GFL Environmental (GFL) was up 8% Friday on rumours that it was exploring a take-private deal, which comes on the heels of the company’s $6.4B SECURE Waste acquisition…

… a deal we think the market has misunderstood and one of many transactions that have taken GFL’s North American platform to scale over the past decade.

While it’s a roll up story, organic growth has been an equally important driver…

… so it’s no surprise private capital is circling here. If a deal gets done at a multiple in line with its US peers (maybe a stretch), there’s another ~25% from here - let’s see.

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