Lassila & Tikanoja Valuation Multiples

WM, previously known as Waste Management, ranks as the largest integrated provider of traditional solid waste services in the United States, operating 262 active landfill sites and about 339 transfer stations that help with transporting waste efficiently and economically. The company serves residential, commercial, industrial, and medical end markets for waste collection, transfer, and disposal. The company also has an energy business emanating from the beneficial use of landfill gas and is a leading recycler in North America.

Republic Services Group is the second-largest waste management company by revenue and provides integrated waste management services to residential, commercial, and industrial customers. With 208 active landfills, 248 transfer stations, and 75 recycling centers, Republic Services has reached $16 billion in annual revenue, focusing on recycling and environmental solutions. The company reports in three segments based on the Western United States (Group 1), Eastern United States (Group 2), and Environmental Solutions across North America (Group 3). Eighty-nine percent of total revenue comes from recycling and waste, with the remaining 11% from Environmental Solutions.

Waste Connections is a North American waste management company focused on integrated waste collection services. The firm primarily focuses on residential, commercial, municipal, and industrial waste collection, with a secondary market focus on rural areas. With 113 landfills and 222 transfer stations as of 2024, it is the third-largest waste management company by revenue. Revenue is split among six operating segments: Western, Southern, Eastern, Central, Canada, and Midsouth.

Veolia is a French environmental-services group whose corporate origins date to 1853. It provides drinking-water production and distribution, wastewater treatment, waste collection and recycling, energy management and related infrastructure services. Municipal governments, utilities, industrial customers and commercial organizations contract with the group under operating, concession and service arrangements. Revenue comes primarily from long-term service contracts and the operation of essential environmental infrastructure rather than from equipment sales. At the time of Qatari Diar's 2010 investment, Veolia employed more than 310,000 people worldwide and reported 2009 revenue of EUR 34.5 billion across water, waste, energy and transportation. The group later narrowed its portfolio and in 2022 combined with most of the former SUEZ business, expanding its global water and waste operations.

Veralto is a diversified industrial firm organized into two segments. The water quality segment offers water analytics and water treatment solutions, while the product quality and innovation segment offers coding, packaging, and color solutions for consumer packaged goods and pharmaceuticals. Headquartered in Waltham, Massachusetts, the company has around 17,000 employees. Veralto generated approximately $5.5 billion in revenue in 2025.

GFL Environmental Inc is an environmental services company. Its offerings include non-hazardous solid waste management, infrastructure, soil remediation, and liquid waste management services. Its solid waste management business line, which generates the majority of the revenue, consists of the collection, transportation, transfer, recycling, and disposal of non-hazardous solid waste. Its Environmental Services business line includes liquid waste and soil remediation. The company's geographical segments are Canada and the United States. The company derives the majority of its revenue from the United States.

Clean Harbors Inc is an environmental and industrial services provider that provides parts cleaning and related environmental services to commercial, industrial, and automotive customers. Its business segments are Environmental Services and Safety-Kleen Sustainability Solutions. Environmental Services includes waste collection, transportation, treatment, recycling, and disposal, along with industrial maintenance services. Safety-Kleen Sustainability Solutions provides used oil collection and manufactures base oil, vacuum gas oil, and lubricants. The company generates the majority of its revenues from the Environmental Services segment and operates in the United States, with maximum revenue, and Canada.

Zurn Elkay Water Solutions Corp is a growth-oriented, pure-play water management business that designs, procures, manufactures, and markets the broadest sustainable product portfolio of specification-driven water management solutions to improve health, hydration, human safety and the environment. Its product portfolio includes professional grade water safety and control products, flow systems products, hygienic and environmental products, and filtered drinking water products for public and private spaces that deliver superior value to building owners, positively impact the environment and human hygiene and reduce product installation time.

FirstService Corp is engaged in outsourcing property services. The company operates in two business divisions: FirstService Residential and FirstService Brands. FirstService Residential has service contracts to manage thousands of residential communities, including high and low-rise condominiums and co-operatives. FirstService Brands generates the majority of the company's revenue and provides property services to residential and commercial customers through the following brands: California Closets; Paul Davis Restoration; CertaPro Painters, Floor Coverings International, and Pillar to Post Home Inspectors. The company earns the majority of its revenue in the United States, with the remaining revenue generated in Canada.

Casella Waste Systems Inc is a solid waste removal company, providing resource management services to residential, commercial, municipal, and industrial customers. The company's reportable segments on Geographical basis include Eastern, Western and Mid-Atlantic regions through the Resource solution segment. It generates maximum revenue from the Western region segment. The company's services include Recycling, Collection, Organics, Energy, Landfills, Special Waste as well as Professional Services.

Fomento de Construcciones y Contratas SA is in the business of environmental services, end to end water management, construction and cement. The company's activities include services related to urban water treatment, waste recovery, end to end water cycle and also infrastructure construction projects, building construction, manufacturing of cement and concrete and operation of quarries and mineral deposits. The firm derives majority of its revenues from environmental services segment. It carries out international operations in European, the U.S and Latin American markets.

Umicore SA operates in the following business groups: Catalysis, Battery Materials, Specialty Materials, Recycling, and Corporate and Unallocated. Key revenue is derived from its Recycling segment, which treats complex waste streams containing precious and other specialty metals. The Battery Materials segment is engaged in developing, manufacturing, and marketing cathode materials (CAM) and its precursors (pCAM) for lithium-ion batteries. The Catalysis segment provides automotive catalysts for gasoline and diesel light and heavy-duty diesel applications, and the Specialty segment develops, manufactures, and distributes metal-based materials and chemicals for applications vital to everyday lives. Geographically, the group derives a majority of its revenue from Europe.

Canmax Technologies Co Ltd is engaged in Research and development, production and sales of new energy lithium battery materials products, anti-static ultra-clean technology products and medical equipment products.

Kurita Water Industries Ltd. is a provider of water treatment solutions in Japan. It operates through two segments: the Electronic market and the General water treatment market. The company provides a wide range of water treatment chemicals, systems, and services, including wastewater and ultrapure water solutions, facility maintenance, and environmental remediation, serving both industrial and household needs.

Cleanaway Waste Management is Australia’s largest waste management business with a national footprint in the collection and disposal of waste. It is active in municipal and commercial and industrial waste stream segments and in nonhazardous and hazardous liquid and medical waste. While Cleanaway is allocating greater capital to waste processing and treatment, earnings remain skewed toward waste collection. The company is particularly strong in commercial, industrial, and municipal waste collection with strong market share in all large Australian metro waste collection markets.

GEM Co Ltd is engaged in Waste battery recycling and power battery material manufacturing business, cobalt, nickel, and tungsten recycling and cemented carbide manufacturing business, renewable resources business, and environmental management business.

Zhejiang Weiming Environment Protection Co Ltd is a China-based company engaged in the solid waste disposal business. It is focused on solid waste-related technological development, equipment manufacturing and sales, project investment, project construction, and operational management. The company is also engaged in waste incineration power generation projects. The company's products include waste incineration grates, boilers, and flue gas treatment systems.

China Everbright Environment Group (formerly China Everbright International) is a Hong Kong-listed environmental infrastructure company (HKG: 0257) headquartered in Hong Kong and part of the state-owned China Everbright Group. The listed company was incorporated in 1961, employs about 15,400 people and is led by chief executive Luan Zusheng. Its environmental energy segment builds and operates waste-to-energy and methane-to-energy plants and facilities for food and kitchen waste, leachate, sludge, fly ash, medical waste and other solid waste, and provides waste-sorting, sanitation and engineering design services. Its Greentech segment runs integrated biomass, hazardous and solid waste treatment, solar and wind power projects and environmental remediation, while its environmental water segment builds and operates wastewater, water supply and reuse plants, sponge-city and river-basin restoration projects. It also carries out environmental technology research and sells and installs related equipment. Its customers are mainly local governments, and it earns revenue from project construction, long-term operating fees and electricity sales. In June 2016 it acquired Novago, established in 1992 and Poland's largest independent solid-waste treatment company, which ran six integrated waste treatment plants in four provinces that handled 890,000 tonnes of waste in 2015.

Organo Corp is a Japan-based company mainly engaged in the water treatment engineering business. The company operates in two business divisions namely water treatment engineering and functional product. Its water treatment engineering business includes manufacturing, delivery and maintenance of pure water systems, ultra-pure water systems and wastewater treatment systems for industries, condensate de mineralizers for power stations, waterworks and sewage treatment systems for the public sector. The functional product business encompasses the sale of standardized water treatment equipment, water treatment chemicals, and food processing materials.

Zijin Longking Co Ltd is engaged in the manufacturing, sales and installation of environmental pollution control equipment, dust removal, desulfurization and supporting high and low voltage electrical control equipment.

CECO Environmental Corp is an industrial company, serving industrial air, industrial water, and energy transition markets. It offers various engineered and configured products and solutions, including dampers and diverters, selective catalytic reduction systems, severe-service and industrial cyclones, dust collectors, thermal oxidizers, filtration systems, wet and dry scrubbers, water treatment packages, industrial silencers, etc. These products are offered through brands like Western Airducts, WK, Wakefield Acoustics, Transcend, Verantis, and others. The company's reportable segments are: Engineered Systems, which derive maximum revenue, and Industrial Process Solutions. Geographically, it derives key revenue from the U.S., followed by the Netherlands, the UK, China, and other markets.

Legence Corp is a provider of engineering, installation, and maintenance services for critical systems in buildings. It focuses on sectors that have technically demanding buildings, including technology, life sciences, healthcare, and education. Legence specializes in designing, fabricating, and installing complex heating, ventilation, and air conditioning (HVAC), process piping, and other mechanical, electrical, and plumbing (MEP) systems for new facilities and upgrading HVAC, lighting, and building controls in existing facilities to enhance building performance, reliability, and efficiency. The services are mainly provided on a fixed price basis. The company has two reportable segments: Installation and Maintenance, which generates the maximum revenue, and Engineering and Consulting.

Chengdu Xingrong Environment is a Chinese listed water and environmental-services group based in Chengdu, Sichuan. Its activities include water supply, wastewater treatment and the development and operation of environmental-protection infrastructure. The company provides integrated project and operating services, combining investment, construction and operation of water-related assets. Its revenue comes from water services and related environmental and infrastructure activities delivered through its operating businesses. The group is listed on the Shenzhen Stock Exchange under code 000598 and traces its listed corporate establishment to 1996. In 2014, it agreed to establish a joint venture with United Envirotech to develop water-treatment projects in western China using membrane technologies. At that time the issuer described Xingrong as a state-owned enterprise with approximately five million cubic metres per day of water-treatment concessions. The listed company is distinct from the smaller 49:51 joint venture incorporated under a similar English name in 2015.

Tomra Systems ASA provides sorting and recycling solutions to equip customers for handling waste. The company creates and delivers sensor-based solutions that contribute to optimal resource productivity, in packaging, collection, compaction, recycling, ore sorting, and food production. It provides reverse vending machines, sensor-based sorting machines integrated post-harvest solutions, sensors for waste sorting applications, and other related products and solutions. The company's operating segments are; TOMRA Collection which generates key revenue, TOMRA Recycling, TOMRA Horizon, and TOMRA Food. Geographically, the company generates maximum revenue from Europe (excluding Northern Europe), followed by Northern Europe, America, Asia, and Oceania.

Shenzhen Expressway Corp Ltd is a Company engaged in the construction, operation, management, and investment of toll highways and environmental protection in China. Environmental protection mainly includes recycling and treating solid waste and clean energy power generation. The group has identified two reporting segments, namely the toll road segment and the environmental protection segment. The toll road segment takes charge of the operation and management of toll roads in Mainland China. The environmental protection segment operates and manages environmentally related infrastructure, mainly including solid waste treatment, clean energy, and other related fields. The majority of its revenue is derived from the Toll segment.

CIA Saneamento Do Parana-SANEPAR provides treated water supply sewage collection & treatment, and Solid waste management services. The company provides sanitation services to cities, smaller areas, and municipalities. The firm operates in two business segments: Water treatment & distribution and Sewage collection & treatment. It has a network for the withdrawal & distribution of drinking water, sewage collection, and the discharge of treated sewage. The firm operates landfills in Apucarana, Cornello, Procopio, and Cianorte for solid waste management. The majority of revenue get derived from the Water distribution and treatment segment.

Daiei Kankyo Co Ltd is a engaged in the waste-related business. It focuses on collection and transportation, intermediate treatment and recycling, and final disposal of both general and industrial waste and valuable resource recycing business.

Veridis Environment is an Israeli environmental infrastructure and services group, controlled by Delek Automotive Systems and listed on the Tel Aviv Stock Exchange (TLV: VRDS) since June 2021. It works in three areas: waste, water and energy. In waste it operates what it calls Israel's broadest logistical infrastructure for collecting and treating all types of waste for local authorities, organisations and industry, including sorting plants such as RDF Hiriya and Afula, hazardous-waste treatment, landfills and soil remediation. Through its subsidiary Infinya it recycles paper and cardboard and manufactures cardboard rolls and packaging. In water it built and operates the Ashkelon desalination plant, which can desalinate about 120 million cubic metres of seawater a year, around 20% of Israel's household water consumption, together with an adjacent 83 MW gas-fired power station. In energy it develops and runs biomass, cogeneration and biogas plants, leads energy-efficiency projects and installs and maintains large HVAC systems, and it was a partner in OPC Mishor Rotem, Israel's first privately owned power station. The group was founded in 1993 as part of Veolia's international business, and Ilan Ben-Simon is chief executive.

Munters Group AB is a provider of energy-efficient air treatment and climate control solutions predominantly within the food, pharmaceutical and data center and other sectors. The company operates in segments, which are: AirTech, Data Center Technologies, and FoodTech. The majority of the revenue is generated from its AirTech segment, which manufactures and markets products and solutions for controlling humidity and improving the indoor climate. Geographically, a majority of its revenue is generated from the United States and the rest from China, Germany, the United Kingdom, Canada, Sweden, Australia, France, Denmark, Poland, Mexico, and other markets.

GPS Participacoes E Empreendimentos SA is engaged in the provision of property security services, sanitation and cleaning services, indoor logistics services, electronic security services, implementation, operation and building maintenance, maritime hotel services on oil platforms, kitchen services and meal sales, highway maintenance services, and participation in companies through the acquisition of shares or capital quotas.

Orizon Valorizacao De Residuos SA is a waste treatment and recovery company. The company offers solid waste treatment services, treatment of gases, processing and industrialization of waste, monitoring groundwater, and environmental remediation services.

Carmila SA, formerly Carmila SAS is a retail property company, which engages in marketing, leasing, shopping center management and portfolio management. It regenerates and extracts value on shopping centers anchored by Carrefour stores. The company operates through the following segments: France; Spain; and Italy. Majority of the firm's revenue gets derived from France region.

Aguas Andinas SA delivers water-treatment solutions and other sanitation services under concession arrangements from the Chilean government. The company collects, cleans, and distributes water to residential, commercial, and industrial clients. Also, the company treats and disposes sewage and remnants from the process. Wastewater is decontaminated and used for irrigation systems. Aguas Andinas has two operating segments: water (a majority of total revenue) and nonwater. The company gathers water flowing from the Andes and has plants to transform it into a usable form. It uses tanks and an extensive underground network to distribute water to customers.

Realord Technology Co Ltd is an investment holding company. The Group is principally engaged in Latin American and the Caribbean (LAC) business, financial services, property investment, distribution and sales of auto parts, and environmental protection business.

Tasmea Ltd is a skilled services group. It provides specialist maintenance services, including essential shutdown, programmed maintenance, emergency breakdown, and sustaining capital upgrade services to asset and infrastructure owners of fixed plant operating in essential Australian industries. The company operates across the following five segments: Electrical services, Mechanical services, Civil services, Water and Fluid services, and Workforce Solutions services. The majority of the company's revenue is derived from the Workforce Solutions segment, which includes labour hire and workforce management services to blue chip essential asset owners across Australia.

HAZAMA ANDO Corp is a Japanese company which is mainly engaged in construction and construction-related business. The company has three reportable segments namely Civil Engineering, Building Construction and Consolidated Subsidiaries. The Civil Engineering services include surveys, measurements, planning, designing, execution, supervising, technical guidance commissioning, and consulting work. It also provides collection, handling, and disposal of waste, and consulting work relating to such business as well as an area development, urban development, and environmental improvements. The majority of the company's revenue comes from the domestic business in Japan.

China Tianying Inc is an environmental protection and new energy enterprise. The company is engaged in the investment, build, operation and maintenance of MSW incineration power generation and steam manufacture, sludge treatment, food waste treatment, hazardous waste treatment, construction waste treatment, wastewater treatment and others. Its services include Research and Design, Urban Services, Disposal and Recycling, Equipment and Platforms and New Energy.

Befesa SA provides sustainable services for the recycling of hazardous residues from the Steel & Aluminium industry. It operates in two business segments: Steel dust recycling services & aluminum salt slags recycling services. In the Steel Dust Recycling segment, the company collects & recycles steel dust and other steel residues generated in the production of crude, stainless, and galvanized steel. The Aluminum Salt Slags recycling services are divided into salt sags & secondary aluminum segments. Its secondary aluminum operations include the collection and recycling of aluminum scrap and other aluminum residues. The geographical segments are Spain, Germany, Netherlands, Belgium, Finland, France, etc.

Derichebourg SA is a France-based company that offers environmental services. Its activities can be divided into two separate branches, the Environment Division and the Multiservices Division. The Environment Division's core business is the processing and disposal of waste, mainly metal waste and end-of-life products, with the recovery of secondary raw materials by using the appropriate processing methods. Derichebourg Multiservices, the group's Business Services arm, provides reception, cleaning, energy, property maintenance, and temporary staffing services separately or in tandem with the Derichebourg Group's waste management services.

Shanghai Environment Group Ltd is a solid waste integrated service provider. It deals with the disposal and disposal of municipal solid waste, municipal sewage, hazardous waste, municipal sludge, kitchen waste and contaminated soil. Further, the group is engaged in providing high-efficiency, high-tech, high-standard one-stop services and package solutions such as including consulting, investment, construction, and operations to governments and customers. Geographically the business activities are carried out through China.

Takuma Co Ltd develops a variety of technologies for waste and water treatment. It designs and constructs boilers, plant machinery, pollution-prevention plans, heating and cooling equipment, and sanitation equipment and facilities. Incinerators and recycling centers help sort, treat, and disperse resources in an efficient manner. The majority of customers are in Japan. The company works to provide solid waste treatment plants partnered with a selection of after-sales services and products. Takuma has four operating segments: domestic environment and energy, overseas environment and energy, package boiler, and equipment and system business. Cleaning systems, filters, and other equipment produce comfortable working conditions for customers.

Shoucheng Holdings Ltd is engaged in the operation and management of car parking assets; and the management of private funds oriented towards urban development. The principal activity of the Company is investment holding. The Group’s revenue comes from asset operations and FIME. Asset operations include industry-based services, technology, consulting, research, innovation, value-adding, and other services generated around core infrastructure assets. FIME includes income from consultancy services for public offering REITs and management and investment of public offering REITs development funds and strategic placement funds.

VA Tech Wabag designs, builds and operates water and wastewater treatment plants, including desalination. Customers are municipalities, utilities and industry in India, the Middle East and Africa. Revenue includes long-term operation contracts. Headquartered in Chennai.

Kanadevia Corp is engaged in designing, constructing, and manufacturing Waste Energy plants, desalination plants, water and sewage treatment plants, marine diesel engines, press machines, process equipment, precision machinery, bridges, hydraulic gates, and equipment for use in disaster prevention/mitigation.

Gravita India recycles lead, aluminium and plastic scrap and makes lead alloys and related products. Customers are battery makers and other industrial firms across India, Africa and other regions. Headquartered in Jaipur.

Jain Resource Recycling recycles non-ferrous scrap and battery material into lead, copper, aluminium and other metals. Customers are battery, wire and metal product makers. It operates plants in India and other countries. Headquartered in Mumbai.

Daiseki Co Ltd provides industrial waste treatment and resource recycling throughout Japan. Its core business activities are treating waste oil, waste water, and sludge. It collects and recycles oils and waste water from clients and processes the waste into heavy oil or supplemental fuel. Separators and filters remove deteriorated components, and other systems either refine or adjust products into reusable form. Final products are either delivered back to clients or shipped to market. Advanced technology partners with experienced employees to analyze and classify the particular waste to determine the correct solution; methods revolve around dehydration, kneading, and a combination of mixing and chemical treatment.

GVS is an Italian manufacturer of filtration products headquartered in Zola Predosa near Bologna. It was founded in 1979 and has been listed on the Euronext Milan market of Borsa Italiana since June 2020. The group makes filters, membranes and related components for healthcare and life sciences, health and safety, and energy and mobility customers, and it runs a transfusion medicine division. For 2020 it reported revenue of EUR 363 million and normalised EBITDA of EUR 144 million, and for 2021 revenue of EUR 338.1 million. The group has grown through acquisitions, among them Kuss Filtration in 2017, the RPB Group in 2021, Shanghai Transfusion Technology and Haemotronic in 2022, and the whole blood business of Haemonetics announced in 2024. Massimo Scagliarini is chief executive.