Edison Investment Research - AVESCO GROUP (AVGPF) Update: Estimates upgraded

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Edison Investment Research

Update: Estimates upgraded

Avesco has released a positive update and reported that FY14 profits will be ahead of market expectations. Trading was strong in Q4, particularly at CTUS, and cost savings from the group restructuring are coming through more strongly and quickly than anticipated. We have increased our normalised PBT by Â£0.5m for FY14 and see further upside for margin improvement going forward. Solid cash flows comfortably fund a progressive dividend policy and the FY14e yield of 5.7% is very attractive.

16/12/2014 5 EN

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AVESCO GROUP

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GB0000653229 United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Olympic gold

Avesco’s trading update outlines continued strong trading over the summer at Creative Technology in the US and at the Rio Olympics and Paralympics. FY16 results (to end September) will be “comfortably” ahead of previous expectations. Positive momentum continues into FY17, when a good schedule of sporting and commercial events, along with currency benefit, will buoy what would normally have been a weaker, odd-numbered year. With a rising dividend and asset backing, the valuation multiple remains very modest, despite the increase in the share price on this news.

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Update: Estimates upgraded

Ford Equity International Rating and Forecast Report

Olympic gold

Outlook: Good projections

Information Services Corporation - Strong underlying growth, guidance reiterated

PVA TePla - Material matters

Zalaris - Continuing contract momentum in FY24

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