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- Indepth analysis of ASX listed shares
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We recently had a fresh look at waste management and industrial services companies Tox Free Solutions and Transpacific Industries. Tox Free’s earnings have been growing quickly and you can imagine the seductive pitch from your broker; profits are growing quickly, it’s growing in key resources areas such as Gladstone and waste needs to be disposed of regardless of economic conditions.
The major problem is the company’s debt fuelled acquisition binge that recently triggered a capital raising after debt levels got too high. The company’s grand ambition of becoming ‘the leading industrial services and waste management company’ (presumably in Australia) means the rapid pace of acquisition is likely to continue and we wouldn’t touch the company with a 10-foot barge pole. AVOID.
Shining a light on Tox Free’s potential future, Transpacific is currently undergoing a turnaround under new management that requires a major reduction in debt. Capital has been raised and smaller assets are being sold, but this company is always likely to shoulder a decent chunk of debt due to the poor returns from the often highly competitive and regulated industries in which the company operates.
Waste management is not the highly predictable and reliable source of profits that many perceive, and management has a tough job trying to right this ship. AVOID.
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