Platform & data provider IRE rallied +5.8% yesterday but the stock remains close to its multi-year lows. IRE has enjoyed a dominant position in the markets in which they operate however competition is increasing for both customers and also for staff, IRESS is a platform we use every day, and MM still feels it’s ripe for disruption – we believe its estimated 25.3x valuation for 2023 is still way too expensive.
- We are bullish on the Australian Tech Sector which supports IRE but it’s close to the bottom of the sector for us.
MM is neutral to bearish IRE
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