The market value of CLX’s owned properties is $134M, well above the book value of $92M. In our view the value of these hard assets is not reflected in the share price. We introduce a new valuation measure which captures the property value via a notional property sale & leaseback scenario. This calculation, explained in this note, lifts our blended valuation to $2.50 (prior $2.25), firmly underpinning our BUY call.
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