Household name Breville (BRG) was a very popular stock post-COVID but it’s fallen over the last 18 months as the appliance manufacturer has struggled to deliver on revenue with weakness in Europe, the Middle East and Africa as the contribution out of Ukraine constrained sales. Unlike NEC Breville doesn’t reward patient investors as it only yields ~2%, less than the bank!
- We see no hurry to pick the turnaround time for BRG, especially as in our opinion it’s not cheap trading above 26x 2023 estimated earnings.
MM remains neutral to bearish toward BRG around $20
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