It looks like the election will be material for AKE. BAML...

It looks like the election will be material for AKE. BAML estimate that if implemented it takes off 25% from their price target. Also has implications for the merger. Pretty interesting and fair points.

Interesting to note they think that there will be a change in government so these changes will be short lived so the profit impact may not come to pass. But either way they suggest that the country risk premium of doing business in Argentina needs to increase, which is negative for broker price targets.

Here’s the summary.