When looking at share price action, or lack thereof, it can be useful to compare S&G performance over the near term with listed competitors operating in a similar field (specifically PI UK).
If the SP is not moving yet holding up well comparative to competitors then it is a good sign.
NAHL have said they expect a GBP4m reduction in FY17 as they undergo their version of a PIP, restructuring its business model in advance of change. NAHL are down over 40% in a month.
S&G are down just 12% in the same period. It could be argued that the S&G decline is solely down to the cautious AGM rather than ongoing pressure in the industry. In other words S&G downside is now priced in, subject to no debt issue raising its head .
Redde are also down around 12% in the same month period.
Slater & Gordon are performing better than competitors - while the SP malaise might feel poor it is a good sign that it is holding up, and in fact improving (slightly), while others continue to slip on industry reform.
