TNE has been a solid performer in 2023 advancing +18.6% although this pales into insignificance compared to the likes of Wisetech (WTC) and NEXTDC (NXT) making it a potential candidate for some performance catch-up. Demand for their enterprise software solutions has remained very strong, and much like our thesis to own Microsoft, TNE is a major beneficiary of the growing digital transition as companies/Governments upgrade legacy IT footprints.
- We like the risk/reward towards TNE after its -12% pullback, in line with our view toward US tech indices another ~5% on the downside would look good value.
MM likes TNE under $15
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