TAH or “The Tab” as its better known has been a strong performer post-COVID but has drifted since its positive trading update out in February with a lack of further updates to show if the momentum had been maintained. We find it hard to like TAH, especially after their recent investor day when they flagged a more challenging trading year ahead with lower consumer confidence, cost-of-living pressures, regulatory scrutiny, and a higher cost of capital – an unattractive mix of headwinds.
- We think TAH is on the rich side around $1.10 and wouldn’t be interested unless it traded back under $1.
MM is neutral on TAH.
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