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Sims Ltd (SGM) $13.67

SGM has fallen -15% year-to-date plus it’s almost halved from the high of the year, the scrap metal company updated guidance for FY20 in October, just 6-weeks after their previous trading update. They once again guided the market lower as further pain in the scrap market as well as rising inventory levels impacted earnings saying “the scrap price crash will be worse than originally anticipated.”  While it looks like value has returned to SGM we believe the stocks demonstrated no major reason to be promoted out of the “too hard basket”.

  • We would rather leave SGM alone until they can demonstrate an ability to forecast their own earnings with more accuracy.
MM is neutral SGM around $13.50
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Sims Ltd (SGM)
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