Phil Fisher (Common Stocks and Uncommon Profits) talks about the best time to buy an industrial stock - when a new plant has been built, but before it is fully debottlenecked and settled. ie when capex has just been fully sunk, opex is higher than it would normally be due to debottlenecking costs and revenue potential hasn't yet been recognised by the market. This looks like CLH's Collection Services situation to me.
Ann: 1H17 Results Presentation, page-13
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