Selecta - comment

"Let It Bloom” was effectively written all over the presentation yesterday. Management currently see no cloud on the horizon and with the heavy lifting behind it is looking for a normalisation in the GM and notably a bottoming out of its fleet. The latter entails lower restructuring costs going forward, which are expected to almost halve in 2024. Given the high octane, we probably have big enough of a position in the prefs, but if they were still available at the same price (we doubt it), we’d be tempted to top up a little more.