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<ul><li>Business model CLG is returning to being a speciality packaging and resource collection and recycling business following the sale of electronics refurbishing business ISP Tek Services for $1 4m.</li><li>The packaging business specialises in flexible plastics, paper cartons and bulk bags , and has delivered consistent EBITDA at margins between 16% and 20% over the past three years , with EBITDA estimated at between $10m and $11m.</li><li>The resource recovery business specialises in the recycling and refurbishment of print toner cartridges and other consumable products.</li></ul>

Business model CLG is returning to being a speciality packaging and resource collection and recycling business following the sale of electronics refurbishing business ISP Tek Services for $1 4m.The packaging business specialises in flexible plastics, paper cartons and bulk bags , and has delivered consistent EBITDA at margins between 16% and 20% over the past three years , with EBITDA estimated at between $10m and $11m.The resource recovery business specialises in the recycling and refurbishment of print toner cartridges and other consumable products.

Close The Loop Ltd - Closing Time on ISP Tek, Deep Value Emerges

External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

External broker reports(aggregated public sources)

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<div><div><div><div><ul><li>Close the Loop has received an approach from Adamantem Capital to acquire its equity for 27 cents per share, representing a 49% premium to 30-day VWAP.</li><li>CLG's board is supportive and has granted Adamantem a period of exclusivity to complete due diligence with a view to negotiating a binding Scheme Implementation Deed.</li><li>With CLG now in play, we lower our target price from 53 cents to 27 cents in line with Adamantem's valuation, and we move from Buy to HOLD.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Close the Loop has received an approach from Adamantem Capital to acquire its equity for 27 cents per share, representing a 49% premium to 30-day VWAP.CLG's board is supportive and has granted Adamantem a period of exclusivity to complete due diligence with a view to negotiating a binding Scheme Implementation Deed.With CLG now in play, we lower our target price from 53 cents to 27 cents in line with Adamantem's valuation, and we move from Buy to HOLD.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Close the Loop Ltd - Adamantem Capital Makes an Approach

<ul><li>Despite being in a bid situation, CLG has rung the changes at board and senior management level and is now seeking a new permanent Chair and Global CEO.</li><li>A significant refinancing which would have seen high quality lenders provide funding has been paused during Adamantem's due diligence but may represent an endorsement of the business.</li><li>With the bid process in its early days, we stay at HOLD.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Despite being in a bid situation, CLG has rung the changes at board and senior management level and is now seeking a new permanent Chair and Global CEO.A significant refinancing which would have seen high quality lenders provide funding has been paused during Adamantem's due diligence but may represent an endorsement of the business.With the bid process in its early days, we stay at HOLD.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>CLG's FY24 revenue and earnings were in line with guidance, our estimates and consensus expectations.</li><li>Despite healthy EBITDA in 2H FY24, net debt increased by $16m in the June half, which we believe was a key driver of the fall in the share price.</li><li>Our earnings estimates for FY25 and FY26 are quite stable and the shares trade on extremely low valuation multiples, and we stay at BUY, albeit with a 12 cents lower valuation of 53c per share.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CLG's FY24 revenue and earnings were in line with guidance, our estimates and consensus expectations.Despite healthy EBITDA in 2H FY24, net debt increased by $16m in the June half, which we believe was a key driver of the fall in the share price.Our earnings estimates for FY25 and FY26 are quite stable and the shares trade on extremely low valuation multiples, and we stay at BUY, albeit with a 12 cents lower valuation of 53c per share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Close the Loop Ltd - FY24 EBITDA in Line but Net Debt Above Expectations

<div><div><div><div><ul><li>A leading player in the Circular Economy, Close the Loop Ltd (CLG-ASX) is involved in several verticals, including sustainable packaging, printer cartridge recycling, and, most compelling to us in terms of the opportunity, the repurposing of personal and enterprise electronic equipment for OEMs.</li><li>The business is free cash flow positive and trades on very modest valuation metrics, leading us to initiate with a BUY rating and $0.65 per share target price.</li><li><div><div><div><div><p>CLG's business is centred on circular economy solutions and operates through two divisions, Packaging and Resource Recovery.</p></div></div></div></div></li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

A leading player in the Circular Economy, Close the Loop Ltd (CLG-ASX) is involved in several verticals, including sustainable packaging, printer cartridge recycling, and, most compelling to us in terms of the opportunity, the repurposing of personal and enterprise electronic equipment for OEMs.The business is free cash flow positive and trades on very modest valuation metrics, leading us to initiate with a BUY rating and $0.65 per share target price.CLG's business is centred on circular economy solutions and operates through two divisions, Packaging and Resource Recovery.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Close the Loop Ltd - Squaring the Circular Economy

Australia

Close The Loop Ltd. provides national battery recycling services. The Company offers battery collection and recycling solutions, as well as battery collection boxes for secure storage and road transport. Close The Loop serves customers worldwide.

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Close The Loop Ltd (CLG AU)

Close The Loop Ltd - Closing Time on ISP Tek, Deep Value Emerges

Business model CLG is returning to being a speciality packaging and resource collection and recycling business following the sale of electronics...

Research as a Service (RaaS)

Close the Loop Ltd - Adamantem Capital Makes an Approach

lose the Loop has received an approach from Adamantem Capital to acquire its equity for 27 cents per share, representing a 49% premium to 30-day VWAP.

Canaccord Genuity

Close the Loop Ltd - All Change!

Despite being in a bid situation, CLG has rung the changes at board and senior management level and is now seeking a new permanent Chair and Global...

Canaccord Genuity

Close the Loop Ltd - FY24 EBITDA in Line but Net Debt Above Expectations

Our earnings estimates for FY25 and FY26 are quite stable and the shares trade on extremely low valuation multiples, and we stay at BUY, albeit...

Canaccord Genuity

Close the Loop Ltd - Squaring the Circular Economy

The business is free cash flow positive and trades on very modest valuation metrics, leading us to initiate with a BUY rating and $0.65 per share...

Canaccord Genuity

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