Sydney-based gaming technology company ALL delivered a strong 1st half result last month including strong revenue & earnings growth plus a $500mn buyback all of which has helped the stock arrest its recent almost 40% decline. MM believes the business is well placed to benefit from a post-COVID economic re-opening which combined with strong business momentum and a solid balance sheet positions the stock perfectly to make another assault towards the $40 area.
We have gone with the strength here simply because if we are going to see fund managers buy into a growth-led recovery we believe they will want to see some tangible earnings.
MM is considering increasing our exposure to ALL
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