Conviction Insights represents our highest conviction calls from across our coverage universe. This month we remove United Malt (UMG) from our Conviction Insights lineup. A large commercial malt producer with processing plants in North America, Australia and the UK, its removal is driven by two factors:
- The United Malt share price has performed strongly over the past month, narrowing the valuation gap relative to our view of fair value.
- Our conviction in United Malt was partly predicated on evidence of improved trading conditions and the recent FY20 result saw earnings exceed consensus expectations
The full report covers recent developments across Conviction insights, unpacks our attraction to each stock, and delves into potential risks and catalysts we have identified.
Disclaimer and disclosures
Recommendation structure, definitions and the Financial Services Guide (“FSG”) can be found at www.wilsonsadvisory.com.au/disclosures.
Disclaimer
This document has been prepared by Wilsons Advisory and Stockbroking Limited (AFSL 238375, ABN 68 010 529 665) (“Wilsons”) and its authors without consultation with any third parties, nor is Wilsons authorised to provide any information or make any representation or warranty on behalf of such parties. Any opinions contained in this document are subject to change and do not necessarily reflect the views of Wilsons. This document has not been prepared or reviewed by Wilsons' Research Department and does not constitute investment research. Wilsons makes no representation or warranty, express or implied, as to the accuracy or completeness of the information and opinions contained therein, and no reliance should be placed on this document in making any investment decision. Any projections contained in this communication are estimates only. Such projections are subject to market influences and contingent upon matters outside the control of Wilsons and therefore may not be realised in the future. Past performance is not an indication of future performance.
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