Fears of lower margin materialised in 1H22, although partly offset by better than expected revenue. We await PRN articulating a strategy this half addressing business structure, capital management/intensity, free cash generation, and delivery of appropriate returns across all business lines. We upgrade to BUY (prior HOLD) following share price falls.
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.