HAE - Haemonetics Corp: Contrarian Flavour With Recent Market Punishment

• Haemonetics shares have been punished since April on the back of CSL Plasma's decision not to renew the use of PCS2 from June 2022.
• Shares immediately saw a gap-fill to the downside and have shown downward pressures since, however, fundamentally little has changed.
• Theoretically ~12% of HAE's top line remains unhedged going forward, but all clients have already adopted NexSys - currently under-reflected.
• Technical studies exhibit a downward pressure on shares, but the question remains on whether the fundamentals will follow.
• Here, we present all of the relevant moving parts in the investment debate, for the benefit of investors' own reasoning.

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