<p>在 2015 年初購買 <strong>特斯拉</strong>、<strong>Strategy</strong>（前稱 MicroStrategy）和 <strong>亞馬遜</strong> 的股票，將是任何投資者能夠做出的最偉大的決定之一。對這三家公司各投資 10,000 美元，現在的價值分別超過 150,000 美元、147,000 美元和 124,000 美元。換句話説，這個簡單的三隻股票組合在短短 10 年多一點的時間裏，從 30,000 美元增長到超過 420,000 美元。</p>
<p>然而，在此期間，有一個單隻股票組合的表現超過了這個三隻股票組合。如果你投資 10,000 美元購買 <strong>Casella Waste Systems</strong>（CWST 1.07%）的股票，今天你將擁有 269,000 美元。</p>
<p>在過去 10 年中，Casella 的股票上漲了近 2600%，在過去五年中上漲了 123%，在過去一年中上漲了 16%。這隻鮮為人知的股票繼續大幅超越市場。</p>
<p>需要明確的是，Casella 確實是一隻鮮為人知的股票。只需考慮一下它的專業覆蓋情況。許多知名分析師定期對特斯拉、Strategy 和亞馬遜等頂級股票進行評論。但在 TipRanks 跟蹤的分析師中，最近只有五位對 Casella 發表了看法。</p>
<p>鑑於其在市場上大幅超越的記錄以及持續低調的能力，Casella Waste Systems 是一家我無法抗拒深入研究的公司。</p>
<h2>Casella Waste Systems 如何賺錢</h2>
<p>對於熟悉 <strong>WM</strong>（前稱 Waste Management）的投資者來説，Casella 是一項簡單的業務。它提供住宅和商業垃圾服務，包括收集垃圾、轉運到垃圾填埋場、回收等。該公司在 10 個相鄰州運營，其中五個位於新英格蘭地區。</p>
<p>在 2024 年，Casella 通過收集垃圾產生了 9.62 億美元的收入，同比增長 35%。這一部分佔其總收入的 62%，是業務中最大的部分。但請對這一增長率持保留態度，因為公司在 2024 年進行了八項收購。</p>
<p>實際上，合併和收購是 Casella 增長戰略的主要組成部分。畢竟，這種業務在成熟市場中客户基礎有限。通過提高價格也只能增長到一定程度。而且全國每個市場都有垃圾解決方案。</p>
<p>然而，垃圾收集是一項優秀的業務，因為它在很大程度上具有抗衰退能力——無論經濟狀況如何，社區仍然會產生垃圾。此外，這項業務通常在其運營的地區對競爭具有抵抗力。</p>
<p>擁有垃圾填埋場的公司也有競爭壁壘，因為這是一個受監管的領域，新場地難以獲得。截至 2024 年底，WM 擁有 262 個垃圾填埋場，使其成為全國最大的參與者。</p>
<p>就 Casella 而言，它只有八個垃圾填埋場——規模顯著較小。但在該公司的轄區內，垃圾填埋場相對較少，許多垃圾需要運出州外。這使得它擁有的八個垃圾填埋場非常有價值。這意味着 Casella 能夠定期提高價格。</p>
<h2>Casella Waste Systems 的股票值得購買嗎？</h2>
<p>為了簡潔起見，我認為如果 Casella Waste Systems 繼續增長、利潤改善，並且股票可以以有吸引力的估值購買，那麼它的股票可能是一個不錯的投資。我將逐一考慮每個要點。</p>
<p>Casella 現有的收入來源是可預測的，因為它在服務區域簽訂了長期合同。它可以通過持續的價格上漲實現低個位數的增長。但最大的增長潛力將來自收購。</p>
<p>在過去三年中，Casella 收購了 29 家公司，花費 14 億美元。雖然通常對增長型收購戰略持懷疑態度，但在這裏可能是個好主意。首先，這些企業的售價往往比炫目的科技股合理得多。此外，通過收購相鄰地區的類似企業，Casella 可以提高效率並改善盈利能力。</p>
<p>我預計 Casella 在 2025 年及以後會有更多收購。如果利潤改善，這可能是件好事。此外，公司確實還有其他提升利潤率的在建項目，例如升級設施。</p>
<p>因此，Casella 可以在長期內實現收入和利潤的增長，即使增幅適中。至於第三個考慮，股票的交易估值略高於正常水平，如圖所示。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/41b46a4b1fa32ad7b00049e1936d968f.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/41b46a4b1fa32ad7b00049e1936d968f.png"/></p>
<p>CWST EV 與 EBITDA 數據來源於 YCharts</p>
<p>作為一家增長較慢的公司，我認為投資者應該關注 Casella 股票的估值。我認為大約 15% 的回調將使股票回到更具吸引力的水平。</p>
<p>這對今天的投資者來説可能是個好消息。<strong>標準普爾 500 指數</strong>（^GSPC -1.39%）突然接近修正區域。在市場恐慌時期，像 Casella 這樣極其穩定、可靠的企業往往會降價。這隻股票在之前的市場修正中回調了 20%，我不會感到驚訝如果這再次發生。</p>
<p>Casella Waste Systems 的股票在市場上有着令人難以置信的超越回報記錄。這些公司在降價時尤其值得購買。而降價可能就在眼前。</p>

Casella廢物處理系統

<p>Casella 廢物處理系統在過去十年中表現顯著優於特斯拉和亞馬遜等主要股票，增長了 2600%。該公司在 2024 年的收入為 9.62 億美元，主要來自垃圾收集，並且其增長戰略側重於收購。儘管該股票目前的估值較高，但如果利潤改善且股價變得更具吸引力，可能是一個不錯的投資。Casella 的商業模式具有韌性，受益於長期合同和其運營領域內有限的競爭</p>

<p>Buying shares of <strong>Tesla</strong>, <strong>Strategy</strong>(formerly known as MicroStrategy), and <strong>Amazon</strong> at the beginning of 2015 would have been one of the greatest decisions any investor could have ever made. A $10,000 investment in each of these companies would now be worth over $150,000, $147,000, and $124,000, respectively. In other words, this simple three-stock portfolio would have gone from $30,000 to over $420,000 in just a little over 10 years.</p>
<div class="lb-trans"><p>在 2015 年初購買 <strong>特斯拉</strong>、<strong>Strategy</strong>（前稱 MicroStrategy）和 <strong>亞馬遜</strong> 的股票，將是任何投資者能夠做出的最偉大的決定之一。對這三家公司各投資 10,000 美元，現在的價值分別超過 150,000 美元、147,000 美元和 124,000 美元。換句話説，這個簡單的三隻股票組合在短短 10 年多一點的時間裏，從 30,000 美元增長到超過 420,000 美元。</p>
</div><p>However, there was a one-stock portfolio that outperformed this three-stock portfolio during this time. If you invested $10,000 in shares of <strong>Casella Waste Systems</strong>(CWST 1.07%), you'd have $269,000 today.</p>
<div class="lb-trans"><p>然而，在此期間，有一個單隻股票組合的表現超過了這個三隻股票組合。如果你投資 10,000 美元購買 <strong>Casella Waste Systems</strong>（CWST 1.07%）的股票，今天你將擁有 269,000 美元。</p>
</div><p>Not only is Casella stock up nearly 2,600% in the last 10 years, it's also up 123% over the past five years and up 16% in the past year. This little-known stock just continues to crush the market.</p>
<div class="lb-trans"><p>在過去 10 年中，Casella 的股票上漲了近 2600%，在過去五年中上漲了 123%，在過去一年中上漲了 16%。這隻鮮為人知的股票繼續大幅超越市場。</p>
</div><p>And to be clear, Casella <em>is</em> a little-known stock. Just consider how it's covered professionally. There are dozens of prominent analysts providing regular commentary for top stocks such as Tesla, Strategy, and Amazon. But among the analysts tracked by TipRanks, only five have recently weighed in on Casella.</p>
<div class="lb-trans"><p>需要明確的是，Casella 確實是一隻鮮為人知的股票。只需考慮一下它的專業覆蓋情況。許多知名分析師定期對特斯拉、Strategy 和亞馬遜等頂級股票進行評論。但在 TipRanks 跟蹤的分析師中，最近只有五位對 Casella 發表了看法。</p>
</div><p>Given its track record of crushing the market and its ongoing ability to fly under the radar, Casella Waste Systems is a company that I couldn't resist digging deeper.</p>
<div class="lb-trans"><p>鑑於其在市場上大幅超越的記錄以及持續低調的能力，Casella Waste Systems 是一家我無法抗拒深入研究的公司。</p>
</div><h2>How Casella Waste Systems makes money</h2>
<div class="lb-trans"><h2>Casella Waste Systems 如何賺錢</h2>
</div><p>For investors familiar with <strong>WM</strong> (formerly known as Waste Management), Casella is a straightforward business. It provides residential and commercial garbage services, picking it up, transferring it to landfills, recycling it, and more. The company operates in 10 adjacent states, five of which are in the New England region.</p>
<div class="lb-trans"><p>對於熟悉 <strong>WM</strong>（前稱 Waste Management）的投資者來説，Casella 是一項簡單的業務。它提供住宅和商業垃圾服務，包括收集垃圾、轉運到垃圾填埋場、回收等。該公司在 10 個相鄰州運營，其中五個位於新英格蘭地區。</p>
</div><p>In 2024, Casella generated revenue of $962 million by collecting trash, which was up 35% year over year. This segment accounted for 62% of its total revenue, which makes this the biggest part of the business. But take this growth rate with a grain of salt, because the company made eight acquisitions in 2024.</p>
<div class="lb-trans"><p>在 2024 年，Casella 通過收集垃圾產生了 9.62 億美元的收入，同比增長 35%。這一部分佔其總收入的 62%，是業務中最大的部分。但請對這一增長率持保留態度，因為公司在 2024 年進行了八項收購。</p>
</div><p>Indeed, mergers and acquisitions are a main component of Casella's growth strategy. After all, this kind of business has a limited customer base in established markets. It can also only grow so much by raising prices. And every market in the country already has a trash solution.</p>
<div class="lb-trans"><p>實際上，合併和收購是 Casella 增長戰略的主要組成部分。畢竟，這種業務在成熟市場中客户基礎有限。通過提高價格也只能增長到一定程度。而且全國每個市場都有垃圾解決方案。</p>
</div><p>However, trash collection is an excellent business because it's largely recession-resilient -- communities continue to create garbage regardless of economic conditions. Moreover, this business is usually resistant to competition within the areas that it operates.</p>
<div class="lb-trans"><p>然而，垃圾收集是一項優秀的業務，因為它在很大程度上具有抗衰退能力——無論經濟狀況如何，社區仍然會產生垃圾。此外，這項業務通常在其運營的地區對競爭具有抵抗力。</p>
</div><p>Companies that own landfills also have a competitive moat because it's a regulated space, and new sites are hard to come by. WM owns 262 landfill sites as of the end of 2024, making it the largest player in the country.</p>
<div class="lb-trans"><p>擁有垃圾填埋場的公司也有競爭壁壘，因為這是一個受監管的領域，新場地難以獲得。截至 2024 年底，WM 擁有 262 個垃圾填埋場，使其成為全國最大的參與者。</p>
</div><p>For its part, Casella only has eight landfills -- significantly smaller. But there are relatively few landfills in the company's territory, with much of the trash needing to be shipped out of state. It makes the eight landfills that it does have quite valuable. And it means that Casella is able to regularly raise prices.</p>
<div class="lb-trans"><p>就 Casella 而言，它只有八個垃圾填埋場——規模顯著較小。但在該公司的轄區內，垃圾填埋場相對較少，許多垃圾需要運出州外。這使得它擁有的八個垃圾填埋場非常有價值。這意味着 Casella 能夠定期提高價格。</p>
</div><h2>Is Casella Waste Systems stock a buy?</h2>
<div class="lb-trans"><h2>Casella Waste Systems 的股票值得購買嗎？</h2>
</div><p>For the sake of brevity, I believe that Casella Waste Systems stock could be a good investment if it continues to grow, profits improve, and shares can be purchased at an attractive valuation. I'll consider each point in turn.</p>
<div class="lb-trans"><p>為了簡潔起見，我認為如果 Casella Waste Systems 繼續增長、利潤改善，並且股票可以以有吸引力的估值購買，那麼它的股票可能是一個不錯的投資。我將逐一考慮每個要點。</p>
</div><p>Casella's existing revenue stream is predictable, since it signs long-term contracts in its service areas. It can achieve low-single-digit growth with ongoing price increases. But the greatest growth potential would come from acquisitions.</p>
<div class="lb-trans"><p>Casella 現有的收入來源是可預測的，因為它在服務區域簽訂了長期合同。它可以通過持續的價格上漲實現低個位數的增長。但最大的增長潛力將來自收購。</p>
</div><p>Over the past three years, Casella has acquired 29 companies for $1.4 billion. While it's usually a good idea to be skeptical of the growth-by-acquisition strategy, it can be a good idea here. For starters, these businesses tend to sell for far more reasonable prices than flashier tech stocks. Moreover, by acquiring similar businesses in adjacent regions, Casella can get more efficient and improve profitability.</p>
<div class="lb-trans"><p>在過去三年中，Casella 收購了 29 家公司，花費 14 億美元。雖然通常對增長型收購戰略持懷疑態度，但在這裏可能是個好主意。首先，這些企業的售價往往比炫目的科技股合理得多。此外，通過收購相鄰地區的類似企業，Casella 可以提高效率並改善盈利能力。</p>
</div><p>I would expect more acquisitions from Casella in 2025 and beyond. And it could be a good thing if profits improve as well. Moreover, the company does have other margin-accretive works in progress, such as upgrading facilities.</p>
<div class="lb-trans"><p>我預計 Casella 在 2025 年及以後會有更多收購。如果利潤改善，這可能是件好事。此外，公司確實還有其他提升利潤率的在建項目，例如升級設施。</p>
</div><p>Therefore, Casella can grow its top and bottom line long term, even if gains are modest. To the third consideration, the stock is trading at a slightly higher-than-normal valuation, as the chart shows.</p>
<div class="lb-trans"><p>因此，Casella 可以在長期內實現收入和利潤的增長，即使增幅適中。至於第三個考慮，股票的交易估值略高於正常水平，如圖所示。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/41b46a4b1fa32ad7b00049e1936d968f.png" alt="" original-src="https://media.ycharts.com/charts/41b46a4b1fa32ad7b00049e1936d968f.png"/></p>
<p>CWST EV to EBITDA data by YCharts</p>
<div class="lb-trans"><p>CWST EV 與 EBITDA 數據來源於 YCharts</p>
</div><p>Being a slower-growth company, I believe that investors should be mindful about the valuation of Casella stock. I would think that roughly a 15% pullback would bring shares to more attractive levels.</p>
<div class="lb-trans"><p>作為一家增長較慢的公司，我認為投資者應該關注 Casella 股票的估值。我認為大約 15% 的回調將使股票回到更具吸引力的水平。</p>
</div><p>This could actually be good news for investors today. The <strong>S&amp;P 500</strong>(^GSPC -1.39%) is suddenly approaching correction territory. During times of market panic, incredibly stable, reliable businesses such as Casella often go on sale. This stock has pulled back 20% in previous market corrections, and I wouldn't be surprised if it happened again.</p>
<div class="lb-trans"><p>這對今天的投資者來説可能是個好消息。<strong>標準普爾 500 指數</strong>（^GSPC -1.39%）突然接近修正區域。在市場恐慌時期，像 Casella 這樣極其穩定、可靠的企業往往會降價。這隻股票在之前的市場修正中回調了 20%，我不會感到驚訝如果這再次發生。</p>
</div><p>Casella Waste Systems stock has an incredible track record of market-crushing returns. These are the kinds of companies that can be especially good buys when they go on sale. And a sale could be right around the corner.</p>
<div class="lb-trans"><p>Casella Waste Systems 的股票在市場上有着令人難以置信的超越回報記錄。這些公司在降價時尤其值得購買。而降價可能就在眼前。</p>
</div>

Meet the Monster Stock That Continues to Crush the Market -- Even Outperforming Top Stocks Such as Tesla, MicroStrategy, and Amazon

- 投資 Casella Waste Systems 股票的回報率遠超特斯拉和亞馬遜等公司。  
- 2024 年，Casella 收入達 9.62 億美元，同比增長 35%。  
- 該公司通過收購擴展業務，未來有望繼續增長。  

認識一下這隻繼續碾壓市場的怪獸股票——甚至表現優於特斯拉、MicroStrategy 和亞馬遜等頂級股票