This $2.4bn 4-wheel drive accessories business has struggled since trading up to $55 in 2021 and although the stock has halved, moving forward as interest rates start to bite through 2023 we’re reticent to get too excited towards retail spending. However, the company carries no debt and plenty of cash on its balance sheet which explains why it’s relatively popular with analysts i.e. 2 hold, 4 buy & 2 strong buys.
- We like don’t believe the stock is particularly cheap trading on 21.4x for FY23 although technically a bounce towards $33 feels likely.
MM is neutral on ARB around $30
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