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  "documentTitle": "Environmental Services Outlook",
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  "authorName": "Houlihan Lokey",
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  "nDataPoints": 24,
  "notes": "Data covers 2018-2020 period. Includes specific company indices for Waste Management and Environmental Services.",
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      "text": "Note: Multiples and financial statistics are from public companies and are calculated as of 6/19/2020. Source: HL Analysis, CapitalIQ, Wall Street consensus estimates. (1) WM Index includes: CWST, GFL, RSG, WCN, WM. (2) ES Index includes: CLH, CVA, HSC, HCCI, SRCL, ECOL, VEOEY",
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      "text": "Waste management companies have predictable cash flow due to contracted nature of service; M&A outlook remains positive; Large players will revisit pricing strategies. Environmental services companies faced dual headwinds in 2020; many sub-sectors performing well.",
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      "text": "Growth analysis shows minimal contraction of revenue; the sector enjoys largely stable EBITDA margins",
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