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I have some concerns about AV. Firstly, its large exposure to the eurozone. All commission/ fees/ profits paid in euros are worth 12.8% less today in sterling than they were a year ago, and the euro is still falling rapidly - 2.5% in the last two weeks alone. If there is a south-north EZ currency split or a single country leaves, AV would gain a bit more revenue from a Dutch revaluation, but lose from French, Spanish and Italian devaluation, and also be affected by sovereign defaults.

Also, AV's EPS growth is estimated at 4% for 2013, but with a forecast 9.3% yield (currently not quite covered at 0.7) covered twice by 2013. I'm curious as to how that'll be achieved.


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