bearish
Owens & Minor (OMI): Short
SUMMARY
- Why: Profits in “Global Products” should decline over the next two years as it emerges from a period of over-earning in 2020 and 2021, resulting in a collapse in earnings and valuation
- When: Should show evidence in 1Q/2Q2022 - once investors see that Global Products profit is shrinking and start applying a low-growth multiple to normalised earnings.
- Factor Exposure: Value, Covid-beneficiary, negative earnings revision
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