Update: Good visibility into H2
As in FY14, Quarto’s FY15 results will be heavily H2-weighted. The strongorder book means that we maintain our FY15 forecast for a 10% increase in
normalised PBT, despite the slightly higher H1 loss than the prior year. The
group is making strong progress in children’s publishing and in foreign
language sales, and is also proactive in addressing opportunities offered
by digital channels. The balance sheet continues to strengthen, giving
flexibility for complementary acquisitions, like that of co-edition publisher
Ivy Press. The valuation is starting to reflect Quarto’s progress and
opportunity, but remains at a sizeable discount to the market and sector.
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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