). “The company's 4Q10 results and 2011 outlook bring credibility to CVA's robust FCF and new capital allocation philosophy – growth is a core focus but not mindlessly,” Wunderlich Securities writes. “To that end $95mm of $150mm share repurchase is done. With $135mm to $185mm in 2011 net FCF plus another $100mm plus from asset sales, lots of stock could be bought back in 2011. “Look for an extension of the plan in 1H11. In addition, understanding the annual ups and downs of the company's FCF requires more transparency around project debt. To that end, details about this are now available for 2011 and should be in the 10K for the out years.” Covanta Holding Corporation closed Wednesday at $17.47.