NWL closed down -3.8% and similarly to HUB it remains largely unchanged for 2023 and over the last 2 years. The company’s 3Q update delivered in April was weak with Funds Under Administration (FUA) growth slowing, not an ideal backdrop for a stock trading on a 50x Est. valuation for FY23 i.e. there’s still plenty of good news built into NWL around $14.
- We see no reason to 2nd guess in which direction NWL will break out of its $12-14 trading range through 2023.
MM is neutral toward NWL
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