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Is NVRI a good stock to buy? We came across a bullish thesis on Enviri Corporation on Valueinvestorsclub.com by martin92. In this article, we will summarize the bulls’ thesis on NVRI. Enviri Corporation's share was trading at $19.44 as of April 28th. NVRI’s trailing P/E was 143.91 according to Yahoo Finance.

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Enviri Corporation provides environmental solutions for industrial and specialty waste streams in the United States and internationally. NVRI is an industrial services company operating across three segments: Harsco Environmental (44% of 2025E revenue), Harsco Rail (12%), and Clean Earth (44%), with exposure to steel production services, rail infrastructure maintenance, and hazardous waste treatment.

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The investment case is centered on a transformative corporate action following the announced sale of Clean Earth to Veolia at a valuation near the high end of precedent transactions, with expected cash proceeds of $14.50–$16.50 per share.

Management guidance, coupled with contractual protections and lack of financing contingency, supports expectations that proceeds will likely trend toward the upper end of this range, with closing anticipated in mid-2026. A $150mm reverse termination fee further limits downside in case of regulatory issues, reinforcing deal certainty.

Following the divestiture, Enviri will be split into a standalone entity (“SpinCo”) comprising Harsco Environmental and Harsco Rail. Despite recent share price appreciation, the stock remains mispriced due to uncertainty around final cash proceeds and temporarily depressed earnings in SpinCo segments.

The Environmental business is positioned to benefit from recovering steel volumes and favorable European regulatory shifts, including CBAM-driven import constraints, which strengthen domestic steel production and service demand. Rail operations, meanwhile, are entering a recovery phase as capital spending cycles normalize and legacy fixed-price ETO contract losses roll off, with cash flow inflecting positively from 2027 onward.

On a normalized basis, SpinCo is expected to generate approximately $240mm EBITDA by 2028, yet is implied to trade at only 2–3x this level post-transaction. Applying a conservative 7x multiple suggests SpinCo value approaching $16 per share, with total value of $32–$33 per share versus a current price near $19. This reflects a highly asymmetric setup with limited downside of roughly 13% and potential upside exceeding 70%, driven by asset separation, earnings recovery, and potential further strategic optionality.

Previously, we covered a bullish thesis on Waste Management (WM) by Francesco Ferrari in April 2025, which highlighted its durable pricing power, strong margins, and steady compounding within essential waste services. WM’s stock price has depreciated by approximately 1.54% since our coverage. Kairos Research shares a similar view but emphasizes NVR’s contrasting capital-light, land-light homebuilding model, disciplined buybacks, and cyclical resilience as the core drivers of long-term value creation.

Enviri Corporation is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held NVRI at the end of the fourth quarter which was 26 in the previous quarter. While we acknowledge the risk and potential of NVRI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NVRI and that has 10,000% upside potential, check out our report about this cheapest AI stock.

Disclosure: None.