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Comment on financial results: Avast (Buy, 12m target = GBp466) - Lower indebtedness as a nice surprise

10/18/2019 10:45 AM

The released operating results are close to our expectations. Adjusted revenues rose 5.0% to $220.3m in 3Q19; adjusted EBITDA reached $121.9m. Growth for this quarter corresponds more or less to developments from the beginning of the year. Adjusted revenues went up 5.5% to $647.1m, while adjusted EBITDA increased 6.6% to $358.5m. The adjusted EBITDA margin stood at 55.4%. The leverage ratio calculated as net debt divided by adjusted cash EBITDA reached 1.8x at the end of September, significantly down from 2.4x in mid-2019. Alongside continued strong organic cash flow, proceeds from the strategic partnership transaction with Ascential helped accelerate the programme of deleveraging.

Autor: Miroslav Frayer
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