with a final deadline of Nov 9 to deliver their updated proposals, at which time the Special Committee will determine next steps. The strong interest from leading global institutional investors...

[CTFN @ctfn_news]

History of reporting on GFL take-private:

Oct 20: two consortia, one ahead. Competing views among shareholders — low $50s vs closer to $60. Any definitive deal would need a majority-of-minority vote. The named consortium members KKR/ECP/Blackstone vs Brookfield/IFM.

Oct 22: special committee work done. The decision rests with key early PE holder.

Oct 26: primary PE holder looking to structure a rollover of significant stake.

https://t.co/vg5KCEXgDZ

$GFL #mergers #corpfin #infrastructure #PrivateEquity

[3:10 Value @310Value]

@GibbyCapital I think it's taken out $53 to $55, just in a week or so.

[3:10 Value @310Value]

Friends, see the link below on what will hopefully be my last substack article on $GFL.

https://t.co/lGP2GlKG8v

[3:10 Value @310Value]

@GibbyCapital No deal today/tomorrow or ever? Think there is a good chance this gets delayed a week or so. No big deal imo. No deal ever, maybe either side of $35 short-term. Long-term, I wouldn't care as Secure's numbers will flow in and they will be huge if lifting $GFL's key metrics.

[3:10 Value @310Value]

@Mr_Neutral_Man Is that in Long Beach?

[3:10 Value @310Value]

@jmf_5 And not a day too soon.

[3:10 Value @310Value]

@JohnLeFevre Misery loves company.

[3:10 Value @310Value]

@junkbondanalyst Harvey Miller.

[3:10 Value @310Value]

@ACapitalLP I know. Just wanted to rub it in G&M a bit more.

[3:10 Value @310Value]

Update. I read the Globe and Mail $GFL article. The article does reference an older JPM report. I think that makes the headline beyond reckless given all of the new information that has surfaced.

[3:10 Value @310Value]

Anyone with access to globe and mail? Is this just a rehash of JPM's report from 10/21? If so, that's pretty ballsy given the amount of new information on the $GFL process that has come to light subsequently.

[3:10 Value @310Value]

@ACapitalLP I don't like it, but my bigger issue was making the no deal headline when that analysis was created on now stale information.

[3:10 Value @310Value]

@kingdomcapadv Yes

[3:10 Value @310Value]

Anyone with access to globe and mail? Is this just a rehash of JPM's report from 10/21? If so, that's pretty ballsy given the amount of new information on the $GFL process that has come to light subsequently.

[Robb @fatcoin88]

$GFL shes been a GFL bear forever https://t.co/GFKeCXHv7t

[3:10 Value @310Value]

@At50w50882 It's critical, but should be easy to do, particularly if BC is rolling 60% of their position.

[3:10 Value @310Value]

@VeeEyeEll Am I my water's keeper.

[3:10 Value @310Value]

@boudnic24 Yes, stale idea in light of all of the news that subsequently come out. Mostly by @ctfn_news