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Aviva well set for 2103 after US deal, says broker Panmure

Last updated: 09:32 24 Dec 2012 GMT, First published: 10:32 24 Dec 2012 GMT

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Panmure Gordon gave its slightly delayed reaction to Aviva’s (LON:AV.) planned £1.1bn sale of its US business, saying the deal leaves the insurer well placed for 2013.

It said while there will be a goodwill write-off in the order of 79 pence a share, the disposal will also have the “desired effect” of lifting the company’s cash surplus.

“The move strengthens the balance sheet and should have a positive read across for the 2013 dividend which we believe will be maintained,” said analyst Barrie Cornes.

“The announcement removes speculation over the timing and price, which we also view as positive. Although there is still plenty to do we believe that Aviva enters 2013 in far better shape than it entered 2012.”

The analyst rates the stock ‘buy’ up to 425 pence a share.

At 10.30am the stock was changing hands for 383 pence, barely changed from the open.


 

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