Pitch archive

Each entry is a teaching walkthrough — annotated slides, commentary on what worked, and the questions a senior member would ask in Q&A. Read these the way you would read a research note.

Semester

Spring 2026

1 pitch

WMBUY
Waste Management Inc.
Industrials·Investment Team 3·4 May 2026
1. 01Largest waste services company in North America with ~35% US market share, 262 owned landfills, and a structural permitting moat that prevents new entrant disposal capacity.
2. 02~89% of revenues from Collection & Disposal under multi-year contracts with CPI+ escalators — non-discretionary cash flows resilient through cycles.
3. 03A- (Fitch & S&P) / A3 (Moody's) issuer; Net Debt/EBITDA improved from 3.71x to 3.17x in a single year as management deleverages post-Stericycle.
Luca Poltronieri · Lorenzo Frassà · Miguel Perdigão Neves · Claudia Marsilia · Ricardo Taveira · Rodrigo Castanheira