ahl
AHL: Industrial Manufacturer - Squeezed in the Middle, Searching for an Edge
Updated 8 Oct 2025
Adrad Holdings: Fair value $0.95 vs current $0.66 (44% upside). HOLD rating. Industrial manufacturer with 4.9% market share, 10.8% EBITDA margins compressing, ROIC 6.4% destroying value. Data centre exposure offset by Asian competition and execution risks.
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