Ann: Collection House Limited (CLH) Market Update-CLH.AX, page-15

Incidentally if I believed that CLH would overtime actually produce a multiple on its PDLs equal to the 2.4 times indicated by it's last few periods earnings statements, then I could perhaps get to a valuation around $1.40-1.60.

I suppose what I'm saying is that I don't believe over time that a multiple of 2.4 will be achieved based on their performance to date; even allowing for improvements that seem outside of how they have performed over a number of years. None of us have a crystal ball, but that I think is a key point for conjecture in CLHs valuation and where risk lies.

If anyone has mapped cash flow data based on longer trends that is different to what I have posted before I would be keen to see it and understand where differences in assumptions lie.