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Education Development International (EDI) has announced that the final deferred consideration payment of £200,000 on last year's ASET acquisition has not been triggered as ASET's sales of £2.53m fell short of the £2.65m original budget. However, the integration of the business has been progressing smoothly and remains on track to deliver full-year cost savings next year. EDI has been performing strongly overall, and Brewin Dolphin expects full-year EPS to rise from 3.9p to 5.4p.
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Despite this, EDI's shares have fallen by 13 per cent to 33.5p on poor market sentiment and are now well below our buy tip (46p, 14 March 2008). But on a forward PE ratio of six, they continue to rate a buy.
Last IC view: Buy, 42p, 5 Jun 2008
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
