Given the business closely mirrors the business cycle, CLX’s expectation for 1H19 PBT of $4.1m (below the $4.5m generated in the prior corresponding period) reflects a WA economy still struggling to turn around. While we build more conservatism into our forecasts, we still maintain CLX is well positioned to benefit from a WA recovery in time. Our blended valuation falls to $1.25 (prior $1.35) and, despite the absence of obvious shorter-term catalysts, we maintain a BUY call on the longer term outlook.
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