Jan 10th 2013 - Edison Investment Research today published a report on Avesco (AVS.L, LSE:AVS, LON:AVS) entitled "Bumper 2012 Sets Firm Foundation". In summary, the report says:
Final results were ahead of expectations, boosted by the Olympics but with solid 9% underlying revenue growth. Despite the ‘odd year’ effect and a quiet Q1, FY13 trading will benefit from the significant FY12 investment in rental assets and our estimates are broadly unchanged. The December court verdict denying Disney’s appeal was excellent news (a successful outcome is worth 140p per Avesco share), although the appeals process is more protracted than we originally hoped. Even excluding the incremental value of an eventual Disney windfall, the share rating remains undemanding (EV/EBITDA of 2.6x), and is underpinned by an NAV of 152p.
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