This former short seller backs some of the ASX’s most unloved stocks
Northcape Capital’s Paul Parsons is weighing his options amid James Hardie’s slide, but he’s holding firm on others that may be out of favour with the market.
On a Monday morning in late March Northcape Capital’s Paul Parsons was hit with news that one of his top 10 holdings, James Hardie, had orchestrated a $14 billion deal to buy US company Azek.
It was billed by the building materials company and stalwart of the ASX as a way to supercharge growth, but Parsons was shocked, not least because management had agreed to pay a hefty 37 per cent premium to Azek’s closing share price on March 23 – the last trading day before the deal was announced.
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Nicola Blackburn is a markets reporter for The Australian Financial Review in the Sydney newsroom.
