@Pioupiou
I have a question on something you wrote a while back:
Profit Recognition. The way profits are created in this business substantially relies on managerial subjectivity, and I have always looked at PDL Amortisation relative to Collections as a guide. CCP's ratio was something like 47% for many years, and CLH's was circa 42%. This suggests that CCP was delaying profit recognition to give itself leeway to handle problem periods, of which I approve, and CLH was not. I'll not sully my typing finger by writing about the exceptionally low amortisation/collection ratio of another company in the sector. The problem with Profit Recognition being too generous is that Profit growth often is the basis for huge bonuses. An engineered NPAT improvement sends the SP north, which allows the top nobs to sell, and skip out. This is what I understand happened at CLH in 2015, or thereabouts, and perhaps again recently.
What does PDL Amortisation refer to above? Do you mean the revenue line item on the P&L or something else? Using the revenue line item I get nowhere near this ratio for CCP.
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