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MEG - Montrose Environmental Group: Interesting IPO
Media General Inc.
Montrose Environmental Group (MEG) has gone public in an offering which went well with shares up 50% on their opening day despite a soft pricing process. The company is basically an acquisition play on the fragmented market for environmental services.
While the ''core'' businesses do not look very profitable, the company still shows resilient growth. A recent deal looks compelling, although all these deals and related costs, Covid-19 and leverage make the situation uncertain. All this uncertainty is not compelling enough to initiate a position here and now, yet the situation is interesting