Another broker downgrade, this time from CLH's "house broker"....

Another broker downgrade, this time from CLH's "house broker". Like other brokers who have also moved to SELL, it points to poor cash metrics and high leverage - symptoms which got peer PNC into a world of trouble (and growing). Morgans value the CH PDL book at just $285m, a huge discount to the book value, which now assumes a return of nearly 4 times investment (compared to ~2x average actual return in market or nearer 1x valuation used by CCP).