Australia’s biggest manufacturer and distributor of 4×4 vehicle accessories fell -2% yesterday as much of the Consumer Discretionary space continues to struggle under the weight of rising interest rates and the prospect of a looming recession. While we believe things are slowly improving at ARB as cost pressures decline the path of least resistance remains on the downside and a test below its 2022 low wouldn’t surprise.
- We believe ARB is starting to represent value but as uncertainty increases around the consumer we believe it’s too early to buck this particular trend.
MM is neutral ARB in the short term
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