激进投资公司Jana Partners已在Casella Waste Systems（CWST.O）建立新仓位，并希望这家区域性废物服务公司提高利润率和投资回报率，该公司管理合伙人兼投资组合经理周二表示。
Activist investment firm Jana Partners has built a new position in Casella Waste Systems (CWST.O) and wants the regional waste services company to improve its profit margins and returns on invested capital, the firm's managing partner and portfolio manager said on Tuesday.
这家总部位于佛蒙特州拉特兰、市值约56亿美元的公司，今年以来股价下跌约11%，过去五年股价大体持平，而竞争对手表现更好。
The Rutland, Vermont-headquartered company, which has a market value of roughly $5.6 billion, has had its shares fall around 11% this year and has traded roughly flat over the past five years while competitors have performed better.
Jana管理合伙人兼投资组合经理Scott Ostfeld在纽约举行的13D Monitor Active-Passive Investor Summit（13D Monitor主动-被动投资者峰会）上表示：“提高利润率和运营执行力可以推动资本回报，重启其极具吸引力的增长飞轮，并释放Casella被低估的估值。”
"Improving margins and operational execution can drive returns on capital, reignite its attractive growth flywheel and unlock Casella’s discounted valuation," Jana managing partner and portfolio manager Scott Ostfeld said at the 13D Monitor Active-Passive Investor Summit in New York.
Ostfeld同时表示，其受抑制的估值和在美国东北部的强势地位，可能使Casella成为买家的吸引目标。
At the same time, its depressed valuation and strong position in the northeastern United States could make Casella an attractive target for buyers, Ostfeld said.
Casella是公开市场上为数不多的区域性固废公司之一。收购废物处理企业一直是私募股权和基础设施基金（包括Blackstone、EQT、Ares和TPG）以及大型行业买家（包括Waste Management (WM.N)和GFL Environmental）热门的投资主题。Casella未立即回应置评请求。
Casella is one of the last remaining regional solid waste companies in the public market. Buying up waste businesses has been a popular investment theme for private equity and infrastructure funds including Blackstone, EQT, Ares and TPG, and for larger industry buyers including Waste Management (WM.N) and GFL Environmental. Casella did not immediately respond to a request for comment.
这家五十年前凭一辆垃圾车起家的公司，一直难以改善利润率并整合其有史以来最大规模的收购。2023年，它以5.25亿美元从GFL Environmental (GFL.TO)收购了大西洋中部地区的废物资产。
The company, which was founded five decades ago with a single garbage truck, has struggled to improve its margins and integrate its largest-ever acquisition. In 2023, it bought mid-Atlantic waste assets from GFL Environmental (GFL.TO) for $525 million.
Ostfeld表示，该对冲基金现在希望Casella更好地将薪酬与股东价值挂钩，并公开承诺到2029年实现27%的息税折旧摊销前利润（EBITDA）利润率。该公司报告的截至2026年6月30日季度利润率为22.7%。
Now the hedge fund wants Casella to better align its compensation with shareholder value and to publicly commit to achieving 27% earnings before interest, taxes, depreciation and amortization (EBITDA) margins by 2029, Ostfeld said. The company reported a margin of 22.7% for its quarter ended June 30, 2026.
为了提升业绩并更好地跟上公开上市竞争对手的步伐，奥斯特费尔德表示，Casella 应聘请一家绩效改进咨询公司，这是 Jana 此前也曾在薯条制造商 Lamb Weston (LW.N) 推动的举措。Lamb Weston 已公开承诺削减数亿美元成本。
To improve performance and better keep pace with its public rivals, Ostfeld said Casella should hire a performance improvement consulting firm, something Jana also pushed for at French fry maker Lamb Weston (LW.N). Lamb Weston has committed publicly to cutting hundreds of millions of dollars in costs.
Jana 是该行业最多产的行动主义投资者之一，最近呼吁支付公司 Fiserv 与软件供应商 Palantir 合作，以加速其自身的技术转型计划。
Jana is one of the industry's most prolific activist investors and recently called on payments company Fiserv to work with software provider Palantir to speed up its own technology transformation program.