ALL delivered a strong 1st half result in May which included strong revenue, earnings growth and a $500mn buyback i.e. what wasn’t to like! The business is well positioned as the world attempts to move on from Covid aided by a strong business model and balance sheet demonstrated by the buyback although we should mention that some funds will be precluded from buying this gambling enabler. MM is holding a large 7% exposure to ALL making it a candidate to reduce & / or sell into strength.
- We are considering taking all / part profit around the $40 area i.e. around 30% above its mid-May low.
MM is bullish ALL short-term targeting the ~$40 area
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