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CTI Logistics Limited (CLX) - Patience Will Be Rewarded

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We believe we are currently witnessing the trough in CLX’s earnings. We have attempted to estimate reasonable mid-cycle WA revenue and earnings, and think CLX can generate group EBITDA of $21m+ in a more normal operating environment. An EV that is ~5x this number is undemanding, especially if we adjust for unused land at Hazelmere (we estimate worth ~$25m). Our buy call is based on significant value on a long term view.

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