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    Henry Chien • Truist Securities

    Henry Chien is a Vice President and Senior Equity Analyst at Truist Securities, specializing in coverage of business services and education companies such as Strayer Education, Devry Education, and MSCI. With a value concentration strategy, he delivers targeted investment calls and has been recognized for influential recommendations, such as his widely covered bullish stance on MSCI. Chien began his career at TABB Group focusing on market structures, moved to BMO Capital Markets as part of an award-winning research team, and later joined Truist Securities where he continues his client work with major hedge funds and asset managers. He holds professional credentials in securities analysis and maintains active FINRA registration, regularly cited in financial publications and known for in-depth sector expertise.

    Henry Chien's questions to Waste Connections Inc (WCN) leadership

    Henry Chien's questions to Waste Connections Inc (WCN) leadership • Q2 2025

    Question

    Henry Chien, on for Toby Salmer from Truist, asked about the typical timeline for tuck-in acquisitions to reach company-average margins and whether this timeline has changed with the recent increase in M&A activity.

    Answer

    CEO Ronald Mittelstaedt explained that the timeline varies by deal size. A small, true tuck-in can reach company-average margins in 12-18 months by consolidating routes and facilities. A larger, stand-alone acquisition might take 3-4 years or more to integrate and improve its margin profile, which can start significantly below the corporate average.

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