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.
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