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Edel’s results to September 2017 were comfortably ahead of earlier guidance, revised post year-end. Revenues were boosted by good demand at Optimal Media, particularly for vinyl records, increased music streaming and by a good performance in cookery and health-related books. The capital investment programme is boosting market positioning while the earlier refinancing has reduced the interest burden. The group is majority family-owned with limited market liquidity, which partly explains the modest rating. The shares trade at a discount to global entertainment content and publishing companies, and carry an attractive yield.

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