Section1: Company Overview

Secure Waste Infrastructure Corp. (TSX: SES) provides fluids and solids solutions to the oil and gas industry. It operates in two segments: Midstream Infrastructure and Environmental & Fluid Management. Midstream Infrastructure owns and operates a network of facilities throughout western Canada, North Dakota, and Oklahoma. These facilities provide processing, storing, shipping, and marketing of crude oil; the processing of waste; and water treatment and disposal. The Environmental and Fluid Management segment includes a network of landfill disposal facilities; onsite abandonment, remediation, and reclamation management; a suite of comprehensive environmental management solutions. The company's geographical segments are Canada and the United States.

This Report covers the Key Recommendation Rationale, Valuation, Target Price, and Recommendation on the stock. 

Section 2:  Stock Recommendation Summary

Valuation Methodology (Illustrative): EV to Sales based Relative Valuation approach:

The stock has witnessed a downside of ~1.38% and an upside of ~7.19% over the 1 week and 3 months respectively. It is trading above the average of 52-week high price of CAD 17.23 and 52-week low price of CAD 11.12, providing an opportunity to sell, as the stock might make some correction.

One-Year Technical Price Chart (as of August 29, 2025). Source: REFINITIV, Analysis: Kalkine Group

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on August 29, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.