Published on: February 6, 2018

In line 2017 results

Amino has reported FY 17A results in line with both market expectations and our own forecasts. Margin performance was particularly strong, reflecting an improvement in the product mix and tight cost control. The group made good operational progress across the business and, in our view, is well placed to exploit additional growth opportunities beyond the traditional IPTV hardware business. We leave FY 18E earnings estimates unchanged following the release and continue to believe the maintained progressive dividend policy (+10% y/y) demonstrates management’s confidence in the outlook.