We touched on SHL last month after an FY24 earnings guidance miss sent the stock below $24. As we said at the time, to press the buy button on SHL, we need to believe that substantial operating performance improvement can be delivered in FY25 and not pushed into FY26 / beyond. At this stage, we are comfortable being an observer as the stock isn’t cheap enough to take on the risks of further operational disappointment.
- We believe value is returning to SHL, but there’s still no catalyst that suggests we should buy today.
MM is cautiously bullish towards SHL
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