Thanks for your advice.
Both PBH and PLC have been quite behind in the recent recovery in the broad market indexes. PBH is currently in a capex cycle, but management indicates the investment cycle has already peaked, which could benefit free cash flow going forward, which 'should' help the share price over the next few quarters. Investors need patience with this name but we think it deserves a couple of more quarters. PLC’s growth has slowed down meaningfully in recent years as it has slowed its acquisition pace. But the stock is well below its historical valuation multiple, and very strong earnings growth is expected this year and next (more than 50% growth from 2023 to 2025). It needs of course to execute on this, but again we think at 14X earnings (historical average 20X to 44X) we think it is worth a bit more time.