Post the GFC, the WDS chart almost perfectly overlays with that of XOM; hence, it’s not surprising that we also see its share price will be driven by the underlying price of oil. We believe it’s a balancing act when assessing if/when to cut our WDS exposure on the bullish side, the stock is not expensive, trading on 13x for FY23 while being forecast to yield strongly over the next 12 months whereas, on the other side of the coin, we believe stocks advance from its COVID lows is maturing, as is the dance by oil.
- We are considering taking profit on our WDS into strength – we hold WDS in our Active Growth Portfolio.
MM remains long and cautiously bullish toward WDS
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