Archive - Price to Wealth Research

March 2024

The GEO Group: Beyond Private Prisons

Electronic Monitoring and Surveillance Services generated $213 million in operating income at a 50% operating margin in 2023.

Mar 24, 2024 •

Price to Wealth

Republic Services: Waste Management's More Efficient Little Brother

Despite having 56 fewer landfills, Republic only has ~3% less capacity than WM, and both companies generate roughly the same free cash flow.

Mar 10, 2024 •

Price to Wealth

Waste Management: Working With Less

WM had fewer landfills in 2023 than it did in 2009. Revenue increased 73%, FCF increased 57%, and landfill capacity in tons increased 12%.

Mar 3, 2024 •

Price to Wealth

February 2024

McDonald's: Real Estate

The company owns 57% of the land under McDonald's restaurants and 80% of all McDonald's restaurant buildings.

Feb 25, 2024 •

Price to Wealth

January 2024

Some Perspective on the BTI Writedown

In December of 2023, British American Tobacco wrote down much of the value of its U.S.

Jan 7, 2024 •

Price to Wealth

December 2023

August 2023

Nicotine as a Service (NaaS)

PMI used R&D to become a better nicotine company. Healthcare M&A could lead to distraction.

Aug 6, 2023 •

Price to Wealth

July 2023

Nicotine as a Nootropic (NaaN)

The science says that nicotine is good for mental performance and brain health.

Jul 16, 2023 •

Price to Wealth

June 2023

Philip Morris International: Capital Allocation

PMI has returned over $120 billion to shareholders since Altria spun it off in 2008.

Jun 25, 2023 •

Price to Wealth

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