The Company is a developer, owner and operator of infrastructure for the conversion of energy-from-waste, waste disposal and renewable energy production businesses in the United States.
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Following Jakila the Hun. The timing for this pick seems reasonable because Covanta's price recently dipped after a somewhat disappointing earnings report. Valuation is borderline. Although the price of 2 times book (or 22 times earnings) seems reasonable for a growth company like Covanta, the company has quite a bit of debt that must be paid from future cash flows. BUT- the upside is EXCITING. The company's mission of converting waste to energy makes sense at a very basic level - and surprisingly enough the company has generated decent profits in recent periods. This company could be THE NEXT BIG THING. If so, its high debt levels will be an easily surmountable issue.
I'm actually following George Soros on this one. Saw that he had initiated a position and thought it looked interesting for the same reasons you did (potential growth and upside).