Update: Crack(er)ing performance all round
The year-end trading update indicates that International greetings (IGR) ended FY16 strongly in all its geographic regions, with good momentum into the new financial year. FY16 earnings per share will be at least 13.0p (Edison forecast: 12.1p). Cash performance was also well ahead, with deleveraging comfortably outperforming our modelled outcome, which showed an end-March net debt figure of £26m. The full year dividend is to be recommended at 2.5p (our forecast: 2.0p). FY16 numbers and FY17 estimates will be revised up on publication of the full year numbers at end June, underlining the strong value in the shares at current levels.
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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