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Covanta 1Q20 results ?3

The Covanta conference call has just concluded and some very good detail was communicated:
When you put it all together we're looking at about a $40M EBITDA hit if commodities do not improve.  Offsetting that is $15-30M in operational savings targeted for this year.  That, together with the almost $100M saved by the dividend cut, will allow Covanta to reduce debt more quickly.  In the new normal, I don't think investors should expect a dividend rebound in the near term, but the possibility of new deals is increased.  That could get CVA back into double digits, but in the current environment, I expect CVA to trade around the $7.50 mark and only stretch up through single digits as commodities improve.

On 5/7/20 5:08 PM, Esekla wrote:
Covanta has published its first quarter results:
  • a loss of 24 cents per share misses by 2 cents
  • from revenue of $468M, which beats by $10M
There is no further color since guidance was pulled 3 weeks ago.  Energy is 81% hedged for this year, comparable to 2019, but it's next year that people will be worrying about.  CVA is untraded but bid slightly higher after hours.  The conference call is at 8:30 tomorrow.  More after that.