For the timeline mentioned, we think both are buyable today. While we have long-term confidence in PLC, it is a small company in a weak market. Debt is high but cash flow and margins continue to improve. The momentum and growth have been reiterated in recent quarters keeping its long-term outlook intact. X continues to have near-monopoly and continues to have solid prospects. It trades at a slight discount to some of the larger exchanges, but we think that this discount is warranted given its smaller size and trading volume. Margins are expanding and it has a strong cash balance and an attractive yield of 2.4%.
Overall we prefer X, with solid prospects once this bear market ends.