AUB rallied another +0.7% yesterday on a down day for the ASX, the Insurance broker AUB continues to trade strongly having rewarded investors who backed its $350mn capital raise at $19.50, back in June, to fund the acquisition of Tysers for $880mn. We like this insurance business which focuses on equity-based risk management, insurance broking, and specialist underwriting but it has already rallied +5.5% this month to test fresh 12-month highs in the process – the stock is forecast to pay a 16.9c fully franked dividend on the 1st of March.
- We like AUB targeting a break of last year’s high but the risk/reward is average as the stock trades in the middle of its 2-year range.
MM remains mildly bullish AUB
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