UK-based bank Virgin Money (VUK) isn’t a stock we are likely to buy through the backend of 2022 but as we monitor National Australia Bank (NAB) and the financials in general VUK is starting to represent an excellent leading indicator for the sector and most importantly risk/reward opportunities i.e. we are neutral around $2.50 but if we see any panic selling across European bourses / the banks we have our line in the sand where MM will consider both VUK and the sector.
- We can see ourselves increasing our exposure to financials if / when VUK tests the $2 area i.e. 15-20% lower.
MM would be interested in VUK ~$2
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