Since last summer’s boardroom antics and the guidance for more tailend capex at the interims in September, the AA’s share price has fallen by a third – in effect, pricing in a collapse in earnings. In contrast, we see a recovery taking shape at the AA, with the new CEO reinvigorating its culture and values. Valuations do not reflect this.
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A recovery takes shape
- Published:
23 Nov 2017 -
Author:
Cavendish Research -
Pages:
10
Since last summer’s boardroom antics and the guidance for more tailend capex at the interims in September, the AA’s share price has fallen by a third – in effect, pricing in a collapse in earnings. In contrast, we see a recovery taking shape at the AA, with the new CEO reinvigorating its culture and values. Valuations do not reflect this.