The telco hosted its AGM recently with a more positive tone taken than what they presented at their full-year results and a slight acceleration in originations.
- Early signs suggest the FY22 result was a ‘clearing of the decks’ to reset market expectations and performance is improving.
- Earnings are leveraged to NBN CVC charges which are currently running below budget.
- We remain high conviction on ABB around current levels.
MM is high conviction on ABB
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