WCN – WASTE CONNECTIONS, INC. (HQ: Canada/Industry: Commercial Services & Supplies)
Waste Connections is the third largest solid waste services company in North America, providing non-hazardous waste collection, transfer and disposal services, along with resource recovery primarily through recycling and renewable fuels generation in the U.S. and Canada. The company also provides non-hazardous oil and natural gas exploration and production, waste treatment, recovery and disposal services in the U.S. The company has seen steady growth over the last 10-years, increasing revenue, net income, EPS, BV and free cash flow during the period. While they also reduced their debt. Although the their debt has been reduced, the company still has a debt-to-equity ratio exceeding 0.5 and may only see a mid-single digit growth rate over the next decade. To value the business at their current market price Waste Connections would need to average greater than a 20% growth rate for the next 10-years.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1318220&owner=exclude

TAC – TRANSALTA CORPORATION (HQ: Canada/Industry: Independent Power and Renewable Electricity Producers)
TransAlta is an electricity generator and wholesale marketer of electricity with operations in the US, Canada and Australia. With future growth potential being very limited, and the company largely in debt that has been increasing over the past few years. To value the business at their current market price TransAlta would need to average greater than a 10% growth rate for the next 10-years.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1144800&owner=exclude

MLI – MUELLER INDUSTRIES, INC. (HQ: USA/Industry: Machinery)
Mueller Industries is a leading manufacturer of copper, brass, aluminum, and plastic products. These products are used in water distribution systems, heating systems, air-conditioning, refrigeration applications, drainage, waste, vent systems, various transportation, automotive and industrial applications. With operations located throughout the United States and in Canada, Mexico, Great Britain, South Korea, the Middle East, and China. The company has seen steady growth over the last 10-years, gradually increasing revenue, while more than doubling net income, EPS, BV and free cash flow during the period. It has also been reducing share count and debt at the same time. Very good chance to see growth exceeding 10% over the next decade. To value the business at their current market price Mueller would need to average greater than an 11% growth rate for the next 10-years.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=89439&owner=exclude

B – BARNES GROUP INC. (HQ: USA/Industry: Machinery)
Barnes Group is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Its specialized products and services are used in far-reaching applications including healthcare, automation, packaging, aerospace, mobility, and manufacturing. The company has seen limited growth over the last 10-years, with their best improvement being BV that increased 86%, with a slightly reduction in share count during the period. Expect to see a mid-single digit growth rate over the next decade. To value the business at their current market price Barnes would need to average greater than a 7% growth rate for the next 10-years.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=9984&owner=exclude

JPM – JPMORGAN CHASE & CO. (HQ: USA/Industry: Banks)
JPMorgan Chase is a leading financial services firm based with operations worldwide. With financial operations that include investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. To serve millions of customers, predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. The company has had fairly stable growth over the last 10-years with one of the better performance being its increase in EPS, which was helped by share repurchases of 21%. Depending on future interest rate increases by the US government, the company has potential for high single digit growth and possibly as high as 10% for the next 10-years.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=19617&owner=exclude