Trying to understand CLH

Hey guys,

I've sat on the sidelines watching this one for many years, I'm a value-based investor, this security presents itself as potentially the greatest value proposition on the ASX today. So what's going on?

Book value - .6 ($1.65)
ROE - 14.1%
Cash - 54.1 million
Operating profit - 51.3 million
And of course, paying income (if you're into that).

All very decent numbers that most listed companies aren't achieving.

Most of these figures are roughly 50% of its closest listed competitor Credit Corp Group (CCP), however, while CCP has taken off from .40 to $33 in the last 12 years. Collection House seems to have just made decent cash, paid a solid income and sat for the most part stagnate.

So I guess my question is for those that have followed this company, why does that market neglect these above-average returns? Do you put this down to poor management, over-diversification or something else?

Without this missing piece, I find it hard to press the buy button even at these types of valuations.

Appreciate your feedback in advance.