EML +3.56%: The main focus from EML shareholders in today’s AGM was the ongoing remediation work in their Irish PCSIL business. EML remains on track to have the bulk of the work wrapped up by the end of the year, with some minor changes rolling into the first quarter of 2022, the same commentary put out at the result a few months ago. EML have also cleaned up the business in the process, moving out of lower margin work to make room for more attractive growth once the Irish Central bank gives them the green light. While regulation is rarely a positive, it seems EML is making the most of it while the market is giving it very little – the PCSIL business accounted for around 30% or revenue but the stock is down around 40% since the regulators took aim.
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Performance update for March, stocks that drove returns & our current positioning
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MM is bullish EML under $3.00
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