PNI –2.3%: Reported 1H22 results this morning and had a volatile session with the stock trading in a ~10% range. While the result was a solid one it’s not enough to push the shares higher – our initial interpretation is that PNI has found it more difficult to grow and growth is why you own this business. They did NPAT for the half of $40.1m up 30% on H121, however worth bearing in mind that this is now a $2.3bn company.
MM continue to view PNI as too expensive around $12
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