pros and cons, page-8

back again mt, and you have caused me all sorts of bother - cogitating, and having to look more closely at the last 10 years figures etc.

I glean you are saying that book values has been increased over this period disproportionately with cash flow , and as a result real pe's, debt to equity etc.are out of  skew with figures given...... from what I have looked at I don't see that at all......

looking at percentage increase for
cash flow/ shr. over 8 years (av. for o6 07 o8 to av. for 13 14 and 15) = 1.57 %
book value/ shr. over same 8 years .................................................... = 1.48%

ie. increases for each are consistent indicating that their has been little or no fudging upwards of the book value, and that the figures given are more likely close to accurate ......   

debt to equity has remained constant over the last 10 years varying between 70% & 80% but with a current interest cover of 6.4 times (don't  where I got my previous figure from) with d/ equity at 2015 end of FY was 70%  

return on investment is usually the same as return on equity in most cases (it is in this case)  = 13% for 2015, and when the book/ shr. is just  0.85 I just see CLH as really good value.........

happy to be corrected on any of the above .....

yup, I have had a further bid on PNC also, saw the announcement but even early in the morning it had moved up to 1.68 ....... decided not to chase it as I think it will likely drop back .........