Although I don't necessarily disagree that CLH seems cheap, that...

Although I don't necessarily disagree that CLH seems cheap, that view is subjective.

With a potential parliamentary review (or even a royal commission), ongoing board issues, and the ongoing rotation from mainly a PDL collection business to a combination of that plus contract collection agency, there will be some time before the market is comfortable that the firm can deliver stable earnings and has a long runway to grow.

Arguably, with a 6% yield (and ~50% payout excluding the one off PEPs), there does seem to be a margin of safety at these prices, but again this is subjective given the long tail of bad decisions you make years ago.

I am skeptical of the claim from the new chairman that this is becoming a technology company - he should look to stability the price so they are trading at a normalised PE of ~10-12 times earnings and then demonstrate 10-20% growth per annum to get to back up some claim that they are some sort of SaaS company that has a lot of operating leverage.