UMG -17.17%: fell sharply today hitting a new all-time low in the process following a big earnings downgrade. They now see $100 million to $108 million on underlying EBITDA versus the previously guided range of $115 million to $140 million. The main issue being the cost and poor quality of domestically-sourced North American barley which is resulting in increased production costs and a reduction in margins. They had flagged an improvement in the 2nd half but alas, we’re not yet seeing it.
MM is bearish on UMG
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