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Cleanaway Waste Management Ltd ASX:CWY

Margin Expansion Free Cash Flow Infrastructure Services

3 opened or increased4 held0 reduced or exitedlatest position by manager, past 12 months90 days: 2 increased, 0 reduced. 9 managers in total.

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20252026

11 Feb 2025 to today

Commentary Showing 2 of 30

DateManagerActionSummary

12 Oct 2026Pendal GroupHeldPendal Group notes Cleanaway Waste Management rose 6.6% after an update on the EQT Infrastructure takeover bid indicated nothing had arisen in due diligence likely to stop it proceeding. EQT does not intend to vary the terms and has committed to proceed with the potential transaction at a price no less than the indicative offer. Pendal observes that while this does not guarantee the takeover will occur, it further reduces deal risk, and the stock has narrowed its discount to the offer price to around 12% as confidence in completion of the acquisition of the waste management company improves.

Newsletter, price recorded $2.66

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6 Oct 2026Pendal GroupHeldPendal Group continues to hold Cleanaway Waste Management Ltd (ASX: CWY), whose shares were unchanged after the company said bidder EQT had provided written reconfirmation that nothing found in due diligence would cause it to change the terms of its takeover bid. EQT also indicated it did not plan to make any changes to the bid. Pendal notes that despite this reassurance, the market remains sceptical that the transaction will proceed, with Cleanaway trading at a 16% discount to the bid price.

Newsletter, price recorded $2.66

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28 more comments on CWYPro shows every comment, with a link to each source document.

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Price at first mentionThe share price recorded when each of 9 managers first commented on CWY.

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Articles

About Cleanaway Waste Management Ltd

Industrials, Commercial Services and Supplies

Cleanaway Waste Management (ASX:CWY) attracted a private equity bid that fund managers believe undervalues the business. In August 2026, Pendal Group reported Cleanaway received a non-binding takeover proposal at a 32% premium from EQT Infrastructure, with the board supporting the bid subject to due diligence. First Samuel, which holds Cleanaway as its largest position, argued the $3.13 per share offer is at least 10% too low, while Investors Mutual highlighted its roughly 40% market share and a valuation that had fallen about 30%. Cleanaway operates in the Industrials sector within the Commercial Services and Supplies industry, and Thesis Tracker has captured 27 comments from 9 fund managers, including Pendal Group, First Samuel and Investors Mutual. Headquartered in Melbourne, Cleanaway is Australia's largest waste management company, providing collection, recycling, landfill, liquid waste and industrial services through a national network of trucks and infrastructure.

Market cap: $5.9b
Price to earnings: 60.5x
Return on equity: 3.2%
Dividend yield: 2.7%
Price to book: 1.98x
Net margin: 2.2%
52-week range: $2.14 to $2.90

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Cleanaway Waste Management Ltd (ASX:CWY)?

Fund managers including Cooper Investors, Equity Trustees Asset Management, Investors Mutual Limited, Pendal Group, Paradice Investment Management, Ellerston Capital, Wilson Asset Management, First Samuel and Pengana Capital Group have invested in Cleanaway Waste Management Ltd (ASX:CWY).

What opportunities or catalysts do fund managers highlight for Cleanaway Waste Management Ltd?

Fund managers highlight the EQT Infrastructure takeover proposal, which values Cleanaway at around $9.4 billion including debt, and the strategic value of its national network of waste infrastructure. Investors Mutual sees a dominant, consolidated market position and attractive valuation after a 30% de-rating.

What are the key risks to the Cleanaway Waste Management Ltd investment thesis, according to fund managers?

First Samuel believes EQT's offer is too low and could deliver insufficient value to shareholders, while the deal remains non-binding. Pendal noted Cleanaway downgraded FY27 guidance due to higher transformation costs and softer project demand in landfills and industrial services.

What does Cleanaway Waste Management Ltd (ASX:CWY) do?

Cleanaway Waste Management Ltd., headquartered in Melbourne, Australia, provides total waste management, industrial, and environmental services. Founded in 1987, the company operates through three segments: Solid Waste Services, focusing on collection, recovery, and disposal; ETS-Industrial Services, providing cleaning, maintenance, and excavation for resources and infrastructure markets; and ETS-Oils, Technical, and Health Services. The latter manages hazardous and non-hazardous liquids, hydrocarbons, chemical waste, and e-waste, while offering critical disposal and treatment services for the healthcare sector, including medical, pharmaceutical, and quarantine waste.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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