United States

Analyst Research Report Snapshot


Avanti Communications - Loud and clear message




Equity Development


14 May 2012





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Avanti Communications is the only licensed Fixed Satellite Services operator headquartered in the UK. Avanti sells satellite broadband services to telecoms companies which use them to supply residential, enterprise and institutional users. The Interim Management Statement highlights the solid progress made in the business since the interim results' statement of early February, particularly in terms strong contract signings resulting in significant backlog growth. The rate of new monthly orders being secured by Avanti makes the targets of filling HYLAS 1 capacity by April 2014, and HYLAS 2 by September 2016 look very achievable, and that HYLAS 2 will launch (expected in July 2012) at cashflow breakeven is increasingly likely. Avanti reports that backlog has increased by GBP 42.3m from the GBP 181m reported at the end of December 2011, with the pipeline of potential sales remaining virtually unchanged at GBP 529m despite the significant movement from the pipeline to backlog. With performance for the year to date in line with expectations and consistent with market estimates, the sustained robust sales momentum and the high demand reported for HYLAS 2, Avanti is firmly on track and we maintain our 903p target share price target, well above current levels.

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