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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Following the success of the consent solicitation announced on 6 January, Avanti&rsquo;s refinancing is now complete. The company can pursue the strategic development of its satellite network, increasing revenue and cash flow potential. While lower guidance and the refinancing dilute previous cash equity valuations, a significant opportunity for shareholder value creation remains. Our reinstated and revised forecasts produce a current DCF-based fair value standing at 109p per share.</p>

Following the success of the consent solicitation announced on 6 January, Avanti&rsquo;s refinancing is now complete. The company can pursue the strategic development of its satellite network, increasing revenue and cash flow potential. While lower guidance and the refinancing dilute previous cash equity valuations, a significant opportunity for shareholder value creation remains. Our reinstated and revised forecasts produce a current DCF-based fair value standing at 109p per share.

Avanti Communications

Preparing for launch