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TOX Free Solutions (TOX) - Working Off A lower Base

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While FY17 EBITDA of $82.8m was in line, the guidance for FY18 was well below our prior expectations. As a result, although we believe TOX has a solid, diversified base off which to grow, this base is lower than we had previously thought. Our FY18 and FY19 EBITDA forecasts are 7% and 12% lower than prior, and this has impacted our valuation and recommendation. We downgrade to hold (prior buy) on an amended valuation of $2.15 (prior $2.50).

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