The Company has announced the completion of the 70% stake in Astley Baker Davies. This acquisition raises ETO exposure to the Peppa Pig property to 85%. Given ETO’s strategic options the acquisition was arguably the most logical step, however we estimate it has increased the level of exposure to this one property to c28% of group EBITDA. Investors should note we do not explicitly discount the concentration factor in our valuation. Our valuation does discount to a degree the weak group cash gener ....
