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      "text": "Multiples in the environmental services and waste management sectors have recovered since recent Q1 market volatility, with the sector trading above historical averages",
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      "text": "Methodology: Given the uncertain market environment, many companies have suspended guidance for full-year 2020; 2020 EBITDA and FCF multiples are calculated using analyst estimates and based on current market capitalization",
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      "text": "Additional Private Sector Observations: Private company valuation depends on strategic fit and growth opportunity; Diversity in service offering and end market drive value",
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      "text": "EV/EBITDA: 24.5x",
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      "text": "Note: Multiples and financial statistics calculated as of 6/19/2020. Source: HL Analysis and CapitalIQ. (1) WM Index includes: CWST, GFL, RSG, WCN, WM. (2) ES Index includes: CLH, CVA, HSC, HCCI, SRCL, ECOL, VEOEY",
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