MPL is already looking like another stock / market which has made a “failed pop” on the upside, last month’s report was a miss on profit expectations but this was because of losses in their investment portfolio, the underlying result was solid with good volume and margin trends obvious. Importantly FY23 guidance was upbeat targeting ongoing policy growth accompanied by low claims inflation. The stock tried to rally after the result but it is basically back where it started although we should note it has traded ex-dividend 7.3c this week.
- We can see better places to invest over the coming quarter as MM targets a market recovery.
MM is neutral to slightly bearish MPL
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