pros and cons, page-18

Operating cash flows excluding new purchases of PDLs for CCP HY15 = $117m
Operating cash flows excluding new purchases of PDLs for CLH HY15 = $33m

PDL collections for CCP for the half year to 31 Dec 15 were over twice as much as CLH. The CCP carrying value for PDLs is $192m at the same date and $260m for CLH. My multiple analysis indicates to me the longer term margins earned on PDLs by CCP are better than CLH (also backed up by historical cash flows). I'm hardly surprised that a price to book ratio appears significantly better for CLH, but I personally believe that is due to differences in accelerated amortisation for CCP (read lower asset value on the books) and too slow amortization for CLH. The  market valuation would indicate the market already knows this and is not fooled....

A comparison between the two companies on price to book, and PE ratio for that matter, I personally believe is quite misleading at best in this particular case. For example CCP has a much larger payment arrangement book (i.e. debts that are currently paying). CLH has higher collection costs per dollar collected and doesn't collect as much cash per dollar invested. CLH has funded more of its acquisitions with debt......

DYOR just my rambling thoughts