ALL +6.74%: A tough day to bring out a good set of results, however, that’s exactly what ALL did and they still managed a solid session despite the overall market weakness. For 1H22 they produced adjusted net profit after tax of $580.1m which was up 42% year on year while they announced an interim dividend of 26cps. The composition of the result was strong and was well ahead of market expectations across the board, in the vicinity of ~10%. They also announced a $500mn on-market share buy-back and talked to accelerating M&A options. The stock has been weak since November, a combination of factors to blame from the tech sell-off, their exposure in Russia to a failed takeover, however, ALL is a stock on 20x growing at 15% with upside potential – a classic GARP stock.
MM is bullish & long ALL
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