Similarly to Tugget, there is no straight answer. In other words...

Similarly to Tugget, there is no straight answer. In other words it ain't black and white.

But it was certainly nice to see Kate buy recently, which at these prices she should (for so many reasons). But for analysts and people who know what they're doing, more so than retail holders, i would say there's multiple reasons. It's hard to know how they are weighted though.

Because of the slow adoption rates of the industry and NHS etc., it means inevitably means people looking for quick returns are usually very wary. So that can have lots of low confidence in the short term market and as we can see a suppressed sp.

I would assume people are still waiting for concrete results from SL and modular EPR. There's always an execution risk so the market might be adopting a wait a see approach. Only when ALC demonstrates successful new contracts can we expect the market to respond positively.

Probably the obvious one is economic uncertainty i.e. geopolitical, commodity prices and so on which is been a big one this FY. All of that leads to market volatility and these big kahunas will almost always move their capital to safer and more predictable investments (and as a result negatively impact the sp of more inherently risky but fundamentally strong companies). So they would then see ALC as a higher risk or longer return horizons imo

There is more than this, but these are the ones that stick out in my mind. Hopefully that helps!