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Virgin Money UK Plc (VUK) $2.95

Yesterday MM followed our previously flagged plan to increase our VUK holding from 4% to 6% around $3. Our logic is as follows:

  • VUK is a comparatively cheap bank in a global context (not just verse Australia’s expensive 4) although it has traded as such for a number of quarters as investors wait for confirmation that the company has turned itself around.
  • MM liked the risk/reward towards the UK FTSE around the current 6800 area which ties in with buying VUK around $3 i.e. well over 20% below its 2022 high.
  • Technically VUK has spent the last year in the $3-$4 trading range hence it’s in the correct vicinity to be buying, at least for now.
VUK
MM is bullish VUK below $3
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Virgin Money UK Plc (VUK)
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