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CVA from
      July 2015My interest in Covanta pre-dates this service, and I cut the stock in early July of 2015, soon after I began publishing here while CVA was still priced above $21.  The shares never regained that value and promptly fell 40%.  I reinstated coverage the following February with CVA at $13. 

Covanta is the largest EfW (Energy from Waste) in the United States, and was growing into global services with new facilities in the British Isles.  Since the JV with Macquarie, I'd looked for deals or other restructuring to unlock value.  However, I became wary in the wake of the board coup and gave some warning of management's dividend cut in the midst of the pandemic.  Ultimately the private equity route was taken to realize value. 

I don't like how it played out, but the yield and several financial media articles which overemphasized the metal and energy aspects of the business while ignoring the mainstay income from long-term waste disposal contracts with local municipalities created opportunity for both steady income and more active investors.  Overall, CVA was a quite profitable holding for me, and I think the coverage here serves as an example of how warnings can be just as valuable as new investment ideas.



Updates:
+5 Covanta going private at $20.25 per share08:46 14-Jul-21
+4 Covanta 1Q21 results09:51 30-Apr-21
?3 Covanta 1Q21 schedule11:13 09-Apr-21
+3 Covanta 4Q20 results09:49 19-Feb-21
?4 Covanta 3Q20 results and strategic review09:31 30-Oct-20
?3 OEG OMIB, new Covanta and other debt18:54 24-Aug-20
+3 Covanta & MagnaChip 2Q20 results10:00 31-Jul-20
?4 Covanta & Clearway 2Q20 schedules and much more08:27 15-Jul-20
?3 Covanta 1Q20 results09:40 08-May-20
?4 Covanta 1Q20 schedule16:54 22-Apr-20
-5 Covanta & Westport business updates18:52 14-Apr-20
+3 Covanta 4Q19 results and natural gas outlook09:42 21-Feb-20
?3 Covanta & Nokia 4Q19 schedules, plus Orange France deal08:30 31-Jan-20
?3 Covanta dividend and U.K. election results17:31 12-Dec-19
+3 Covanta equity partnership in China16:48 11-Dec-19
?3 Covanta vs CenturyLink financing and more12:45 10-Dec-19
?3 Brexit, hydrogen and CVA redux14:53 22-Oct-19
?3 Covanta, UDC & MagnaChip schedule 3Q19 reports10:49 11-Oct-19
?4 Covanta 2Q19 results09:47 26-Jul-19
?3 Covanta 1Q19 and Brexit schedules19:01 10-Apr-19
?3 Covanta schedules 4Q18 report and CTL sale16:42 16-Jan-19
+4 Covanta to commence TAPS in the second half10:11 07-Jan-19
+3 CVA OMIB17:17 02-Jan-19
?3 Covanta 3Q18 results10:05 26-Oct-18
?3 Covanta schedules 3Q18 report19:11 09-Oct-18
?3 Covanta and IDT earnings follow-ups, minor BGC & CTL news12:27 31-Jul-18
+3 Covanta 2Q18 results10:18 27-Jul-18
?3 Covanta schedules 2Q18 report21:01 12-Jul-18
+3 Covanta 1Q18 results10:01 27-Apr-18
?3 UDC, Covanta and CenturyLink 1Q18 reports scheduled19:29 11-Apr-18
?5 Covanta 4Q17 report13:29 23-Feb-18
?4 Covanta schedules 4Q17 report17:09 01-Feb-18
+5 Covanta enters JV with Macquarie13:28 18-Dec-17
+3 BOE contract for UDC and Covanta dividend16:30 07-Dec-17
+4 Covanta 3Q17 report09:52 27-Oct-17
+3 Dublin to end testing soon13:14 28-Sep-17
+5 Covanta 2Q17 results10:02 29-Jul-17
?3 Covanta schedules 2Q17 report16:55 17-Jul-17
+3 Dublin restarting operations and more11:34 11-Jul-17
?3 Immediate and long-term pricing opportunities10:24 26-Jun-17
-3 trouble in Dublin22:45 11-Jun-17
+3 a trio of large CVA OMIBs09:03 01-May-17
?3 Covanta 1Q17 results10:05 26-Apr-17
?3 pick list earnings and more12:01 24-Mar-17
?3 Covanta 4Q16 results09:36 16-Feb-17
?4 Covanta schedules 4Q16 report and more09:05 01-Feb-17
+3 CVA dividend and HMS pricing13:29 29-Nov-16
+3 Covanta declares dividend and more16:52 22-Sep-16
?3 Covanta departure18:45 17-Aug-16
-3 Covanta 2Q16 report09:42 27-Jul-16
?3 Covanta schedules 2Q16 report21:34 07-Jul-16
-3 Covanta 1Q16 results09:23 27-Apr-16
?3 Covanta schedules 1Q16 report17:10 12-Apr-16
+4 commodity pricing and insider CVA buy16:35 22-Feb-16
+6 Covanta coverage reinstated15:28 18-Feb-16
+3 pick list19:39 20-Jan-15