Aspermont - Investment in growth

Friday, Oct 05 2012 by

Oct 05th 2012 - Edison Investment Research today published a report on Aspermont entitled "Investment In Growth". In summary, the report says:

The FY12 results were strong, as expected, with EBITDA up 80%, broadly in line with expectations. FY13 is a demanding one: events will be much enlarged by the Beacon deal, but early benefits will be modest due to start up costs. Heavy new product investment will squeeze events and online margins; our EPS (normalised) estimate is cut by 58%. But the investment and the Beacon deal should produce a strong profit rebound in FY14. Short term we estimate the shares have c 20% upside, with potential for further rerating when investment pays off.




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