The 1H19 underlying PBT of $4.1m (and $4.8m if we back out amortisation) was in line with CLX’s earlier update. With more detail available, we reviewed and adjusted our forecasts for group revenue higher, and margin lower, but it has resulted in little change to our prior group EBITDA numbers. We maintain CLX is well positioned to benefit from a WA recovery in time, and we retain a BUY call on an unchanged $1.25 valuation.
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.
