Update: Strong H2 in prospect
Quarto’s 2014 results are expected to be more than usually weighted to the second half year. Interim results were disappointing, but management has good revenue visibility and the benefits of the group’s restructuring are starting to flow through. We have reduced our 2014 PBT estimate by $0.8m, but left 2015 unchanged since the reduction is due to non-recurring items. Quarto’s debt reduction is well on track and the maintained interim dividend implies a yield of 5.5%. Quarto has a solid niche in illustrated ‘experiential’ publishing, which is not reflected in the low share rating.
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