External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

External broker reports(aggregated public sources)

Canaccord Genuity Group Inc. is a leading independent investment bank with operations in North America, UK & Europe and Asia-Pacific. Canaccord Genuity Group Inc. is a leading independent, full-service financial services firm. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<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

External broker reports(aggregated public sources), CCZ Statton Equities

CCZ Statton Equities

CCZ is a leading Australian stockbroking firm providing stockbroking and wealth generation services to private clients and institutional investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>CLG has acquired 100% of US-based ISP Tek Services and Captive Trade Corporation for $66m USD ($35m cash, $11m scrip, $5m equity earn out and $15m convertible note), and supported with a fully subscribed $45m placement (136m shares at 33 cps).</li><li>The acquisition of ISP is immediately EPS accretive and represents an LTM P/E multiple of c.4.8x.</li><li>ISP Tek Services is a new service line for the group, offering refurbishment of consumer electronic goods to OEM standards for top-tier brands<em>.</em></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 has acquired 100% of US-based ISP Tek Services and Captive Trade Corporation for $66m USD ($35m cash, $11m scrip, $5m equity earn out and $15m convertible note), and supported with a fully subscribed $45m placement (136m shares at 33 cps).The acquisition of ISP is immediately EPS accretive and represents an LTM P/E multiple of c.4.8x.ISP Tek Services is a new service line for the group, offering refurbishment of consumer electronic goods to OEM standards for top-tier brands.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 - A New Circuit in the Loop

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 - 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

Close the Loop - A New Circuit in the Loop

CLG has acquired 100% of US-based ISP Tek Services and Captive Trade Corporation for $66m USD ($35m cash, $11m scrip, $5m equity earn out and $15m...

CCZ Statton Equities

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