CreditSights logo
Forgot Password?

Advanced Disposal Services

Search Results

Excerpts only. To access full content please login or request a free trial.

Focused

Advanced Disposal Services: Fundamentals Sound

Earnings Note: 01 Nov 2018, 3:09 PM ET - ADSW reported stable operating trends and fundamentals in the solid waste environmental services market.  Margins remain strong but headwinds from wages and benefits and the recycling operations will continue to be pressure points. 
Focused

Advanced Disposal: Stable Operations

Earnings Note: 02 Aug 2018, 3:26 PM ET - Advanced Disposal 2Q18 results were in line with expectations as the business generates stable operational results quarter to quarter.  Leverage continues to decline gradually and ended 2Q18 at 4.5x.  

US Industrials: Macro Data Points

Sector Analysis: 12 Jun 2018, 1:59 AM ET - In this report, we tied the positive tone from Industrial management teams to select economic data points.

Parker: 3Q18 | Shifting to Market perform

Earnings Note: 26 Apr 2018, 9:13 PM ET - PH’s earnings were strong, but with the equity now under pressure and debt reduction plans nearing completion we anticipate a capital allocation change soon. We take our Outperform on the credit to a Market perform.

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 
Focused

Advanced Disposal: Operating Story Intact

Earnings Note: 23 Feb 2018, 12:37 PM ET - Operating fundamentals remains solid driven by continued growth in new residential construction and underlying economic activity.  Volumes ended the year on a strong note with some benefit due to the hurricanes which hit in 2H17.    

CNHI 4Q17: Supportive Positive Trends

Earnings Note: 31 Jan 2018, 9:11 AM ET - CNHI reported results highlighting positive trends in end-market demand which contributed to better operating performance. Credit metrics continue to strengthen at the Capital Goods bellwether and we maintain our O/P on CNHI bonds.

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.
Focused

Advanced Disposal Services: Company Update

HY Note: 17 Nov 2017, 1:16 PM ET - Since earnings in early November ADSW has received an upgrade at S&P, re-priced its $1.46 bn term loan and more recently announced a secondary share offering from controlling shareholders.

CNH Industrial: Issuing New 10Y US$ Bonds

Worth Watching: 09 Nov 2017, 1:23 PM ET - CNH Industrial is issuing new 10-year US dollar bonds out of the CNH Industrial N.V. (parent) entity. CNH Industrial has one other US$ bond outstanding at the parent level, the 4.5% 8/2023 bond (Ba2/BBB -/BBB-), which trades at a spread of G+12 ..

Caterpillar: 3Q17 | Knocks the Cover off the Ball

Earnings Note: 24 Oct 2017, 8:11 PM ET - Caterpillar’s earning trajectory has been on a favorable trend line in 2017 and the trend continued into the third quarter with a set of strong results. The quarter did not change our view of the credit and we remain at a Market perform.

Multi-Industrials: 2Q Review, Event Risk & More

Sector Analysis: 21 Aug 2017, 10:17 PM ET - In this report we broadly review earnings trends for nearly two dozen industrial credits, discuss companies with elevated event risk and also highlight new issuance candidates.

Rental Cases: URI M&A Stays Hot, H&E Misses

Sector Analysis: 17 Aug 2017, 12:01 PM ET - Rentals activity stays hot as favorable secular trends, consolidation of a fragmented industry, and a waiting game for tax reform and infrastructure details remains the order of the day. URI stays true to its history of M&A focus.
Focused

Advanced Disposal: Positive Trajectory for Volume

Earnings Note: 03 Aug 2017, 11:45 AM ET - Advanced Disposal 2Q17 results were solid with organic volume increasing after four consecutive quarters of declines.  ADSW expects the positive trajectory for volumes will continue.  

CAT: 2Q17 | Starting to Fly; Moving to M/P

Earnings Note: 25 Jul 2017, 9:19 PM ET - Caterpillar delivered another round of strong results. With end-markets starting to turn, results gaining traction, and balance sheet options on the mend, we move from an Underperform to a Market perform on the credit.

May 2017 US Company Recommendation Changes

US Company Recommendation Changes: 31 May 2017, 10:21 PM ET - Our monthly report provides executive summaries for the thirty-six company recommendation changes made on US companies during the month of May.

US IG Sector Recs: A Very "In Line" April

Sector Weightings: 09 May 2017, 5:22 AM ET - After a weak March the IG index returned to positive territory, but most sectors reported excess return within +/- 5bp of the overall index. We discuss performance and update our sector recommendations. 

US IG Sector Slide Pack: April 2017

Sector Weightings: 08 May 2017, 11:18 PM ET - Our US IG Sector Slide Pack: April 2017 includes spread, return and attribution data for many of the Level 3 and Level 4 sectors of the BAML Index.  We look at both monthly and year-to-date performance. 

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>

Refine Results