The Globe and Mail reports in its Wednesday, Oct. 8, edition that National Bank's Michael Doumet believes North American waste management companies have underperformed recently but are fundamentally "well positioned" heading into 2026. The Globe's David Leeder writes in the Eye On Equities column that Mr. Doumet continues to rate Secure Waste Infrastructure "outperform." Mr. Doumet gave his share target a $4.50 boost to $23. Analysts on average target the shares at $18.56. Mr. Doumet says in a note: "For many Secure shareholders, this is the 'I told you so moment.' Secure's ability to compound earnings through cycles has, for a long time, been underappreciated. While gradually rerating over recent years, the IPO of WBI (Waterbirdge) appears have accelerated it. Currently, WBI trades at 12.5 times EV/EBITDA on annualized-1H25 EBITDA, while Secure trades at 11.5 times on our 2025E. Going into Q3, however, will feel like a deja vu of the Q2 setup: (I) we are concerned Secure will need to trim its guide, (ii) we think most investors already know this, and (iii) we think the Street is too low for 2026E. The one potential risk we feel less good is the timing of the metal recycling recovery (could drag into 2026?)."