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CTI Logistics Limited (CLX) - Across The Nullarbor

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The $7.5m acquisition of Jayde Transport fits with CLX’s intention to build a national transport and logistics business. It is strongly accretive given a compelling EBITDA acquisition multiple of 3.2x. We anticipate a slowly reviving WA economy to be reflected in west coast earnings over time, while an increasing east coast exposure expands CLX’s footprint and provides stability. We believe CLX is building a solid platform off which to grow, is ably led by an experienced management team, and is trading on undemanding multiples. We maintain a buy call on a revised valuation of $1.60 (prior $1.50).

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