LLC has edged higher since we went long in early July but we might have to wait until its result on the 14th to see if this contrarian position is on the money. We believe this property/infrastructure stock has its balance sheet under control with our bullish outlook resting on their ability to focus on more profitable & lower risk development work, along with a growing focus on funds management which will improve margins and thus profitability over time. Cost cutting is also a tailwind as we saw a recent round of redundancies.
- We are initially targeting a break of $9, or again ~10% higher but we wouldn’t be surprised by significantly higher levels.
MM is long and bullish LLC
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