Insurance broker AUB has traded extremely well since the outbreak of Covid and its rewarded investors who backed its $350mn capital raise at $19.50, back in June, to fund the acquisition of Tysers for $880mn. The company continues to deliver and in August they forecast that organic growth would help drive NPAT up ~20% for FY’23 compared to FY22
- We like AUB as a business but the risk/reward has deteriorated after its rally towards $23 i.e. sounds like much of the ASX.
MM is neutral AUB to bullish around $23
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