MM continues to rate ALU as a quality business but it looks fully priced trading on 50x Est 2023 earnings, while the stock doesn’t report until August it wouldn’t want to miss on any level while carrying this sort of valuation. Hence as both the US and local Tech Sectors approach our targeted area, flagged 6 months ago, Altium became a prime candidate for us to take a healthy profit last month, reducing our tech exposure in the process.
- We cut our Growth Portfolios position in ALU at $37.65, we believe the next 10% move is more likely to be on the downside.
MM is neutral towards ALU
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