Published on: June 14, 2022

Strong performance in software and services

Aferian’s update for the six months ending 31 May 2022 highlights a strong performance from the (higher margin) software and services business, with management actively mitigating the short term supply disruption being experienced by the devices segment. At the group level, earnings quality continues to improve, as does earnings visibility. Management strikes a confident tone in the outlook commentary, and we leave estimates unchanged. In our view, the release demonstrates further progress towards delivering the 2025 strategy, and we continue to believe that Aferian is strongly placed to benefit from the ongoing structural shifts in the TV industry.

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