Exel Composites: Tightening the screw
Yesterday, Exel published its Q4 report. Growth was strong, but known drawbacks made performance difficult. This year, Exel starts out in an acceptable position and if the performance is straightened out the share is not impossibly priced. However, the uncertainty surrounding the performance leap is still high, and therefore we do not feel the annual risk-adjusted expected return is high enough.
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