NHF delivered a mixed 1H24 result last month, with mixed quality and slowing sales momentum. This led to some downgrades and an initial subsequent sharp fall in the stock, most of which has now been recouped. Encouragingly, the company didn’t alter its FY24 guidance, although it will need to improve disappointing margins if it intends to placate a fickle market. The stock is trading around fair value and close to its 5-year average, making it easy for MM to sit on the sidelines.
- We see no reason to buy NHF around $8 with the next $1 move a coin toss.
MM is neutral toward NHF
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