Ann: CLH Reports First Half Results 1H18, page-9

@kordzik IMO the market is not realising the medium term (2-5yr) effects of a slow down in PDL purchasing... The headline numbers are 100% flat, so anyone that does not fully understand how CLH make their money would think these numbers are average...

For those that understand that EBITDA is flat on falling PDL purchases - these number are strong. The uptick in PDL purchasing could result in a substantial increase in EBITDA in the next 2yrs, particularly if they can continue to drive up the collection rate.

And from a supply vs. demand front - surely if the banks are flooding the collection businesses they will be paying less comparably for PDL in the coming year??? I am not sure on this, but a possibility.