Plumbing business REH appeared to be hit by some aggressive profit taking after posting no fresh news, this felt like yet another classic case of “sell the pop”. There’s actually been no major news from REH since Octobers Q1 FY22 update which showed a 13% increase in sales revenue hence the movement over the most recent months has been centred around the fair valuation for the business, at this stage we prefer to be on the fence with REH.
MM is neutral REH
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