ALU surged around 35% after the software provider reported strong results in August. Earnings were ahead of expectations for FY23, but more importantly, the composition of their earnings improved, underpinning better guidance – this is one local tech business that should be able to enjoy strong moves by its US peers.
We have owned Altium in the past and rate their management team very highly as they have consistently met or beat targets. This is a high quality technology company, with a very scalable business model.
- We continue to like ALU and can see a break above $50 when yields slow their ascent.
MM is bullish ALU around $42
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