TOX’s worthy acquisition

Our growth stock takes on Australia’s fastest growing waste and recycling market with its new acquisition.

TOX recently announced the acquisition of Worth Recycling, a leading NSW liquid and industrial waste treatment and services business. The price was $70 million, with $50.4m funded by debt, and a $24m equity raising at $2.55 per share. With the waste and recycling company operating in weak markets, it would be easy to make the assumption that management is trying to fix an earnings gap. But, to the contrary, the earnings accretive nature of the acquisition, geographic diversification and greater exposure to the high margin hazardous division leads us to believe this is a very positive purchase for the company.

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