Weakness in Bingo, page-13

Bingo are forecasting a $7m increase to EBITDA if Qld introduces a levy. The explanation is set out in their FY17 presentation on slide 23.

Apparently, higher tipping costs should be offset by higher recycling fees (these are 'pegged to landfill rates' which seem to go up as a result of Qld levy) and increased recycling market share (due to Bingo's higher recycling percentage, allowing customers to have to send less to land fill).

I'm not sure I believe all of the above, but maybe the increased costs will be offset by increased revenue. There is also the upside of expansion into Qld to consider. So I've decided to ignore the Qld levy as something that is neutral rather than a negative risk.