Ann: Final Director's Interest Notice - Lev Mizikovsky, page-52

@showmethe$$$ - you are right to suggest that CLH appears undervalued on market metrics alone (P/E ratio, dividend yield etc), but there are other factors to consider which impact the share price - notably the resignation of two directors in quick succession shortly before half year earnings due to be reported (on 21st February) appears to have spooked the market.

@Madtrader - the potential for accounting shock certainly exists as your calculations imply. There is no industry standard way to value a PDL asset, so it all comes down to developing a suitable model and having it pass audit. Given that CLH has had three CFOs in less than a year, all may not be as it seems on the finance side. But as always, DYOR.