revisiting investment thesis, page-111

GrayLynchEtt,

My source of the valuation multiples at which waste multiple businesses have transacted in recent times was a broker report which was published at about the time that the sale of TPI's New Zealand business was being finalised.

The author of the report maintained a database of transactions and their metrics, and he published what I assume was a summary of that database.

It contained a listing of deals conducted in the waste management space over the preceding five years.

I tried to locate the report for you, but unfortunately it's shelf life on the broker's web page appears to have expired.

On Dulux, I thought the result was another typical high-quality Dulux result, with good operating leverage evident in the P&L, but in deference to TPI followers, I will provide my sixpence worth on the DLX thread.