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  "documentTitle": "Environmental Services Outlook",
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  "authorName": "Houlihan Lokey",
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  "notes": "The slide uses two line charts to contrast 10-year performance with the immediate post-COVID-19 recovery period.",
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      "text": "Environmental services companies that have diverse end market exposure have faired better than those with concentrated exposure to cyclical end markets",
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      "text": "Select public companies within the environmental services sub-sector have seen recovery, while others are feeling the impact of volatility in oil prices",
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      "text": "Long-Term Market Performance Pre-COVID – 10 years",
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      "text": "Recent Market Performance – Since Feb 2020",
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      "text": "Note: Multiples and financial statistics calculated as of 6/19/2020. Source: HL Analysis and CapitalIQ\n(1) WM Index includes: CWST, GFL, RSG, WCN, WM\n(2) ES Index includes: CLH, CVA, HSC, HCCI, SRCL, ECOL, VEOEY",
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      "text": "Essential, non-discretionary business models with predictable revenue streams\nRegulatory support at the local, state and federal level\nLarge number of diverse demand drivers",
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      "text": "Sector public valuations have largely recovered from the initial market shock brought on by COVID-19",
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