hi again mt / as I see it your valuation is based on the net...

hi again mt /
as I see it your valuation is based on the net assets of CLH, where as my valuation is based on profits derived from its assets ........

from commsec 2015 net assets are roughly as given by your self, p/book is 1.04 giving the current share price of $1.35 - which is within your estimated price range ....... so imo its unnecessary to go through all this cash analysis to achieve your valuation when it is based on net assets net assets ......

md I might leave my comments at this - either I am not capable of understanding your logic, or my more simplistic method which assumes that companies normally return to trade at their average mean pe's (with provisos previously given) is a a far more realistic way of calculating a valuation........