Excellent Value Defensive and AUD Hedge

AVG - I have had this on my watch-list for a while and have recently taken a position.

Solid fundamentals with regards to NTA, NPAT and P/E. The 7.5% fully franked div yield is also a plus.

The capital raising has succeeded in reducing the company's debt to optimum levels and it appears that revenues have begun to stabilize.

Moving forward, I believe that a return 42c is a realistic medium-term target with 50c plus in the not too distant future.

Most likely will see a large re-rating after the full year results are released.

M