Tox Free Solutions’ 1H17 Result Misses Due To Resource Weakness; Cutting FVE to AUD 2.60
We cut our fair value to AUD 2.60 from AUD 2.90 per share, following the interim 2017 result. First-half 2017 NPAT of AUD 10.4 million (down 21%) missed our estimates by 10% and was impacted by a disappointing performance from the resource-related waste division and lower-than-expected earnings from the Worth acquisition. We expect pressure on resource-related earnings to continue in second-half 2017 before recovering slightly in 2018 as customers lift capital expenditure. We cut our EPS by 15% ...Tox Free Solutions is engaged in the provision of industrial cleaning and waste management. Co. has three main business segments: Waste Services, Industrial Services, and Technical and Environmental Services. The Waste Services segment includes the collection, resource recovery, recycling and disposal of solid, industrial, municipal and commercial wastes. The Industrial Services segment provides onsite industrial cleaning to the oil and gas, mining, heavy manufacturing, civil infrastructure, municipal and utilities sectors. The Technical and Environmental Services segment comprises a national network of liquid and hazardous waste management facilities throughout Australia.
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